All you need to know about ERP

What is ERP

Enterprise resource planning (ERP) is the integrated management of main business processes.

ERP is usually referred to as a category of business management software, typically a suite of integrated applications, which an organization can use to collect, store, manage, and interpret data from many business activities.

ERP provides an integrated and continuously updated view of core business processes 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 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.

Any good ERP system is supposed to address, processes and activities related to 6 basic 'M's of business, namely:

• Money
• Markets
• Machines
• Materials
• Manpower
• Methods

ERP is not a magic wand to solve all of the Business problems. At the same time it is also not a mere tool automate business transactions processing requirements or to reduce the inventories.

Any excellent ERP brings in:

• Process Standards
• Data Standards
• Integrations
• Process Restrictions

Average total implementation time required for any good ERP is approximately 18 months. There are many critical success factors, which dictate, how long a particular implementation will take.

Why ERP
Major reasons, as to why organizations should implement the ERP software are :

• It enhances a pace and perfection of response to the customers
• Brings in a person and event specific responsibilities and accountability across all Business processes
• Adopt a common language and references across all business units
• Importantly, Decisions based on the facts and the analysis of data

Advantages
The most fundamental advantage of implementation of ERP is that the integration of a myriad of business processes saves time and expense. Management can make decisions faster and with fewer errors. Data becomes visible across the organization. Other advantages include :

• Sales forecasting, which allows inventory optimization.
• Chronological history of every transaction through relevant data
• Order tracking, from acceptance through fulfilment
• Revenue tracking, from invoice through cash receipt
• Matching purchase orders (what was ordered), inventory receipts (what arrived), and costing (what the vendor invoiced)

Benefits
Major benefits of implementation of ERP include :

• ERP creates a more agile organization that adapts better to change
• ERP improves Data Security in a closed environment.
• ERP provides increased opportunities for collaborative working environments

Why 'ShriSoft'
We at ShriSoft, strongly believe that we are uniquely qualified to partner with any organizations for the following reasons:

• Extensive experience of 40 years in Business Process Analysis and Mapping
• Vast Experience of around 25 Years in ERP Implementation
• Analytical abilities of ShriSoft
• Experience in Effectivity Assessments of ERP Solutions (specifically in Oracle Apps).
• Functional and Technical Knowledge of the Processes in ERP Applications
• Abilities to customize the ERP Solutions
• Abilities to Integrate Customized applications on top of ERP Applications.
• Experience in implementing and supporting CRM and ERP Products
• Long track record of implementing and customizing ERP Solutions for Manufacturing Organizations

Link:
https://www.linkedin.com/posts/shriniwas-tilak-a9565b18_erp-what-why-and-how-ugcPost-6649673681792536576-0huF