6 Key Aspects of a Great ERP solution

To ensure that the chosen ERP solution actually yields value and is worth the investment, it is important that businesses look for solutions with certain essential capabilities and key features. Here’s a look into six key ERP solution requirements:

Finance Management
It is important that an ERP open source system has a solid financial component, as this helps the business meet tax requirements, and simplifies overall financial reporting with just a single banking, accounting, and payment solution. The system should also offer real time insights and clarity into each department’s expenses and revenue contributions – such monitoring helps ensure that every department’s financial performance is continually improved. An exhaustive financial management module in a web POS ERP system aids in improving cash flow, brings down costs, and boosts profitability, while also making financial reporting more sound, timely, accurate, and transparent. Companies like Openbavo did start offering open source ERP’s although they dont offer them anymore.
Project Management
A project management module is a vital functionality of an ERP system as it offers a snapshot of the complete project lifecycle, and eliminates guesswork/inaccurate estimations of project-related aspects like determination of project costs, assessing overall project performance and expected profitability, etc. This allows the business to pick only the best projects, assign the right resources, structure delivery efforts, monitor ROI and profitability, etc. An ERP system’s project management module allows time and change management, time and expenses reporting, even billing and payment related activities.
Supply Chain Management
Amidst stiff competition and dynamic environments, contemporary companies must be able to track demand and supply, manufacturing and distribution statuses, and overall business logistics with maximum accuracy in minimum time. Without this capability, a business will not be able to share the necessary information with supply partners, which in turn can adversely impact the business’s supply chain. This is where an ERP supply chain management module comes to the rescue, as it helps manage and streamline all supply chain processes, right from planning, design, procurement, manufacturing, implementation and completion.
Human Resource Management
A cutting-edge ERP solution should include HR modules with latest solutions and capabilities. Recruitment, time, scheduling, performance support, employee performance management, resource/workforce management, talent management, competency management – these are just some of the essential HR features to look for in an ERP system. Further, reporting and analysis tools offer defined insights into overall HR processes, while web-based tools can help HR managers gain remote, real-time access to critical employee information and HR procedures even while on the go. All of this must be facilitated by the ERP solution.
Real-time/Mobile Functionality
Enterprise mobile workers constituting a sizable portion of today’s contemporary workforce is an important reason to choose an ERP solution that enables remote access to all its processes and database. An ERP system that incorporates mobile functionality allows users to access a software program that lets any smart mobile device connect to the ERP system from a desktop, laptop, or tablet. Such remote access functionality helps ensure that employees are always equipped with updated information on every relevant business aspect.
Customer Relationship Management
With a built-in customer relationship management module, an ERP system helps consolidate important, relevant and updated customer data that allows marketing planners/salespeople to identify, understand and address customer needs, preferences and buying patterns. This allows the business to create, design, modify, and align their offerings exactly as per customer preferences.
Today’s modern, model-operated, and code-free open source ERP solutions make it a breeze to integrate procurement, sales, accounting, and even complex aspects like project management, at a fraction of the cost compared to old-school ERP systems. However, for best results, the business needs to make sure there is no dearth of in-house expertise to manage and monitor the open source ERP system.