4. Inventory Management
Inventory management is among the main modules for the manufacturing industry. With this ERP module, manufacturers can now obtain real-time visibility in their inventories or stock levels. Further, manufacturers can manage multiple areas of their business including logistics, operations, and supply chains.
Some of the main features of the inventory module include just-in-time inventory, goods receipts, inventory audits, and demand forecasting.
How does inventory management benefit the enterprise? Here are some of its benefits:
● Maximizes productivity with accurate invoicing and order management.
● Fulfill customer orders with accurate stock levels.
● Boosts profit margins by managing inventory costs.
● Improve customer satisfaction with timely deliveries.
● Provides accurate valuation of incoming and outgoing inventory.
5. Material Requirement Planning (MRP)
In the digital age, manufacturing ERP is not complete without the Material Requirement Planning or MRP module. Essentially, the MRP module is used to determine the materials and components required for manufacturing any product. Primarily, this module operates by taking the inventory of the available materials, identifying what more is needed, and then scheduling their purchase or production.
How does the MRP module benefit the enterprise? Here are a few of its benefits:
● Ensures that the right inventory is available for any production schedule.
● Improves the efficiency and profitability of any manufacturing process.
● Improves product quality and response to increased market demand.
● Prevents production delays that could lead to loss of business.
● Improves the working efficiency and productivity of shop floor workers.
6. Supply Chain Management (SCM)
For companies dependent on supply chains, supply chain management (SCM) is a complex and time-consuming business process. Typically, SCM involves all processes used to transform raw materials into final products. Supply chains involve multiple stakeholders including manufacturers, suppliers, vendors, and customers.
The SCM module has a host of features including inventory management, goods transportation and logistics, supplier and material master, and materials transfer.
How does the SCM module benefit the enterprise? Here are a few of its benefits:
● Ensures the availability of inventory at the right time and right quantity.
● Improves the flow of information across the entire supply chain.
● Optimizes supply chain costs.
● Optimizes the physical movement of goods and materials.
● Plans and manages future demands accurately.
How to Choose the Right ERP Tool for your Business?
With multiple types of ERP modules, it is challenging for any business enterprise to select the right ERP tool that can work to their benefit. Today’s business owners have a variety of ERP solutions to choose from in the market.
If you are looking to integrate your entire business ecosystem, then the SAP ERP tool is the best choice. What are the primary business benefits of an ERP system like SAP? Here are some of them:
● Multiple Functional Modules
SAP ERP comprises multiple ERP business modules for functions like sales & marketing, financial accounting, manufacturing , supply chains, and warehouse management. SAP ERP collects and stores data from different functional areas, thus offering complete visibility into daily operations.
● Cost Efficiency
Through real-time and accurate data, SAP ERP can reduce operational and administrative costs for any business. For instance, SAP effectively eliminates production delays, which can add up to business costs. SAP ERP can also be deployed on cloud premises, which can further reduce the cost of building and maintaining on-premises infrastructure.
● Improved Decision-Making
By integrating the business ecosystem, the SAP ERP tool provides real-time access to business data and insights, which can improve the decision-making process. Further, by storing all business information in a single centralized database, SAP ERP eliminates data duplication and improves the overall data quality.
As discussed, an ERP tool can help streamline business in any industry domain. As a business owner, you can choose the ERP modules that are right for your business growth. We have looked at many ERP modules in this article, and how they can benefit your business.
Also Read: Why Your Business Needs an ERP and How SAP Business One can Help
Among the leading ERP companies, the SAP ERP solution is suited to work with large corporations as well as small to medium-sized businesses. To help you leverage its immense capabilities, you can partner with an ERP solution provider such as Praxis Info Solutions. Praxis has years of industry experience implementing various SAP projects for its global clientele.
Also Read: Challenges SMEs Face During ERP Implementation
Which are the ERP modules that can transform your business? We can help you answer this question. Contact us today with your contact details.