Key Features And Advantages Of ERP Software

Enterprise Resource Planning software, known as ERP Software, can be simply defined as a tranquil system of software applications that are designed to meet the different functional and operational requirements of a large as well as small and medium size business. Usually, ERP software acts as the main software system for all areas and has the ability to make the most of efficiencies and update the flow of information across an organization. Undoubtedly, today ERP software can help an organization in combine all of the information and processes into a single integrated system.

The vital role of Enterprise Resource Planning software is to arrange all important management functions such as customer relations, human resources, purchases, production, accounting and finance.

There are lots of advantages and key features of ERP software. The key features and advantages of ERP software are as listed below:

1. Creation of Master data: The key features of ERP software include creation of Master data that is the central repository of information that connects all of the related modules in the Enterprise Resource Planning software. The main advantage of ERP software is that it allows an organization to maintain master lists of all the customers and the vendors of the company, products of the company, chart of accounts list, and the employee information and equipment information that company possess. All these data are referred as master data as they do not alter often like the everyday transaction data. Maintaining master data in the ERP software can be created centrally by a single department, so chances of duplication of any entry can be eliminated.

2. Security: Another advantage of ERP software is that this software ensures security of critical information by using permissions feature so that users can be given the access when they need.

3. Transaction entries: Record of day to day transaction entries is one of the key features of ERP software. All Enterprise Resource Planning software allow recording of everyday activities in a company. These activities are nothing more than business processes and for each business process certain information is recorded. Transactional information is dynamic information.

4. Data Management: The features and advantages of ERP software include data management. Enterprise Resource Planning support centralized data management.

5. Link between different transactions: Many times transactions have to be allied to other transactions. The key features of ERP software also include this feature of making link between different transactions. It is also one of the advantages of ERP software.

6. Reporting: the ERP software are capable to generate reports such as General Ledger, Balance sheet, Trial balance, Stock Ledger, etc. by drawing data from various data files. It is also one of the key features of ERP software.

7. Emailing: One of the key features of ERP software is emailing of quotes, orders, invoices, notifications and receivables to appropriate destinations.

8. Business intelligence: As ERP software gathers huge amounts of information; managements may desire to generate Business intelligence from such information. Many ERP vendors integrate business intelligence tools in their products and sometimes third party Business intelligence tools are required to be purchased.

All these are key features and advantages of ERP software for organizations.

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Keywords: erp software, advantage of erp, advantage of erp software

By: ROHIT J SMITH

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