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ERP Software  

Enterprise resource planning (ERP) is a business management software—usually a suite of integrated applications—that a company can use to collect, store, manage and interpret data from many business activities, including

• Product planning, cost and development
• Manufacturing or service delivery
• Marketing and sales
• Inventory management
• Shipping and payment



ERP provides an integrated view of core business processes, often in real-time, using common databases maintained by a database management system. ERP systems track business resources—cash, raw materials, production capacity—and the status of business commitments: orders, purchase orders, and payroll. The applications that make up the system share data across the various departments (manufacturing, purchasing, sales, accounting, etc.) that provide the data. ERP facilitates information flow between all business functions, and manages connections to outside stakeholders.

Here are the ten key benefits that having an ERP software brings:

Scalability: An ERP system is easily scalable. That means adding new functionality to the system as the business needs change is easy. This could mean easy management of new processes, departments, and more.
Improved reporting: Much of the inefficiency in operational work stems from improper reporting. With an ERP system, this possibility is eliminated as reporting follows an automated template system, allowing various departments to access information seamlessly.
Data quality: As compared with manual record-keeping or other traditional approaches, an ERP system improves data quality by improving the underlying processes. As a result, better business decisions can be reached.
Lower cost of operations: An ERP system introduces fundamental innovations in managing resources, which eliminates delays and thus reduces cost of operations. For instance, use of mobility allows real-time   collection of data, which is indispensable to lowering costs.
Better CRM: A direct benefit of using a good ERP system is improved customer relations as a result of better business processes.
Business analytics: Having high-quality data allows businesses to use the power of intelligent analytics tools to arrive at better business decisions. In fact, many good ERP systems have built-in analytics functionality to allow easier data analysis.
Improved data access: Controlling data access properly is always a challenge in organizations. With an ERP system, this challenge is overcome with the use of advanced user management and access control.
Better supply chain: Having the right ERP system in place means improved procurement, inventory, demand forecasting, etc., essentially improving the entire supply chain and making it more responsive.
Regulatory compliance: Having the system in control means organizations can better comply with regulations. Further, the most important and recurring regulatory requirements can be built right into the system.
Reduced complexity: Perhaps the most elegant argument in the favor of ERP systems is that they reduce the complexity of a business and introduce a neatly designed system of workflows. This makes the entire human resource chain more efficient.
   
There are many more benefits of an ERP system, but these are the chief ones. Needless to say, a good ERP system is indispensable in the modern economic scenario.
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