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The ability to respond to new customer needs and to seize market opportunities as and when they arise is crucial in the fast-changing scenario. Successful firms today recognize that a high level of interaction and coordination along the supply chain will be a key ingredient for their continued success. Enterprises are continuously struggling to improve themselves in the areas of quality, customer satisfaction, overall performance, and profitability. To achieve this, they have no recourse left but to propel the business in conformity with the dynamically changing environment and strive to bring automation of financial reporting.
ERP describes software which enables a company to effectively manage user access to its network resources. ERP is characterized as software which manages all the assets and resources of a business, including basic and peculiar applications such as general ledger, accounts payable and receivable, manufacturing, inventory, and human resources.
ERP is a cross-functional enterprise system driven by an integrated suite of software modules which supports a company’s fundamental internal business processes. ERP offers an integrated real-time view of the core business processes, such as production, human resources, sales & distribution, etc. ERP software consists of distributed functional packages of separate modules.
Features and functions of Enterprise Resource Planning (ERP) help align management, personnel, and equipment, integrating all facets of the business into one framework to support every part of the manufacturing process. Typical modules of ERP systems include accounting features and functions, human resources (HR), manufacturing management, customer relationship management (CRM), and other business functions. This, in turn, ensures the automation of financial reporting or periodic financial statements being produced and presented with accuracy.
ERP software is often designed for a specific industry or manufacturing type with specialist features and functions. Before comparing ERP solutions, it is important to understand which features and functions you need to find the best ERP system for your business.
Enterprise Resource Planning (ERP) encompasses the enterprise under one umbrella of computing systems, business processes and procedures intended to maximize business performance. Originally designed for manufacturing organisations, ERP is now available for a wide variety of sectors, including financial services firms and customer-focused businesses. ERP systems are being adopted by most of the organisations for innumerable benefits, some of which include the following:
For achieving automation of financial reporting, the steps involved in the implementation of an ERP system are mentioned below:
The right framework for enterprise resource planning[1] will combine key business functions, thereby improving the bottom line. The wrong application of ERP can drain your IT budget. When assessing ERP vendors, the following parameters should top the list.
Some popular ERP service providers are SAP ERP, Infor ERP Baan/LN, Infor ERP SyteLine, Infor ERP VISUAL, Infor ERP BPCS/LX, Infor ERP Adage, Microsoft Dynamics GP, Microsoft Dynamics NAV, Microsoft Dynamics AX, Oracle Real Application Clusters, Oracle E-Business Suite, Oracle Grid Computing, support for enterprise Linux, and Oracle Fusion.
Read our article:The Significance of Financial Analytics and Reporting for Businesses
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