ERP or enterprise resource planning is software for maintaining everything of an organization digitally with the help of its different modules. This system or software helps to process and manage all kinds of organizational tasks.
Right from human resources to financial analysis, inventory management, or sales monitoring, you can automate everything with the help of ERP software within an enterprise.
For finishing a different kind of task of a corporation, the ERP system has a different module. So let’s know them through this short reading.
6 Basic Modules of ERP Systems that are Popular Among Industry
The ERP system helps automate all the organization’s tasks with the assistance of the different modules of the organization. Here are some common ERP modules that are most popular.
Human Resource Module
The HR module of the ERP assists the HR team in managing employee and related data efficiently, including processing and handling employee information, tracking employee records, and other related issues. The issues can be performance review, designation, job description, skill evaluation, attendance tracking, etc.
The ERP module will also be very helpful for the payroll system, managing salaries, payment reporting, and another necessary tracking for the employee.
You can keep track of stock goods with the help of ERP and the inventory module. The inventory system can keep track of products and find their current location by employing their unique numbers.
For example, if you purchased 100 hard drives, you may use the inventory system to track how many are installed, where they are installed, and how many are left.
The inventory module of the ERP system includes inventory control, master units, stock utilization reporting, and other functions.
For sales inquiries and inquiry analysis and handling, quotation drafting, receiving sales orders, drafting sales invoices with proper taxation sales module of the ERP can play a big role.
On the other hand, typical sales processes include sending material or services and tracking pending sales orders. All of these sales transactions are handled by ERP’s sales module. The CRM module can collaborate with the Sales module to develop future opportunities and generate leads.
Finance and Accounting Module
The finance module of the ERP will be very helpful for keeping track of money inflows and outflows. This module manages all account-related transactions such as expenditures, balance sheets, account ledgers, budgeting, bank statements, payment receipts, tax management, and so on.
Financial reporting is a simple operation for this ERP module. In the Finance module, you may access whatever financial data you need to run your business with a single click.
Customer Relationship Module
As the CRM module of an ERP has access to all customer information, the organization can provide better customer service and develop a healthy relationship with customers.
CRM module assists in managing and tracking detailed customer information such as communication history, calls, meetings, details of client purchases, contract terms, and so on. To improve sales opportunities, the CRM module can be linked to the Sales module.
Purchase modules, as the name implies, handle all of the activities involved in acquiring commodities or raw materials for the firm. This module includes supplier/vendor listing, supplier & item linking, sending quotation requests to vendors, receiving & recording quotations, analyzing quotations, preparing purchase orders, and others.
Tracking purchase items, preparing GRNs (Good Receipt Notes) & updating stocks, and various reports are all included in the purchase module. For stock updates, the Purchase module is linked to the Inventory and Engineering/Production modules.
Enterprise Resource Planning System (ERP) may be defined as a system or software used to manage all of an organization’s resources.
Everything can be handled and recorded with ERP Systems, from employee payments to a single screw entering the business. ERP stands for enterprise resource planning, and it is a type of software that supports all of an organization’s business processes.