What is the ERP Software?
While it shares the same acronym with the ERP (Electronic Road Payment) that all drivers in Singapore have to deal with, the ERP here is a totally different idea. The ERP we refer to here is Enterprise Resource Planning. Companies use ERP to manage their daily business activities. Some examples include accounting, manufacturing and operations.
What does it do?
The ERP software helps to merge various features into one complete system to streamline processes and improve information management across the business. ERP usually include but not limited to the following functions:
- Product and purchase planning
- Project management
- Accounting and financial management
- Sales management
How does it work?
The software is designed around a data structure that usually has a common database, providing access to business data from many business activities. Therefore, it connects different features into an all in one tool, which makes it easy to use, eliminates data duplication, improve data integrity, and saves time.
Why is ERP so popular?
There are a few reasons why companies are using ERP as part of their operations, such as:
- Provides meaningful insights from real-time information using reports.
- Enables lower operational costs with a more streamlined business process.
- Improves efficiency through common user experiences across multiple business functions.
- Reduces risk through enhanced data integrity and control.
Undoubtedly, all companies need to manage people, purchases, sales and finances. While the way each activity is handled varies by industry, every company will certainly perform these basic functions. In most cases, it is evidently more effective to handle these processes through an integrated platform.