10 Key Features of ERP Software in 2024
Looking for the crucial features of ERP software in India? You have reached the right page. Let’s explore together the trending and best ERP features and make up your mind to choose the one ERP solution with the best fit.
ERP stands for enterprise resource planning system, which is a type of software utilized to effectively manage daily business operations. It’s a comprehensive tool with multiple module integrations that allow you to seamlessly manage your business performance with task automation. It is widely used in the areas of accounting, inventory management, finance, expense control, HR management, etc.
With the precise utilization of ERP, your brand can really go beyond the imagination with the minimum workforce as it automates operations, reducing the necessity of hiring experts for each task. So, let's start by knowing the tailored features of ERP solutions.
Trending ERP Software Features in India
Therefore, learn about the top and trending ERP features that can streamline your business efficiency, enhance operational visibility, and increase profitability.
Financial Management
Financial management is at the core of any ERP solution that simplifies the management and monitoring of your company’s expenses, payables, cash management, revenue recognition, and more. A standard ERP software ensures smooth financial handling with smooth budgeting and forecasting; this lets you centrally manage all of their financial processes. This allows brands to monitor their business profitability with real-time data monitoring, general ledger, smooth tax management, etc. Additionally, it automates the activities such as vendor payments, billing, creating detailed reports, monitoring transactions, cash management, and account reconciliation.
Cloud-Based Access
Cloud-based accessibility is a feature in the digital marketplace that lets you access the system from anywhere in the world without the requirement of spending on IT infrastructures or devices. This allows your team to access it from any device, including a smartphone, at any location with the stability of internet connectivity. This is similar to having your office files available on any computer or smartphone, no matter where you are. Additionally, it ensures data security on the internet and provides the flexibility to operate smoothly, even when employees are working remotely or from different locations.
Seamless Integration
It’s a core feature of enterprise resource planning software that has the ability to integrate various business processes into a single, unified software. It basically brings together the multiple modules that are dedicatedly created to perform a specific business operation. Conversely, you can seamlessly switch to various platforms without exiting from the current one, which is excellent if you are working on multiple platforms simultaneously. For instance, if your business specifically provides email marketing services and conversion to email marketing software and you want a separate marketing management tool, ERP integration simplifies the process of managing both in one system and simultaneously.
User-Friendly Interface
A user-friendly interface means the ERP software is smooth to navigate and use, even if you are not tech-savvy. It is designed with simple menus, a clear navigation bar, and intuitive features that make it proficient in finding what you are looking for in the system. It’s similar to having a well-organized desk where everything is in its place and easy to get to. Conversely, a user-friendly interface ensures that employees can quickly start with the system without any hassle and enhances overall productivity and client satisfaction.
Real-Time Data Access
Real-time data monitoring is a foremost enabler for spotting the prime modification that is required for smooth functionality. It provides clear insights into how everything is going, what needs to be fixed, and business conditions, and makes more informed decisions to effectively confront and respond to market demands. In the traditional manner, businesses utilize data analysis to inspect, modify, and model the data with the prime aim of creating business-friendly information that helps in decision-making. Now, the process has been modified by enabling individuals to gather a wide variety of data and take it into useful insights with new opportunities. It streamlines the operational workflow with more precise and informed decision-making.
Customer Relationship Management (CRM)
CRM is a customer relationship management system, a process in which a brand strengthens its relationship with current and prospective customers. Leveraging CRM features in ERP software can really enhance your business lead identification, improve upselling, reduce spending, and drive more qualified leads from your targeted audience. Additionally, this automates processes like filling out POs, generating multiple accounts receivable reminders, and more. Consequently, it is best in contact management, automating marketing campaigns, effectively handling sales pipeline, and customizing customer experience.
Supply Chain Management
Supply chain management in a business primarily deals with procurement, operations management, marketing channels, and logistics to streamline workflow smoothly. Supply chain management in ERP software integration offers a company detailed data insights by effectively tracking the demand, inventory, business manufacturing processing, distribution, and more. A fully optimized SMC integration can enhance business operations by suggesting purchase orders, tracking goods, and delivering them across different sites or locations. Moreover, it's essential for your organization to help you thrive, survive, and succeed in your industry.
Risk Management
The act of continuously pinpointing, examining, assessing, and addressing loss exposures, as well as keeping an eye on risk mitigation and assets in order to lessen the negative effects of loss, is known as risk management. It's crucial in any business industry to minimize, monitor, and evaluate the profitability or negative impact of any unfortunate event such as COVID-19. In business, it is utilized to minimize the impact on the finances of any brand by identifying and prioritizing risks and monitoring risk-mitigating activities. With granular access control and predefined approval workflows, it can contribute to efficient financial management.
Standards for Company Operations
The best ERP software companies in Delhi can assist your brand in maintaining process control and situational awareness. These controls can be as simple as sending a notice when an unlogged customer purchase is about to ship today. This can sometimes be complex, but it plays an important role in maintaining quality. For example, every time a measurement is taken as part of the quality process, the software can immediately alert you about anything that is beyond acceptable limits. This standard feature helps you quickly decide whether more measurements are needed or if the product needs to be redesigned, making sure that all the hurdles are resolved promptly.
Better Data Analytics
ERP systems provide firms with strong reporting and analytics features that help them understand their operations better. With this function, organizations are able to track trends, identify key performance indicators (KPIs), and make choices based on data by utilizing data visualization and evaluation applications. Moreover, this enhances business performance efficiency, provides profitable insights, and drives business success. This also aids in process optimization, obstacle identification, and further ongoing enhancement.
The Best ERP Software in India
EM Production Pro is one of the best ERP software development companies, and it is highly efficient for scaling your brand expansion. At EM Production Pro, we have world-class developers with decades of expertise in designing ERP solutions to meet brand requirements. Here, you will get various modules in different business areas such as accounting, finance, sales & CRM, production, product management, inventory, asset, etc. Each module automates your business core operation. Consequently, to get more ERP software, you can get a free demo with EM Production Pro ERP experts.
