What is ERP?
ERP in simple terms means a system that single-handedly manages all the departments of the company. It gathers, maintains, manages and provides actions on the data from various departments like HR, finance, Supply Chain, Manufacturing, Procurement, Sales, Marketing etc.
Cost-effectiveness
Companies adopt IT systems to reduce their costs, thus ERP
increased productivity by helping all the departments lower their costs.
Error-free system
ERP manages the information to be cleared and accurate, as it
is now a single point of contact, which makes the data easily available to all
the stakeholders.
Accelerated
reporting
Apart from being time and cost-effective, ERP creates new
channels of customer engagement and fast-track reporting, with a mirroring of
data, and better insight into facts and figures all the way down to the customer
level.
Paves for new
opportunities
ERP helps employees to stay focused, by saving them time and
energy. This enables employees to add in their ideas and inputs to the
business, instead of spending time on data handling.
Types of ERP
Traditional
ERP systems require software and hardware at the factory/office premises. The installation has to be done by the employee or the technical person. The maintenance and functioning have to be taken care of by themselves as well as there are chances that it might not work properly if it is not maintained well
Cloud-based
Today, the world is moving fast towards online data maintenance.
Here, the provider has ERP cloud computing on this system, and he looks after
the data integration. This is gaining importance due to its cost and time
effectiveness. The customer can monitor their business from any device without
any lag time.
Mixed
Sometimes companies opt for hybrid ERP systems, because of
the need to have their data in two different locations on the cloud and on-site.
The solution is to integrate the two versions of the same table into one master
table with a shared field.
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