IC-KPI is one of the top-rated ERP Consulting Company in Bangladesh. In the early days of the 1960s, manufacturers came across MRP (Material Requirements Planning) systems. It was designed to help the manufactures in the production and scheduling of a particular product. Later, manufacturers discover a new system that is beyond MRP functionality, called ERP. New business owners and people just starting on with their careers have to learn about ERP. This guide will let you know everything about ERP. IC-KPI is one of the best ERP Consulting Company in Bangladesh. Looking for ERP software consulting company in Bangladesh? Call us today. IC-KPI is one of the best ERP consulting companies Bangladesh. Excellent ERP Consulting Company in Bangladesh. ERP Consulting is needed before developing any kind of ERP software or ERP solution for your company. IC-KPI is a leading IT consulting company focussing on providing solutions on ERP technology

What is ERP?

Features of ERP

1. Accounting- The accounting feature of ERP helps in tracking, storing, and analyzing financial data. It includes business, forecasting, general ledger, accounts payable, and many more. Apart from this, ERP performs several advanced tasks like tax management, revenue recognition, multi-currency reconciliation, and fixed assets management. Also, the system provides every data on time.
2. Financial Management- Financial management involves various tasks like planning, organizing, and specifying using funds for a business. This system helps the finance management in assisting finance by analyzing, tracking, and reporting crucial business data. It is a vital tool for financial management to work efficiently.
3. Sales and Marketing- ERP systems also help the sales team in various ways. It makes the sell, upsell and purchase orders work easier. It also helps in managing and tracking commission and key details related to profit margins and ratios. It also benefits the marketing team by driving more leads, building campaigns, and tracking the needs of the customer through the sales cycle. The sales and marketing teams accompany the operation and finance partners to use ERP which provides them with superb customer experience through the entire sales pipeline.
4. Customer-Relationship Management (CRM)- ERP system contains integrated CRM features. This feature brings up all the data related to customer relationship and improves the viewpoint of the business. All the customer-related information is stored in an easily accessible database. It enables the companies in automating their process. These include filling out POs, generating reminders for account receivable, and sending notifications for follow-ups after the customer reaches the pre-defined point in a sales pipeline.
5. Supply Chain Management (SCM)- ERP systems give you a complete overview of the Supply Chain Management of the company. It helps them in tracking demand, inventory, manufacturing processes, logistics, and distribution. It further enhances the operation by implying purchase orders, transfer orders, and work orders all over the locations. It also helps in setting goals and eases out distribution resource planning. The company’s real-time data provides efficient control of management over inventory.

What is ERP for?

1. Narrow Process- When analyzing data, ERP locate wastes and excess costs in the business. The Kanban functionality and insights encourage manufacturers’ implementation of narrow initiatives, cut cross, and improve efficiency.
2. Risk Mitigation- ERP system alerts the management and ensures that they handle the matters carefully before causing any serious delays.
3. Data Integrity- Enterprises usually wind up their data into several places. This creates an error in data integration which is even difficult to locate quickly. ERP system provides you with centralized and versed data which helps in the decision-making process, based on the information given in the data.
4. Workflow Automation- It is very time-consuming for the manufacturers and distributors when they individually perform every operation. Workflow Automation in the ERP system saves time by preventing you from repetitive processes. Therefore, manufacturers are saved from making mistakes and try to focus more on value-added activities.
5. Real-Time Visibility- Information of several departments gets stored in various databases. So, the management can access numerous insights. Managers from different departments tend to work together and make proper decisions after having all the information available to them. ERP Consulting Services and Support

Why ERP?

1. The first and foremost thing to have an ERP system in your organization is that it manages and improves the data easily. It also keeps your data in a synchronized manner. Therefore, you can do more important tasks to improve the scalability of your organization. In general, it increases the productivity of the management in various ways.
2. Sometimes, certain data is misplaced, or certain transactions missed out on your software due to inefficiency in management. ERP relatively solves this problem by industrializing the data collection process. It also differentiates the data into different departments. It ensures that there are no inaccuracies and that the manufacturers get the financial reports on time.
3. Because of the rising competition, it becomes essential to take decisions instantly to keep up with the latest business trends. However, it becomes impossible to make decisions if the organization faces inaccuracies in the business insights. ERP provides you with the opportunities and helps you in capitalizing them.
4. Customer satisfaction is also very vital for a business to be successful. Without proper data metrics, manufacturers find it difficult to predict the exact needs of their customers. By using ERP, you can easily spot the lapses and build strategies for improving your customer experience.
5. You can also trace the regulatory compliance of your enterprise without facing any problems. Keeping up with the spreadsheets and paperwork is not always effective and leads to irregularities in business. Therefore, ERP helps you to configure the system as per your requirements. You can also monitor the regulations of your workers right from your dashboard.

Implementation of ERP System in your Organization

1. The first step in the ERP process is to determine the sector going to use the system. Every organization differentiates itself from one another. Hence, the ERP tool available in the market also differs concerning the type of organization. By defining the different sectors of your business, you will get to know which particular ERP system to get for your enterprise.
2. Different ERP systems suit different organizations. So, before choosing the right business for your organization, it is advisable to look for its features and how it will give your organization the best advantages.
3. Seeking advice from the experts will help you in setting up the system and train your workers efficiently. These experts know the technical aspects needed to resolve any issue occurring in the ERP system.

Glossary

1. Module- ERP system has multiple modules which are responsible for the finance or production of your business. There are numerous commonly used modules in the ERP system. It has the choice to include extra modules. This will help in combining the software with the requirements of the business.
2. Cloud- The cloud provider can manage the Cloud software of the ERP system. Here, all the users can have access to the Internet. It is used by every business organization due to its ease and affordability.
3. On-premises- This software runs on the hardware. Also, the servers of this software are installed by the IT teams. You will be able to control the implementation and management of the on-premises ERP software. But it is more costly and tends to contain more labor as compared to the placement of the clouds.
4. Integration- Businesses that have more than one application usually connect their software through an integration. It synchronizes data with the application giving the businesses a single source of information about their enterprise.
5. CRM- Customer Relationship Management is similar to ERP. Here, it tends to manage data and its process in a single application. Other than back-end work, it focuses on the sales, marketing, and service of the enterprise. Many vendors tried to create CRM modules and applications but their performance always lags from the ones which are designed by the people having specialization in CRM.

Wrapping Up