Top 5 Essential Features of ERP Solution

ERP is an automation of the business processes of an enterprise; this system integrate all functions of a business like finance, accounts, and human resources on to a single framework enabling business owners to take informed business decisions. An ERP Solutions package is a great improvement for the companies as it has several advantages, some of below:
1) Helps to provide better customer service.
2) It makes more efficient work-flows.
3) It is pretty proper for global operations as it includes local as well as international features required for a global business.
4)  Provides real-time information into raw material availability, sales patterns and cash flow.
5)  Guarantees fast processing of information thus reducing the paperwork.
In brief, an ERP system can help to boost the productivity levels so increasing profits.
There are some drawbacks of ERP, with levels of configuration and complicated interfaces, also ERP implementation takes both time & money and can considerably it could be affect the company's working environment. Though, the advantages of ERP Software always outnumber the drawbacks and have become a kind of needs for manufacturing industry, transport division and supply & retail stores.
In order to execute ERP solutions, organizations should search systematically for the options. Most significant of them are:
1. Accounting Software - A sound financial management is an essential component of an ERP solution. A financial administration module offers a number of benefits. It ensures that companies remain to financial reporting and tax obligations. Also, it can boost financial performance with real-time tracking of operating cost by humanizing cash flows and maintaining more accurate financial reporting.
2. Payroll Software (HCM) - Earlier Human Resource (HR) ERP modules were controlled to employee administration, payroll management etc. But now, the most modern solutions are able to griped varied number of tasks such as talent management, scheduling, recruitment, performance assessment, time & attendance and many more. As well, the tool also provides modified insight into regular HR processes.
3. Supply Chain Management (SCM) Manufacturing Software - In the present competitive market, it is necessary for a company to properly assess the demand, supply, manufacturing status, logistics and distribution. An ERP supply chain module takes care of all the phases right from design to the requisite execution.
4. CRM Software (CRM) - Customers are the most precious property of any company and no one can afford to lose them. If you have large customer then it is quite hard to address their needs on time. Customer relationship management modules ensure proper flow of information between sales team to address the needs and marketing team to appreciate the buying preference and patterns.
5. Third-Party Interoperability - No two businesses are same and even if they are, chances are that they have some exceptionality in their process or requirements. It calls for additional agreement to suit those exclusive needs if it is not tackled in their obtainable ERP system.
Thus, it is somewhat necessary to select an ERP package with the suitable features and capabilities so that it can deliver more benefits than asset.