Essential Features To Consider When Choosing an ERP Software

Enterprise resource planning (ERP) programs have come a long way since they were first introduced as a way to help boost company productivity. However, the specific ERP program you choose and its included features determine how well it truly benefits your business. We have compiled a list of essential features to consider when choosing an ERP software program.

Automation Features

Every business owner understands the time restraints of owning your own business. It may often seem like you have more to do than the time that’s available in the day. For this reason, ERP software with automation capabilities may be especially important to you. Whether it’s automating the data collection process or identifying areas of improvement, the ability to automate can keep you on track. Additionally, an ERP’s ability to automate tasks helps reduce time spent on tedious projects.

Built-In Security

Cyber security should be a priority among all business systems in today’s world. A few important security features to consider in your ERP are data encryption, multi-factor authentication, and routine software updates. Of course, depending on your industry, regulator compliance checklists may also be important.

Personalization Capabilities

No two businesses are the same, and that means no two ERPs will fit every single one of your business needs. For this reason, personalization capabilities are a crucial feature to consider when choosing the right ERP.

Of course, some businesses may prefer to outsource their ERP security needs to a dedicated and managed IT team. Outsourcing your IT security needs to an IT-managed service like GSI that understands the ins and outs of your specific ERP offers many benefits.

Integration Abilities

Since most businesses will rely on their ERP program to provide them with useful data and analytics, integration abilities are an important consideration. Unless you plan to swap out all business systems, narrowing down your ERP options may be necessary based on the integrations available with your existing programs.

Data and Reporting

Data collection and reporting are among some of the most important tasks an ERP program can complete on your behalf. The more data available to you, the better-informed decisions you can make. Easily readable data is also convenient to share with shareholders or investors, which could help you secure more financing.

Data and reporting are also where personalization capabilities can come in handy. Businesses typically have preferences when it comes to how they report data. Additionally, companies may focus on varying data analytics when making certain decisions or predicting and managing cash flow, making customized reporting capabilities a priority.

Customer Management

Many ERP systems have built-in customer management tools, which can help you prioritize a positive customer experience. You can use these tools to automate customer outreach and set specific schedules that allow you to follow up in a timely manner that helps maximize your business earnings.

A good customer relationship management (CRM) tool can also help brands automate advertising and marketing tasks. Built-in CRM tools help businesses guide potential customers throughout each buying cycle, which can ultimately help them convert customers and close more sales. Customer management tools can also be used to assist with order management, ensuring your supply is able to reach the customer in an efficient and timely manner.

Human Resource Tools

ERPs also have the ability to help your business manage human resource (HR) tasks. This may include assisting with duties like payroll, bookkeeping, accounting, and employee information. Rolling certain financial tasks into your HR software, like accounts payable and accounts receivable, also helps create a consistent platform for all business needs.

Inventory and Vendor Management

If your business sells products or manages inventory, you may also need ERP software with inventory and vendor management tools. These ERP tools can help you track and manage your supply, telling you exactly when you need to stock up. Automated analytical tools can also help you identify any bottlenecks to supply and shipping practices. A well-organized ERP program with this feature also makes it easier to predict an accurate valuation of your business, which includes your existing inventory.

Project Management Tools

Some businesses are surprised to learn that ERPs can also come with built-in project management tools. Review existing projects, including who’s working on them, where they’re at in the process, and their intended completion date. This also makes it easier to update clients on project status and identify any improvement areas. Businesses can also use these project management tools to plan upcoming projects and create realistic timelines.

ERPs today come with a lot of built-in tools that can improve employee productivity and cybersecurity. Reviewing which features are most important to your business goals can help you choose the right program. Pairing an ERP program with the right IT-managed team is a great way to expand your business in the new year.