How to Select an ERP for Your Company: A Comprehensive Guide

ERP systems streamline business processes by centralizing data and enhancing departmental efficiency. They also support activities like accounting and supply chain management, improving decision-making and productivity.

Modern ERPs are web-based, enabling remote access and integrating company operations onto a single platform. This ensures seamless communication and accurate, real-time data for effective resource planning.

1. Financial Management: The finance module manages the general ledger, accounts payable (AP), and accounts receivable (AR). It tracks all financial transactions, handles reconciliations, and generates detailed financial reports to ensure accuracy
2. Human Resource Management (HRM): The HRM module stores employee records, tracks performance reviews and PTO, and identifies workforce trends across departments. It helps manage human capital and improve workforce productivity and planning
3. Supply Chain Management: The supply chain management module oversees the flow of goods, ensures materials are available, schedules resources efficiently, and manages production from suppliers to customers for smooth operations
4. Customer Relationship Management (CRM): The CRM module tracks client interactions, assists in lead management, and enhances customer service. It helps boost sales and maintain strong relationships with customers through targeted communication
5. Manufacturing: The manufacturing module coordinates production processes to meet demand, tracks in-progress and finished goods, and ensures production efficiency by effectively scheduling machinery and labor resources
6. Inventory Management: The inventory management module monitors stock levels in real-time, down to SKU details. It helps optimize inventory based on demand, minimizing excess stock or shortages for better supply control
7. Project Management: The module helps plan, track, and manage projects, resources, and time spent. It simplifies billing, promotes collaboration, and improves service-based business project delivery
8. E-commerce: The e-commerce module manages online stores, enabling updates to product pages and site design. It supports order processing, inventory management, and customer experience optimization for retailers and brands
9. Marketing Automation: The marketing automation module manages campaigns across email, web, and social channels. It personalizes messaging to increase lead generation, customer engagement, and sales, streamlining digital marketing efforts
10. Procurement: The procurement module automates purchasing by managing quotes and purchase order requests. It helps avoid overbuying or underbuying and ensures optimal inventory levels based on demand planning
11. Order Management: The module tracks customer orders across all channels, from placement to delivery. It prioritizes orders, speeds up fulfillment, and improves the customer experience with accurate tracking
12. Warehouse Management: The warehouse management module optimizes receiving, picking, packing, and shipping activities. It identifies efficiencies in warehouse operations, reducing time and costs while improving productivity
13. Workforce Management: A workforce management (WFM) module keeps track of attendance and hours worked; some can also manage payroll. This tool can record absenteeism and productivity by department, team, and individual employees