Business management software called Enterprise Resource Planning (ERP) enables a company to use linked applications. ERP systems help businesses run more smoothly, accurately, and efficiently by streamlining and automating a variety of routine tasks. Comprehensive insight into fundamental company operations is made possible by ERP. Systems like iBOS ERP, an enterprise resource planning platform, optimize systems via enhanced resource monitoring and reporting, database administration, and data sharing, as well as enhanced data infrastructures in general. ERP solutions enable you to grow your organization without having to hire more IT or human resources personnel.
Your company’s IT system’s “brain” is likely to be an ERP system. Every part of your body is controlled by the brain; it tells them what to do and makes sure they all operate together. In the same way that a human body cannot operate without a brain, a retail business cannot exist without an ERP. Product development, production, marketing, and sales are all integrated in this system. Increased productivity and operational efficiency may be achieved by coordinating all of these aspects of the company.
There are several advantages to having an ERP system in place for your company, whether you plan to install one, upgrade an existing system, or aren’t sure yet whether you need one at all. With 24/7 access, you’ll be able to keep tabs on your company’s progress in real-time. Your capacity to comprehend, monitor, and govern a wide range of organizational processes will grow exponentially as you get unparalleled access to every part of your company’s operations.
But the question is, how to be sure that you’re using the best ERP software in Bangladesh or just using another wrong ERP? Well, let’s find that out.
Features that the Best ERP Software in Bangladesh Should Have
If the ERP you’re using comes with the following features in the most efficient manner, then there’s a high chance that you have got the best ERP software in your arsenal.
As a result of ERP integration, different applications or systems are linked to the ERP software in order to boost efficiency and get new insights. When ERP software is integrated with other systems, such as eCommerce apps or EDI tools, a single source of truth may be established.
The demand for ERP systems is growing higher because of their interoperability with other business applications, whether they’re part of the same ecosystem or not. The term “fully integrated ERP software” refers to a set of programs that have been designed to function together as a unit.
Many companies are looking for ERP software only for integration’s sake. One of their goals may be to consolidate the functionality of two separate systems (such as an accounting package and a production scheduling package). Human error is reduced, which is a win-win for firms with several departments that need to communicate with one another in order to minimize data duplication, repeat orders, or bottlenecks.
Many different departments and workflows might benefit from ERP interfaces. Automation is the term for this. This will assist reduce the amount of time it takes to perform activities and reduce the amount of manual input necessary.
When ERP software was first created, it was to integrate and automate industrial processes, tying together several departments by automatically completing stages and procedures as they were completed. This helps break down siloed enterprises’ past hurdles to collaboration.
When information had to be physically passed around, corporations would have to wait until other stations or departments finished their job before they could finish their own. Automated operations and centralized data storage are possible with an ERP system.
Reports may be used by a company to address inquiries regarding the firm’s health, but where does the data used to compile these reports originate from? Data about day-to-day operations may be shared across numerous businesses and departments when they are all functioning under the same ERP platform. Companies may gain real-time feedback for improved decision-making by broadcasting data to numerous streams.
Regardless of whether the transaction is an operational one, such as inventory control, or a financial one, such as payment for a sale, this data may be accessible by the many divisions of your company. To keep ahead of the competition, companies gather as much data as possible that may be presented in visually appealing and user-friendly forms.
To put it another way, reporting is part of the business intelligence (BI) toolset, which is a collection of tools for collecting, sorting, visualizing, and reporting on historical data. There are a variety of ways this trait may be referred to. In addition to dashboards and data visualizations, there are many more types of visual displays you may use.
Almost any form of data may be used to generate reports in almost any type of business software. Contact management, sales activities, and lead management are included in this.
This feature’s primary objective is to make it easier for users to generate and view reports by providing an easy reporting interface and visual data displays. Financial and non-financial key performance indicators are used by business intelligence technologies to assist firms in making crucial choices. Executives and stakeholders may benefit from better reporting by being able to make better business choices, such as improving the way your firm is operated and seeing issues before they happen.
Tracking revenue and spending and planning for future development are made possible by the financial management of a company. Financing and accounting systems work hand in hand to provide organizations with a wealth of information and tools to make more informed choices about their financial resources. The accounting software is a subset of the ERP software.
While there are numerous distinctions between ERP and accounting software, accounting tends to simply include functions such as accounts payables, accounts receivables, general ledger accounts with reporting, and payroll. ERP software, on the other hand, has applications for supply chain management, inventory management, and human resources.
Customer Relationship Management
For storing client data and monitoring customer interactions and to make the best out of the ERP, CRM functions offer an integrated toolset CRM software’s level of sophistication varies from program to program since it may feature a mix of lead management, service tracking, order management, and marketing functions.
An integrated picture of your customers and prospects is made possible by CRM features, which enable firms to acquire an integrated perspective of customers and prospects.
Incorporating CRM elements into an ERP software may help identify new customers, decrease the time and labor costs associated with handling customer information, and aid in customer upselling.
Marketing and Sales
A big element of your total sales management and marketing operations are sales forecasting and delivering sales quotations. In order to provide perfectly accurate estimates for future sales, sales forecasting software makes use of previous data and monitoring of the state of the sales funnel. Sales quotations allow you to generate, publish, and manage sales quotation papers that are aimed at your customers.
Customers may pay for goods and services in person or at a register using ERP software’s point of sale (POS) tools. Orders can be created and sent across the company using ERP’s order entry features, and eCommerce can be used to host online catalogs and shopping carts.
Even while ERP software is more usually available as a standalone solution, most ERP software will include some human resource features. Staff information is stored, and actions like employee scheduling, recruiting, and enhancing employee efficiency are automated by these capabilities. By enabling managers to allocate employee time and resources better, HR capabilities in ERP software assist your firm in accomplishing its objectives by improving employee record-keeping and raising employee performance.
A large part of human resources is payroll, which includes all aspects of paying employees, including calculating periodic compensation, deducting expenses, making payments (by check or direct deposit), and generating the official paperwork needed by the government. Time tracking is an important part of payroll and HR administration since it allows employers to keep track of employee work hours.
Supply Chain Management
There are a number of capabilities in ERP software that allow companies with supply chain management to manage the movement of products or services between locations more effectively and at lower costs. From the procurement of your raw materials through the delivery of a final product, this aids in the process.
Supply chain management (SCM) tools may handle all aspects of the supply chain, including demand planning, control, and execution. Getting things from the seller to the buyer was faster and cheaper thanks to this method.
Requisition and approval management, purchase orders, vendor and supplier management, sales forecasting, warehouse management, and inventory control are all core components of supply chain management.
The efficiency and quality of the items your shop’s workers produce are enhanced by using manufacturing technologies that reduce machine downtime. To guarantee that you don’t have to wait for supplies to arrive for starting a new order, most manufacturing software records your bought materials and current stock levels.
With MRP or materials requirements planning), a precursor to ERP software that was developed by manufacturers in order to arrange raw materials for production, buying, and delivery more effectively, ERP software was born.
Increase operational efficiency, cut order cycle times, and develop new income streams with the correct manufacturing capabilities in your ERP. Your firm will be functioning more smoothly if the correct production characteristics are used.
Or You’re Just Looking for the Best ERP Software in Bangladesh?
Well, there’s nothing to be surprised if you’ve just realized that the one you’re rolling with is just another wrong ERP. If that’s the case, feel free to count iBOS ERP as your next one, or you can go for the Managerium if you’re running on a small scale.