Top 5 Business functions where ERP helps in Business Growth

Are you a business manager? Or a small business owner or planning a start-up. Without a competitive advantage in business functions, success is just like daydreaming.

There is always a need for an integrated system to streamline all the business functions and operations for business growth. ERP is a set of software tools that helps data management through automation and consolidation of human resource management, accounting, marketing functions, inventory management, and Project management.

How ERP System Remodeling Business Functions?

Understanding the business functions where ERP system helps in business growth is highly significant. Here are the top five Business functions:

How ERP system helps Accounting?

While ERP software exhibits many advantages, none is more desirable than an efficient and transparent accounting process. When an organization implements ERP, it has better control and monitoring over almost every aspect of accounting operations.

ERP System modules not only help organize data volumes but also automates many previously manual tasks. ERP helps accounting operations by reducing human error and incorrect reporting. It also supports team members do their jobs more efficiently. In short, all accounting activities in an organization can get facilitation from an ERP system.

Now there is no need to confine to traditional systems or paper files. Organizations can work directly in a modern, integrated user interface. The outcome of ERP for the accounting system is a higher degree of productivity, transparency, and quality that employees and customers will appreciate more.

Human Resource Management:

ERP and HRM are two highly compatible duos. ERP provides features that make human resource management more efficient and trouble-free to deliver services to everyone in an organization.

Businesses can eliminate third-party integrations, improve data accuracy, and create engaging work experiences with an integrated tool for human resource operations. ERP systems can lead over and make more informed decisions to align workforce performance to the organization's performance.

Moreover, ERP enables employees and managers to securely perform generic HR tasks, such as editing addresses, promotions, or viewing leave balance, from any place at any time. It also aligns employees to their work through practical goal setting. It acknowledges, evaluates, and rewards achievements to increase engagement and productivity. Top 6 areas where ERP Helps HRM to boost operations.

Pay and compensation management
Recruitment
Time and attendance management
Performance evaluation
Employee training and development
Job offer

ERP for Marketing:

Present-day marketing experts perform best when they are working in collaboration. To stay in line with the ever-changing market audience, it's decisive to understand trends and statistics about products and customers.

ERP and marketing collaborate to provide quick access to all the relevant data. ERP allows businesses to optimize marketing campaigns for potential client acquisition. Key roles ERP plays in Marketing are:

Marketing Campaign Management: ERP System offers a competitive advantage for organizations through successful marketing campaigns across different channels like websites, social media, and email.

Sales Process Collaboration: It aligns marketing and sales goals and ultimately boosts conversion rate.

Calculates Campaign efficiency: ERP gives insights on statistics and ROI of the marketing campaign till the end of that campaign.

Sales process optimization: It identifies the market segment to create customized campaigns for your products and services. It shares relevant information with prospects and facilitates the buying cycle.

Project Management:

A high-value ERP system offers all faculties that are crucial for planning and tracking the progress of a project. ERP enables organizations and project managers to get informed about project status. Accurate data reports help managers identify and resolve hidden problems in the project.

With various features of ERP in project management, it has many advantages with data reporting. Managers can oversee the key performance indicators, project expenditures, and project insights with a single click.

Stakeholders of the Project get the following advantages by implementing an ERP system.

Complete visibility and Control
Factual reports on project health
Increased completion rates
Client satisfaction

Role of ERP in Inventory Management:

An inventory management system can’t perform exceptionally well if it’s not consolidated with other business operations of the organization. ERP system takes charge of complete integration of the Inventory management system with other business operations. It also allows comprehensive inventory tracking and develops a centralized inventory database that updates regularly.

By providing accurate inventory data, ERP assists businesses in making better decisions. ERP inventory management systems allow businesses to manage logistics, operations, finance, and inventory from a single platform, which reduces errors and increases efficiency.

When businesses find ERP systems they prioritize with more inventory features and capabilities.

The right ERP program is optimized for inventory management, and automates the functions such as goods purchasing, moving, and organizing. The system also maintains reports of inventory levels by consolidating the inventory requirements of suppliers, employees, and clients.

How TEKHQS transforming the business functions of Organizations?

TEKHQS digitally transforms organizations by implementing ERP systems. Right ERP supports innovation by managing resources and streamlining operations. We empower businesses to assess core resource performance, warehouse operations, inventory management, and help in strategic decision-making. We provide a better understanding of business operations, customer experience, and technological advancements.

With over 200+ certified professionals working with clients to identify their primary ERP objectives, TEKHQS provides ERP implementation, integration, and migration services that suit client budgets. TEKHQS is the official NetSuite Solution Provider. So, if an organization wants to automate crucial business processes and build a single database for all operational and financial data for the entire company, wait no longer and consult TEKHQS.