ERP software has various features, but some are core to ERP firmware. These core ERP features drive their functionality from the basic needs of businesses. The core features of ERP software are developed using various development experts and business management experts that work together to create these core features.
Various industries demand different features for their ERP software based on their needs, but some core features work as the pillar features of ERP software. Over the years, these core ERP features have included modern technological innovations, making them a perfect tool for industries to manage their business challenges.
Suppose you are a business owner and want to manage your operations effectively. In that case, the core ERP features are the tools that will transform your operations and help your business enhance its productivity.
10 Core Features Of ERP Software:
These core ERP features work as the foundation or pillar modules of ERP software. Different ERP vendors offer other modules, but these features remain the same. The versions or advancement of these features might differ with different integrations, but the fundamental remains the same.
The ten core features of ERP software can help your business grow and manage its resources.
- Data Analysis
- Tracking And Visibility
- Financial Management
- Customer Relationship Management (CRM)
- Sales And Marketing
- Human Resources (HR)
Integrations play an essential role in making up the entire ERP software framework. Integration refers to the pillar features of ERP software, such as accounting management, sales management, and human resource management.
These integrations are the primary tools that provide all the functions of ERP software. Over time, the integrations of ERP software have evolved into advanced features that have accommodated modern business challenges.
Another reference to integration in ERP software exists as add-ons. The Add-on integrations in ERP software are specially developed integrations for specific industries. Business industries that need special features for their software integrate their business with add-ons or industry-specified integrations.
Automation is the essential attraction ERP software has. ERP software automates most of the daily activities that managers and employees do daily. The integrations in ERP software are designed to automate business operations. Automation digitalizes daily processes like reporting, data recording, and data sync within departments.
Every business wants to be more productive and less dependent on manual input. Operations with less human information reduce the chances of human error and fasten the business processes.
With the help of automation, businesses can quickly achieve operational efficiency with the help of a shift from manual operations to automated operations.
3. Data Analysis:
Data analysis means analyzing the data produced by the business operation and producing results that are easy to interpret. Data analysis is a necessity nowadays for businesses to operate with well-informed decision-making. ERP software is a one-window solution that has all the necessary features to run the business operations and has to have a data analysis integration.
Data analysis in ERP software works along with the database. The integration processes all the data recorded into the system, such as sales, purchases, inventory, cash in hand, fixed assets, and expenses. Once the data is processed, it generates numbers to interpret various financial factors such as profitability, margins, and other calculations.
The results generated through the data analysis integration are presented through a reporting module. The reporting module has templates that present all the data analysis and data in a format used by managers to make better decisions showing business performance.
The reporting feature is used to display the performance of various business sections. The accounting, sales, inventory, and purchase sections are some of the departments that use reporting modules to summarize their data and convert the raw data into a presentable form.
Reporting module also generates real-time stats for managers and supervisors to monitor business activities.
5. Tracking And Visibility:
All the integrations that manage all their concerned sections are developed to track and keep an eye on all business activities. As the ERP software works as a centralized framework where all the operations and data are processed, it increases the visibility of all business operations.
Every business can keep an eye on its operations from a single screen. ERP software provides detailed information regarding all business operations. With the help of ERP software, line supervisors and shifts in charge can access all the information they need from upper management, as does executive management from production lines.
Accounting is more like a module than a feature for ERP software. A management solution accounting module is the first tool a management tool must have. The accounting feature in ERP software collects data on all types of debit and credit transactions. It keeps the book for all business accounts.
Cash, bank accounts, assets, expenses, fixed assets, accounts payable, accounts receivable, and expense accounts are some of the most used heads of accounting. The accounting module has a dedicated reporting section that can produce profit and loss statements, balance sheets, and expense records.
ERP software also keeps a general ledger; some ERP software has a separately available ledger module that supports the ledger book for the business.
7. Financial Management:
Finance and accounts are different business sections, as they have additional rent responsibilities. As the accounts section keeps all the accounting books for the company, financial management manages the business’s financial resources. Managing financial resources refers to keeping an eye on a company’s financials, payroll, and funds dispersal for purchase orders and inventory.
The financial management module pays salaries and releases funds for other business activities. It is a dashboard or effective tool to manage a company’s funds. Any use of financial resources is done through this module.
8. Customer Relationship Management (CRM):
Customer relationship management (CRM) is a dynamic feature that only a few ERP providers offer. As the name suggests, CRM manages customers for the business. Managing customers is a very challenging task as every company has its niche and has very different dynamics. CRM in ERP software keeps a record of all customers that deal with the business.
Sometimes, it can be a general consumer and companies that purchase their resources. CRM in ERP software records every data like personal information, address, contact details, and some details about their previous history with the business.
ERP software enables the CRM module to simply use the data when the business announces any promotional details or to contact them about any of the products. It simply keeps a record of all customers and their purchase history to be used when needed.
9. Sales And Marketing:
With all the modules in action business, if ERP software has sales and marketing features, then the whole ERP is useless. Sales features are a crucial feature that plays a vital role in keeping ERP software an effective tool for businesses. Sales features are responsible for managing all sales-related activities.
It contains all the inventory data and processes every sales order so that it can be recorded along with accounting details. The marketing feature is to manage promotional activities and manage the marketing department of the business.
10. Human Resources (HR):
Human resource contributes as the key player for every company. They are the ones that run the whole business. HR management is one of the critical roles every business does. Payroll, attendance, talent management, leaves, benefits, increments, bonuses, and allowances are some of the significant areas where the HR department of every business takes care of its employees.
ERP software has a dedicated module that manages all the HR-related stuff, including payroll. The first thing that HR features in ERP software do is stock all the necessary details of employees in the system. Secondly, it connects all the concerned sections of the ERP to employees’ data.
ERP software does all necessary operations to manage the business’s human resources.
CISERP | A Complete ERP Software With All Necessary Features:
CISERP is a complete ERP software with all the research features a business might need to run its effective operations. CISERP offers all core features and add-on integrations that any company can have.
CISERP also offers industry-specified integrations that are used by their respective industries. With all the modules and integrations working together, they form an effective ERP software that can manage all business challenges simultaneously.