Top 9 ERP Software Features For Your Business
Tags: erpsolution, software, erpbusinesssoftware
Published: 2020-10-22 13:19:15

Custom ERP software platform is a part of enterprise technology that transforms your business, its operations and bottom line by promoting better productivity and making a way for new chances. A custom developed ERP system can include every feature that your business needs and this makes it a great investment for your company. It helps enterprises to use integrated solutions for business management and to automate specific department processes of an organization. Using ERP software, you can collect, store, manage and also interpret data from multiple business units.  After getting organization’s shared transactional data from different sources, ERP systems eliminate data duplication and provide data integrity with “single source of truth”.

Previously ERP software was designed for just inventory management. But these days, ERP systems are used to automate back-office tasks and streamline cross-departmental workflows. When streamlined, ERP systems  can drive productivity, lower costs and increase profitability. In this modern world, ERP systems are critical to manage a large number of businesses, of all sizes, and in all industries. There are a lot of features of ERP in the market and also more when you consider modules and apps for a industry specific system. Let us see some common features of ERP software.  

#Top 9 ERP Software Features For Your Business-
**1. Integration-**
The ERP software organizations seamlessly integrate into your current infrastructure, that basically improves your all process from data collection and analyzes the complex manufacturing and customer management task. There is no denying the integration issues that go with many ERP deployments, regardless of whether you are migrating legacy data into the ERP system or adding the third party application to an existing one. It helps you to streamline complete workflow and so improves productivity and efficiency. Each business works in a different way and so there may be a some extra supporting custom software solutions which need to incorporate with ERP software. 

**2. Financial Management-**
A well-built ERP software system will often include a financial management portal. It stores, monitors and analyzes all financial data such s accounts payable, account receivable, costs, budgets and forecasts. It helps to reveal the insights into spending so that you can analyze profit trends and times of unusual high spending. You would then be able to effectively utilize that information by changing whatever cycles are causing lower benefits or high spend, so you can amplify your benefits while decreasing expenses. You can use this data to change the processes that are causing lower profits or high spend, and after change maximize profits while reducing costs. Financial management also helps to lower costs, improve cash flow and profitability by maintaining proper reporting. ERP software having strong financial features should ensure organizations meet financial reporting and tax requirements with a single accounting, banking and payment system.

**3. Customer Relationship Management (CRM)-**
A CRM is the most useful tool to manage your customers and sales process, and this makes it an important part of your ERP software platform. CRM platform deals with some form of sales and used to track and manage interactions with clients or customers- from customer accounts management and sales pipeline tracking, sales analytics, inventory management, online or point of sale portal. 

**4. Marketing and Sales-**
This component handles sales workflows such as sales inquiries, quotations, sales order, sales invoices etc. Also, advanced ERP features taxation rules and shipping tracker. CRM module and sales combinely work to improve sales cycle and get more profits for the company. You couldn’t manually calculate profit ratios and sales margins of your business, but using proper ERP system, you can automate tracking and efficiently get the data that you need. Having the option to access synchronized reports that detail key business metrics can be amazingly useful. These metrics can make you aware of changes that need to be with your business to cultivate more growth.

**5. Third-Party Interoperability-**
Most of the organizations need to increase bolt on additional system to satisfy the unique aspects of their business that are not addressed by their ERP system. For instance, for accounting activities, financial institutions may depend on specific ERP solution, but to process the claims of human resource management, it may turn into third-party applications. Having one data warehouse meaning that restrict the points tightly to monitory and secure customers ERP solutions. Due to this, companies must query about a particular ERP system’s degree of interoperability to avoid integration problems.

**6. Flexibility And Mobility-**
These days we all uses mobile for different purposes and similarly employees access data and workflows with their own devices so an ERP should have a mobile version. A mobile friendly ERP dashboard provides seamless access and give you an opportunity to see how business is performing at a specific point.

**7. Human Resources Functionalities-**
Know more at- [https://solaceinfotech.com/blog/top-9-erp-software-features-for-your-business/]