10 Features to Consider for Any ERP Solution

Introducing an Enterprise Resource Planning (ERP) solution to your business can be a game-changer. However, to render ERP a worthy investment, companies should search for solutions that possess a series of key features and capabilities. These include:

Studies suggest that enterprise mobile workers will make up 73 percent of the workforce by 2012. That's all the more reason to select an ERP solution that provides remote access to its database and processes. An ERP system with mobile functionality lets workers access a software program that allows a mobile device, from a Tablet PC to an iPhone, to connect to the ERP system. By granting remote access, companies can ensure their employees have up-to-the-minute information on everything from product pricing to transportation services.

It's not the trendiest application of ERP technology but it's one of the most important: manufacturing. By helping companies align their manufacturing and inventory processes, an ERP manufacturing module delivers several benefits, including:

• Cost reductions through efficient inventory management
• Detailed reports on business-critical inventory information
• Streamline the production process with established goals
• Accelerate production cycles

Key functions of an ERP manufacturing software module include engineering, workflow management, and quality control in order to ensure the delivery of real-time data regarding inventory information and the production process.

With regulatory requirements at an all-time high and financial filing under enormous scrutiny, companies can't afford to miss making payments or overlook accounting details. An ERP system with a strong financial component, however, can ensure companies meet financial reporting and tax requirements with a single accounting, banking, and payment system. But that's not all. Managers can enhance financial performance with real-time information on their department's expenses and revenue contributions. What's more, a financial management module can help improve cash flow, lower costs, and increase profitability while maintaining more accurate, timely, and transparent financial reporting.

ERP HR modules have moved beyond core processes including employee administration, payroll, and legal reporting. The latest solutions feature a host of capabilities including resource, workforce, and talent management. Scheduling, time and attendance, performance support, recruitment, employee performance, and competency management - they're only a handful of features companies should look for in an ERP system. What's more, reporting and analysis tools provide customized insight into common HR processes. And Web-based tools grant HR managers remote access to important employee information and HR procedures while traveling from branch to branch.

In today's fast-paced, highly competitive marketplace, companies need to be able to monitor demand, supply, manufacturing status, logistics, and distribution in record time. Failing to find information, such as the location of a product's key components, and promptly sharing this information with supply partners, can have a significant impact on a company's supply chain. An ERP supply chain management module aids in all supply chain processes, from design, planning, and procurement to manufacturing and fulfillment.

An ERP project management module removes the guesswork from project-related activities so that companies can select the best projects, assign the proper resources, streamline delivery efforts, and track profitability. No longer can companies afford to estimate project costs and overall project performance. By facilitating change management, time and expense reporting, and billing and collecting payment activities, an ERP project management module creates a snapshot of the entire project lifecycle in order to accurately assess project performance and profitability

Whether your goal is to better manage invoicing activities or monitor the status of contracts, a customer relationship management module helps bring data together to enable salespeople and marketing planners alike to better address customer needs, preferences, and buying patterns. 

Say goodbye to traditional licensing paradigms. These days, companies interested in ERP can choose from a variety of delivery methods. The software-as-a-service (SaaS) model, for example, offers companies access to business services such as HR, payroll, and procurement using an on-demand platform. Forget about costly and time-consuming deployments. SaaS-based ERP systems are fast and easy to deploy. But buyer beware: many are immature and come with limited functionality.

And then there's open-source software. Codeless and model-driven, today's open-source ERP solutions promise to integrate accounting, sales, procurement, and project management at a fraction of the cost of traditional ERP systems. 

Just be sure your company has the in-house expertise needed to manage and monitor an open-source ERP system and ensure that all aspects are functioning correctly at all times.

Almost all businesses need to extend or bolt on additional systems to satisfy unique aspects of their business that are not addressed by their ERP system. For example, a financial institution may rely on a particular ERP solution for its accounting activities but turn to a third-party application to process human resources claims. For this reason, companies should inquire about a particular ERP system's degree of interoperability to avoid integration headaches.

Whether you're migrating legacy data into a new ERP system or adding a third-party application to an existing one, there's no denying the integration issues that accompany many ERP deployments. It's a necessary evil as ERP modules, from HR to manufacturing, must be tightly integrated with all other business-critical applications, including office productivity suites, in order to deliver real business value.

For some, that may entail concealing an ERP system behind front-office applications to drive adoption among employees. In the end, though, an ERP system must be both pervasive and invisible to be effective.

Now that you have had a chance to consider the important features of an ERP system you should be on the lookout for, we can help you make the decision of picking the right ERP system solution for your business. Consult with our ERP buyer’s guide to learn more about ERP systems and their features. 

Once you have had a chance to learn all about ERP systems, you can also compare the top ERP systems on the market today and ensure that your company selects the perfect ERP solution that you need.