Before getting into details about ERP inventory management we have to understand what is inventory management and why do we need it?
The fact or process of ensuring that appropriate amounts of stock are maintained by a business, so as to be able to meet customer demand without delay while keeping the costs associated with holding stock to a minimum. This also kind of explains why it is necessary don’t it. If you don’t ensure that appropriate amount of stocks are maintained it will lead to delay in getting the product to the customer endangering the organization future image. So we know n...
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ERP modules types and functions
ERP modules:
ERP can make a business more efficient than ever and also it can create an IT infrastructure for the business. ERP can take care of a lot of work for each section in a business. The structure of ERP for different departments is called modules of ERP or ERP modules.
Different types of Manufacturing ERP modules are:-
(1.) Material Management module (MM module)
(2.) Finance and Accounting module
(3.) Sales and Distribution module
(4.) Production module
(5.) Project Management
(6.) HR and Payroll
(7.) Plant maintenance
Functions of ERP modules:
M...
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Tangible and Intangible benefits of ERP
There are both tangible and intangible ERP advantages
Tangible ERP advantages
i.) Workflow of the product from one department to other becomes smooth and without any impediments. Hence increasing productivity of process and personnel.
ii.) Since same software is now used across all departments, individual departments having to buy and maintain their own software systems are no longer necessary leading to lowering of cost of production hence reducing cost
iii.) There are various modules in an ERP system like Finance/Accounts, Manufacturing, Marketing/Sales, Supply Chain/Warehouse Management...
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What is ERP and various features of ERP
What is ERP system?
ERP software’s are helping people all around the world in managing their business. So what is ERP? Is it a magical tool that can be used to make profit from any kind of business? Well sadly the answer is no, you still need a good product to earn profit but what ERP system can do is increase the efficiency of your business and we all know more efficiency means more profit. ERP stands for enterprise resource planning, well you know now what ERP stands for. Now let’s define 'what are the features of ERP system?' All business have different systems, like financials to watch th...
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