An acronym, ERP means Enterprise Resource Planning. It is software used for business process management. It manages all the business processes as one and integrates the supply chain, reporting, operations, finances, human resource, manufacturing activities of the company.
Why Do We Need It?
Businesses have had many systems already in place. There are human resource software, software for project management and financial software for projection and analysis.
On the other hand, ERP is a smart system. Through it, you can manage all the functions of your business in one centralized location. This allows everything to be in sync. Traditionally, businesses required respective departments to give them reports of what was going on. Now, with ERP, everything is synchronized and in one place for easy access.
Salient Features
Even though there is still not a one-for-all solution when it comes to managing the business overall, ERP is surely getting there. Some of the major features it offers are:
- Finances: Most ERP have dashboards for viewing all the finances of the organization. This allows all the departments to get a real view of what the situation of the company is and how to allot finances for projects.
- Supply Chain Management: Gone are the days when you had to manually keep a track of inventory and update it. Modern dashboards allow you to see and manage inventory.
- Manufacturing and Project Management: You can easily automate daily functions with the help of ERP’s and this allows you to fulfill the needs of the customer. Real-time data allows for efficiently allocating resources. This helps in project management and also allows for better production planning.
Microsoft Dynamics 365 Business Central
It is impossible not to mention Microsoft Dynamics 365 Business Central when talking about the best ERP’s out there. This particular ERP is cloud-based and the closest you will get to a one-in-all solution to help you in business management.
It allows you to have an instant upgrade from the simpler software or traditional ERP systems to a comprehensive and single solution to manage all your daily tasks like customer service, sales, operations and even managing finances in real-time.