Enterprise Resource Planning (ERP) is an efficient process that merges and integrates essential business operations in a consolidated software suite. Such amalgamated functions can include accounts, sales, marketing, and production, among others.
Though implementing ERPs is pretty costly, software programs are crucial in enhancing business performance. Such a system requires adequate time, dedicated effort, and extensive resources to attain successful results. The ERP unifies all the data flowing from various company departments. However, the programs in the suite must be compatible for efficient processes. For instance, you can export a spreadsheet file for further analysis and forecasting through a working ERP.
Several SAP integration options allow seamless business functionalities. These add-ons are helpful and can increase your system’s capabilities immensely. You can get efficient assistance in managing finances, supplies, inventories, and even human resources. Moreover, it is affordable and simple to incorporate additions rather than forcing your system to perform complicated processes.
Let us delve into the benefits of ERP additions before we look at the best options.
Benefits of ERP Additions
ERPs are popular in large organizations and small businesses due to the efficiency of modular systems designs. Each company can select specific modules that are suitable for their business needs and objectives. These ERP modules are significant in coordinating essential functions in many departments with ease.
Moreover, incorporating ERP additions allow your business to grow while increasing system performance. You can report, analyze and leverage your business investments to higher heights. Such additions increase system efficiency and capability.
Below are the best ERP additions you can implement in your business.
Financial Planning and Analysis Software (FP&A)
One of the most crucial aspects of a business is financial operations. Business owners must conduct proper financial planning and management to ensure the organization stays afloat. FP&A software is an ERP addition that simplifies business functions in major departments like sales and HR.
It provides a comprehensive outlook of the finances in all the departments as well as forecasting future revenue. Such additions are essential in measuring business performance.
Since the software is for financial planning, it analyzes the current books of accounts while generating a clear financial forecast.
You can also use this software to develop real-time financial reports since the tools record transactions immediately. These on-demand insights allow company accountants to have efficient cash flow management. Moreover, instant financial reports are beneficial to company CFO’s in presenting accurate financial data.
Therefore, the FP&A software suite is a practical ERP addition that encourages financial accountability and transparency in a business.
Business Intelligence (BI)
Another popular ERP add-on is the Business Intelligence (BI), which provides data visualization through simplified reports. It has advanced tools that allow business owners to analyze, query, and report substantial amounts of information.
BI tools are quite efficient in collecting, organizing, and structuring raw data into valuable information. The software will then present the final data to allow proper decision-making through efficient and quick data analysis.
Customer Relationship Management (CRM)
Business owners often value cordial relationships with customers since they are the revenue generators. Thus, a Customer Relationship Management (CRM) addition is a critical component in the ERP system. It is an effective program that allows enhanced customer management, lead generation, and the entire sales process.
Therefore, purchase a CRM program that features the contact list, history data, and client data analytics. You can also view the sales reports in a visual illustration in graphs or pie charts to give you an overview of the marketing prospects.
Such CRM additions are critical in enhancing client relations by dividing them into specific marketing segments targeting a particular group. Thus, the CRM software suite allows business owners to monitor sales and marketing performance. It also has advanced features that present future growth avenues in marketing.
ERP additions are vital in improving business processes. Hence, make sure you identify the right add-on for your ERP system.