ERP software has various features, but there are some features that 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 along with business management experts that work together to come up with these core features.
Various industries demand different features for their ERP software based on their needs, but there are some core features that work as the pillar features of ERP software. Over the years, these core ERP features include modern technological innovations to make them a perfect tool for industries to manage their business challenges.
If you are a business owner and want to manage your operations effectively, 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 different 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.
Following are the ten core features of ERP software that 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 important 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 main tools that function together to provide all the necessary functions of ERP software. Over time, the integrations of ERP software have evolved into advanced features that have been accommodating 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 key attraction ERP software has. ERP software automates most of the daily activities business managers and employees do every day. The integrations in ERP software are designed to automate business operations. Automation refers to the digitalization of daily operations like reporting, data recording, and data sync within departments.
Every business wants its business to be more productive and less dependent on manual input. Operations with less human input reduce the chances of human error and fasten the business processes.
With help of automation, businesses can easily 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 that are used to interpret various financial factors such as profitability, margins, and other such 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 that is used by managers to make better decisions showing business performance.
The reporting feature is used to display the performance of various sections of the business. The accounting section, sales section, inventory section, and purchase section 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 keep an eye on 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.
From a single screen, every business can keep an eye on its operations. ERP software provides detailed information regarding all business operations. With the help of ERP software line supervisors, shifts in charge can access all the information they need from upper management and so does executive management from production lines.
Accounting is more like a module than a feature for ERP software. For a management solution accounting module is the first tool that 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 separate general ledger module that keeps the ledger book for the business.
7. Financial Management:
Finance and accounts are two different sections of the business as both of them have entirely different responsibilities. As the accounts section keeps all the accounting books for the company, financial management manages the financial resources of the business. Managing financial resources refers to keeping an eye on a company’s financials, managing payroll, and managing funds dispersal for purchase orders and inventory.
The financial management module is used to pay salaries and release funds for any other business activities. It is used as a dashboard or major tool to manage a company’s funds. Any use of the 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 is used to manage customers for the business. Managing customers is a very challenging task as every business has its own niche and has very different dynamics. CRM in ERP software keeps a record of all customers that deal with the business.
In some cases, it can be a general consumer and in some cases, it can be companies that purchase their resources. CRM in ERP software keeps a record of every data like personal information, address, contact details, and some details about their previous record 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 does have sales and marketing features then the whole ERP is of no use. Sales features are a key 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 key roles every business does. Payroll, attendance, talent management, leaves, benefits, increments, bonuses, and allowances are some of the major areas where the HR department of every business takes care of its employees.
ERP software has a dedicated ERP software module that manages all the HR-related stuff including payroll. The first thing that HR features in ERP software do is to 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 human resource of the business.
CISERP | A Complete ERP Software With All Necessary Features:
CISERP is a complete ERP software that has all the research features a business might need to run its effective operations. CISERP offers all core features along with some add-on integrations that any business 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 at once.