Three Business Areas your new ERP System Should be able to Tackle
Is your business considering an upgrade to their Enterprise Resource Planning (“ERP”) system? It may be a good idea if your existing ERP has become outdated.
An ERP from a few years ago may have worked fine at the time, but if it lacks mobile functionality or integrates poorly with other platforms within the larger IT system it may be time for a much-needed upgrade.
Cutting-edge platforms like Microsoft Dynamics ERP offer some of the most advanced features available in the enterprise software space today, but whatever platform your company chooses should be able to manage multiple business areas.
As ERP technology advances, application barriers are being broken. To give you an idea of what sophisticated platforms like Microsoft Dynamics ERP have made possible, and here are the top three business areas your new ERP system should be able to tackle:
1. Operations and Workflow Management
At its core, Enterprise Resource Planning is a method of integrating systems across departments.
Microsoft Dynamics ERP and similar platforms are able to automatically integrate system-wide data into a single centralized location. Sales data can be cross-referenced with information collected from inventory or shipping rooms and an effective analysis of this information can help businesses improve their operations.
Information relevant to product traceability, quality control, and life-cycle is all relevant to improving operations and workflow management.
Your new ERP system should be built to facilitate the easy and standardized flow of information companywide.
This includes the integration of functional and user-friendly applications and advanced databasing functionalities complete with search and reporting abilities.
Microsoft Dynamics ERP offers this degree of operational support and even more features that can be leveraged to streamline operations.
2. Human Resource Management
Companies thrive on human resources, but managing employees can be one of the most challenging aspects of running a business.
Sophisticated platforms like Microsoft Dynamics ERP support integrated applications that facilitate the management of Human Resources (“HR”) and even automate some important HR functions.
New ERP platforms can track employee functions like work hours and payroll and offer other services that support hiring, retention, and the administration of Human Resources.
Using an ERP in this manner both frees up valuable time from busy managers and improves the quality of HR administration.
This is why multinational technology company LG Electronics recently integrated HR functions for its 82,000 employees using an ERP platform, harnessing the benefits of better local control, improved transparency, and reduced costs made possible by the system.
Although the rollout encountered some unexpected challenges, the company found that a new ERP system was necessary to overcome the obstacles that were keeping LG from meeting the growing needs of its expanding global workforce.
In years past, most businesses could be confident in basic spreadsheets and databases to support their compliance needs.
However, regulatory compliance is becoming increasingly data-driven, which is in turn demanding increasingly-sophisticated compliance software solutions.
Platforms like Microsoft Dynamics ERP offer the exact type of data aggregation, retention, and analysis demanded by modern laws.
For industries affected by direct regulation, compliance tracking capabilities included in newer ERP systems can help manage both operational cost and liability risk incurred by the average compliance officers by automating processes that once had to be done by hand.
In addition to the benefits of automating big data collection, ERP systems can be used to improve compliance by adding sophisticated transparency and control functions, adding an additional layer of accountability beyond what would be possible through traditional approaches.
ERP systems both reduce the likelihood of human error and improve the chances that a compliance issue is caught and identified in a timely manner. By doing so, ERP solutions help companies achieve and maintain compliance over the long term.
Good enterprise software solutions are capable of meeting the changing needs of growing businesses.
Whether a business is looking to improve operations and workflow, improve human resource management, or streamline compliance, a new and sophisticated platform like Microsoft Dynamics ERP should provide the functionality it needs to thrive.