ERP Modules: What are their benefits to the business?
The advent of COVID-19 has a significant impact on our lives, resulting in the majority of the companies working remotely. There are many challenges faced while working remotely, like collaboration, communication, data centralization, etc.
For example, suppose the sales team is not updating the lead and customer details every day. In that case, the marketing team may not know the latest updates and the company may lose revenue as the campaigns do not have the updated contact information. Thus businesses need to update the data and also share it on a centralized system so that it is viewed in real-time by other business functions.
This is where Enterprise Resource Planning (ERP) software comes in handy. An ERP software is the one which centralizes the business data, automates the routine tasks and streamlines the business processes.
According to Infiniti Research Limited, the global ERP software market is expected to grow by $19.52 bn during 2020-2024 progressing at a CAGR of 9% during the forecast period.
The ERP software helps the businesses increase their revenue margin and efficiencies, along with improving communication across the company. According to Alfresco reports, nearly 83% of employees out of 753 business professionals depend on technology to enhance collaboration in the organization.
We have established how vital an ERP is for collaboration, so let’s focus on the part with which an ERP is comprised of. Modules! Yes.
ERP software mainly consists of modules representing departments in each business and how they can collaborate with each other to generate maximum profitability.
What are ERP modules?
In ERP software, there exist numerous modules where each module represents various business functions in an organization such as Finance, Marketing, Sales, Human Resources, Inventory Control, Material Purchasing, etc.
Which are the most important ERP Modules?
There are various modules in ERP software that represent business processes and help in unifying the data of each process at one centralized place. Let’s have a look which are the most important modules in every ERP software you’ll find:
Sales and Marketing (Customer Relationship Management)
These modules help to store all the information regarding the leads and customers, including inquiries, quotations, contact details, invoices, etc.
The marketing module also enables customers to run marketing campaigns, send emails, manage advertisements amongst other activities which, when combined with customer data, can help increase sales and generate higher revenue.
HR and Payroll (Human Resource Management)
Once the Human Resource Department has hired an employee, it’s essential to manage the employee’s information and payroll data.
The HR module usually helps to streamline and automate employee’s data like general information, working hours, attendance, sick leave, etc. The ERP also helps to automate tasks like leave request and approval workflow so that the employees don’t have to send a separate email to their managers anymore.
Once the leave details are updated at the end of every month, the payroll module kicks in and automatically calculates the salary to be paid. This saves accounting and payroll departments a lot of time, as the professional tax is already configured in ERP and salary slips are generated according to the respective calculations.
Finance (Financial Management)
The finance module is one of the essential modules of ERP software. This module is responsible for handling the main accounting and financial aspects of a business. It manages all account-related transactions like expenditures, balance sheet, account ledgers, budgeting, bank statements, payment receipts, tax management etc.
It also shares its data with other modules like purchase, sales, marketing, etc. and whenever a related financial activity or a transaction is performed in any of these modules, it triggers an action in the financial module and the data is updated in real-time.
Supply Chain Management
Supply Chain Management is one of the most time-consuming and complex processes in a business. It is the management of all the processes involved in transforming raw materials to finished products.
A Supply chain ecosystem typically consists of manufacturers, suppliers, distributors, retailers, and customers and the supply chain management modules are responsible for streamlining the flow of products from the manufacturer to consumer and vice versa.
Now managing the above can be difficult, but an ERP makes sure that all the processes are covered and ensures that managing them is smooth and effective.
The supply chain module is mainly responsible for inventory management, transportation, scrap sales of materials, maintain supplier master and material master and quotations, transfer of materials from one site to another, manage returns to supply and much more.
Files (Document Management)
The document management module is responsible for archiving internal and external documents, supporting all document formats for indexing, adding tags to the documents, tracking document history, versioning of documents, sending alerts on subscribed folders, workflows on document control, linked into all modules to create a knowledge management system and much more.
How are ERP modules beneficial to the business?
Different businesses have different goals as to why they go with an ERP software, and the organizations mostly choose only those ERP modules that fit their company process and align with their business requirements.
In an ERP for the real estate industry like In4Suite®, businesses can purchase all the modules together, or they can be purchased separately in a scalable way when the business grows. These ERP modules aim to digitize the business and provide a seamless flow of real-time information between various functional departments.
Some of the significant ways ERP modules are beneficial for a business are:
- ERP modules help to streamline and automate all the business processes to increase operational efficiency and improve day-to-day activities.
- ERP Modules give a better sense of clarity as the data exists at one centralized place.
- ERP modules increase the productivity of the business. It is because they eliminate all the manual processes and allow the employees to focus more on revenue-generating tasks.
- The ERP modules eliminate the gap between various departments by providing enhanced communication between the employees. When there is a smooth flow of information among various departments, workplace collaboration also increases.
- ERP modules offer good data security. It allows various departments to share the information and at the same time, the ERP modules control who can see and edit the data that is shared.
- The ERP modules perform real-time analysis of data and calculate expected sales, revenues, and cash flows well in advance.
There are many ways to automate business processes, but the organization should know how to integrate the ERP system properly. The ERP modules provide exceptional functionality which helps the companies to benefit from continuous cooperation and communication.
In4Suite® is one such real estate ERP software which offers effective collaboration among the employees. In4Suite® stores all the customer data in a centralized manner, so that the team members can access the information whenever necessary. The ERP modules in In4Suite® allow the integration of various collaboration tools to ease the task of the users.
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