Top ERP Tools
Every business needs an Enterprise Resource Planning (ERP) system to succeed, grow and stay ahead of the competition. According to the Ministry of Industry, Trade, and Investment, Nigeria has over 37.07 million micro, small and medium-scale enterprises. The number keeps growing. For your business to stay ahead, you should implement an ERP. There are several ERP tools for small and medium-sized companies.
Click here to read about the Best B2C ERP solution for SMEs.
An (ERP) is a group of integrated business management applications for an organisation. It incorporates the best software applications used by various departments in a company to help simplify the business processes within an enterprise.
These tools can manage any enterprise irrespective of its size. The classification of these tools depends on the kind of functions they can handle. They include HR, finance or manufacturing related functions. Odoo ERP offers a wide range of tools to improve your business growth, profitability and reduction of costs. If you are a small or medium-sized business, you need the following ERP tools.
Top ERP tools in an ERP System
Tracking tools
ERP software has features that can effectively manage the entire business process. These include Inventory management, Purchase management (purchase orders, goods receipts and issuing of good receipt notes), Sales Management (sales quotations, sales orders, goods delivery), Financial module (General Ledger, Accounts Receivable, Accounts Payable).
Communication tools
A system like Odoo offers a wide variety of communication tools to reach out to your clients and all your partners. You can use a form in a CRM module, send an email directly from Odoo, share business documents and files with your team and much more.
Communication modules help to run the various business processes that are implemented. For example, the live chat module helps companies to improve their customer service.
Analytical tools
Analytic tools collect data from different sources and use it in the further processing of information. Business Intelligence reporting tools makes for a smooth decision making process within the business with the ability to store, categorise and analyze relevant information. Information can be readily accessed in a variety of different displays either graphical or tabular.
Analysing data from various places to derive meaningful information bridges the gap to aid decision making. It enables users to use analytics in an easy way and to evaluate details about the organisation easily. For example, it enables control over expenses and assets, forecasts to prevent bad cash flow.
Accounting tools
ERP software assists organisations with a large part of their accounting requirements. It integrates essential business functions and works with one another. The business functions include expenses, distribution, manufacturing, purchasing and payroll administration.
Some of the financial features available are;
Financial Purchase and cash flow management- Clear, Reconcile Reclassify Accounts, Accounts Receivable; Create customer invoices.
Budget Management- Create a budget and track performance; Show future forecasts on your budget.
Inventory management- Examine purchase orders; Review adjustments and overstocks
Payroll processing
Workflow management tools
ERP software has become an essential part of enterprise resource management because it helps reduce workload for employees and increases productivity. Workflow is a process which has been designed in such a way that each and every business work will be faster and more efficient.
Workflow is a feature designed to organise tasks and projects. It is meant to keep people on task, make sure that task statuses get updated. Most importantly, it helps businesses maximise their productivity by eliminating non-value added activities.
A workflow management tool improves control over the tasks performed in the regular workflow. Within the ERP it allows you to improve communication and planning of tasks execution between employees.
Project management tools
Project management is the most critical skill a company can bring to bear on its business. An ERP tool is a fundamental component of operational excellence for companies that want to outpace the competition in their industries.
The project management module in an ERP system includes; project plans, issue trackers and other standard features. The flexibility of the ERP software makes it more valuable than standard office software, such as word processors and spreadsheets.
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How To Identify an ERP
So how does an ERP look? How do you know whether it's the right system for your company to use? In today's world of exponential growth of technology, companies need to choose carefully. Choosing an ERP can be a tricky decision. Determining whether it's the right one for you can be difficult. erpSOFTapp offers free business evaluation. Contact us here.
However, we’ve compiled a list of 4 features that any system should have to be considered standard.
Very simple, easy to use and can be customized to suit your business needs
Accessed via various platforms (iPad, android, windows)
Easy learning curve. (erp is easy to handle and can be customized according to requirement and the objective of the business)
It’s the complete package — ERP + CRM + Accounting software + HR management system + Payroll Software.
Below are some factors to consider before choosing an Enterprise Resource Planning Software
Avoid being overwhelmed by the multiple ERP systems and vendors out there. Find a vendor whose system provides modern features, is mobile responsive and has a consistent release of upgrades.
When selecting an ERP system, it’s important to consider if the system has a database license, the number of users allowed per year, what type of operating system and software license is required for all users across functions and the vendors annual maintenance costs.
When choosing an implementation partner, ensure that the partner of your choice does not offer a standardised system implementation approach.
Choose an Implementer who shows enthusiasm about the product and can give instant solutions to show you how the product can be used to instantly enhance your business.
Beware of costly integration.
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After you have done your research regarding what erp system suits your business, you can begin your implementation process.
Why Odoo ERP is Best For Your Business
An ERP solution not only works out of the box and offers advanced functionalities but is also easy to use and can be customised to suit your business requirements. That is why Odoo is gaining massive popularity among businesses of all sizes. Odoo is simple yet with highly flexible features that can easily cater to a large variety of companies.
For most businesses, the most important thing is getting the job done in a way that matches how they work. Odoo has something for everyone. Whether you love to have a million tool options or need something simple, Odoo is for you.
Odoo is an easy, business-class platform with built-in apps that handle tracking, accounting, point of sale, communication, inventory management and more. It can increase productivity and profitability by automating your business processes with over 20 modules that can amalgamate with existing systems.
Get the best tools for better business with Odoo here.