ERP stands for Enterprise Resource Planning which means software or technology which works for the management of businesses. It is the integrated management of a business plan or strategy or process. Moreover, it consists of various integrated applications which have a sequential step to follow: that an organization can use to collect data, store data, manage and interpret data from all the websites where business activities have been done. ERP works in a particular environment. In addition to it, ERP software tracks all business details, their commitments, payroll, and many more. It also interprets data from manufacturing and purchasing departments. ERP holds all the records and details which has between businessmen and stakeholders. ERP has millions of users, ERP is quite famous amongst big businesses/companies but the ratio is not the same for small businesses. However, people work on it. So small businesses should also approach the same. ERP systems work in a particularly organized manner, efficiently, and also by reducing error-free transactions and purchases.
Benefits of ERP
Installation of an ERP system has many benefits:
- Particular Track –
Big businesses or companies have too much load, companies have difficulties bearing such record tracks, so companies often find difficulty in having such tracks, in such cases, ERP plays a crucial role in maintaining all data records, tracking purchasing amount, commitments, and all related stuff.
- Reduction in Time –
Companies save a lot of time by adopting such a system. To keep registers or writing on registers may create a mess and ends with a waste of time.
- Information privacy –
The data stored by companies in ERP is safe and assured, even if not an employee has the power to access it without the permission of the higher authorities. So, no way to be concerned about privacy.
- Better Customer satisfaction :
ERP systems produce goods with the utmost flexible way in consideration or given time and within the cost budget. It means providing equal time to individuals and getting services without extra charges or on any additional charge.
- Development :
With the advancement of time and technology, ERP improves and evolves changes in its process. Now ERP works more efficiently, creating new ideas in manufacturing and even reducing the time limits. It enables us to make unique and highly customized products than before.
It gives a new aspect to businesses and contributes to Digital India’s strategy.
- On-Time Shipment:
ERP provides on-time shipment as ERP designs to help the company to reduce data, reduce error in transactions and increase design productivity.
By using certain steps of ECO[ Engineering Change Order] ERP system change the operational database timings which allow the machines to manufacture the products before the given time.
- Rapid Implementation :
ERP strategies efficiently and in no time gap implement new strategies that may only concern companies’ development.
DISADVANTAGES
As everything has its own merits and demerits. ERP too has some of them :
- Training Inefficiency
- Degree of Customization
- Department Interconnectivity
- People are often more careless as all the work has been done by software and machines.
TOP ERP SOFTWARES USED BY COMPANIES ARE AS FOLLOWS:
- Odoo
- NetSuite ERP
- Oracle
- Sage Intact
CONCLUSION
ERP has many benefits as it works in different sectors or domains i.e healthcare sector, wholesales, manufacturing, services, construction, retail, service industry, and many more. It gives a new arena to businesses. ERP gives a lot more benefits to the upcoming generations and helps them to be more intellectual in the world of technology. Hence, it is a boon for our country.
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