Features and Benefits of ERP Software to the Organization
Businesses are in a desperate need of a software solution that can streamline their organizational process and ERP (Enterprise resource planning) is exactly what many of them are looking for. It allows a company to use a system of integrated applications that can manage and to an extent automate all the office functions which is connected to technology.
A good ERP software generally integrates will all the operations like product planning, development, manufacturing, sales and marketing into single software.
What is ERP
It is the responsibility of business leaders and management teams to make decisions on how to manage organizational operations and a key decision in this is whether to implement ERP or not. ERP or Enterprise resource planning is the system that can give plenty of benefits to your company but in return, it takes time, endeavour and financial resources to adopt and use it daily.
All the key processes on which the organisation survives like HR, supply chain, procurement, finance, manufacturing, services and more can be integrated into a single ERP system. New ERP systems uses the latest technologies like IoT, AI and machine learning to offer intelligence, visibility, and efficiency around all the phases of a business.
It can be confusing whether you should implement an ERP system in your organization or not especially when it’s your first time with any major software. You might also think that working without any software can be profitable but if you are looking to scale your business and want to achieve overall growth, implementing an ERP system is vital for you. So is investing in an ERP software will be beneficial? Yes, because using it will give you a major edge over your competitors.
There are several benefits that an ERP software will give you including include improved productivity, increased efficiencies, decreased costs and streamlined processes. Here are the features of an ERP that will benefit your organization. These features of the ERP system will help you to perform numerous things required to your company.
- Manage company data
For most of the organizations, there is a lot of information that needs to be easily accessible to several departments. With the help of ERP software, you will be able to keep track of several metrics including the company’s financial growth, new projects, website statistics like visitors, leads, etc. and other relevant data. The data is recorded by ERP and is available to your CEOs, heads of departments, and other appropriate employees, helping them communicate and manage the team effectively.
- Create an up-to-date employee database
You can store information about all the employees in ERP software like contact info, salary, type of employment, and more. Every relevant piece of information about a team member is held within one space and is easily accessible by both your Accounting and Human Resources departments. When any new employee joins your company then all the documentation can be found of an ERP system with few clicks. Needless to say, this feature saves a lot of time and removes a great deal of the effort associated with on-boarding someone new. Information like the birth date of an employee can be pulled out with the help of ERP software.
- Provide a digital, personalized filing cabinet
By implementing ERP, every employee gets their cabinet within the organization. Within their Cabinet, they can see and make changes to their details like contact information like home address, phone number, email address, fax number, and more. All the relevant data about the work like job description and position details, trial period conditions, type of salary and salary amount is also available on ERP. The Personal Cabinet allows employees to access their salary history and they can also see and keep track of the tax paid by them, find a list of their rewards and expenses, they can also manage any data that is relevant to them.
- Manage company finances
A good ERP system can calculate both of your salaries and taxes automatically. The system pulls and stores data about each employee’s work hours, accounts for any bonuses, calculates associated taxes and exemptions, and displays the final financial amounts. Necessary tax documents and bank invoices are also generated automatically so that your accountants only need to press the “Print” button to have everything ready, making finance management simpler and much faster.
- Track employee holidays
Some ERP are equipped with features that can track employees’ holidays in which they can request their vacation time and days off. This feature is for those organizations which have a flexible corporate culture where they can take a few days off and cover it later without salary deduction. Whenever an employee requests a holiday, the HR manager will be notified with the help of ERP. They can then check with heads of departments to approve or deny the request and can send back the final reply to notify all relevant team members, again through the ERP.
- Manage employee workloads
To make your employees more efficient in managing workload incorporate your ERP with a company planner. All the data about past, current and future projects, employee vacation and days off has already been loaded into company calendar and this data is available to the manager of every department be it, HR manager, Project manager or the CEO. This allows them to plan your project according to employee availability.
- Manage performance reviews
There is another feature in ERP where you can analyze employee performance in every six months and affect staff positions and salary adjustments. With the help of this feature, employees can measure their performance and adjust their efforts to achieve their professional goals.
- Keep track of birthdays
One feature that helps to keep the corporate culture full of life is including the birthdates of your employees. This list will be available to every employee in the company and it also helps the HR department to arrange a party for the team members on their special day.
More ERP Features includes
- Data Analysis
- Customer Relationship Management
- Tracking and Visibility