What is ERP Software
Enterprise Resource Planning Software Meaning
ERP Software typically integrates all facets of an operation including product planning, development, manufacturing, sales and marketing in a single database, application and user interface.
Define ERP software (ERP Software Definition)
Fast ERP is business process management software that allows an organization to use a system of integrated applications to manage the business and other technology, services and human resources.
Fast Enterprise Resource Planning Software Details
What is Fast ERP and how does it work?
Fast ERP systems use the same database throughout an entire company to store various types of data for different computerized functions. Fast ERP systems were used only for large manufacturing companies.
What does Enterprise Resource Planning Software do.
Best ERP Software consists of the following modules:
- Financial management
- Customer Relationship Management (CRM)
- Sales & Marketing
- Human Resource Management (HRM)
- Supply Chain Management (SCM)
The more advanced Fast ERP today also include business intelligence, asset management and e-commerce. Also, Fast ERP can be vertical with industry-specific features for, among others, retail, healthcare, government and nonprofit.
Financial management.This module manages your capital inflow and outflow. It covers standard Accounting & Finance transactions like expenditures, general ledger, balance sheet, bank reconciliation, tax management and payments. The module also generates financial reports for different departments and business units.
CRM. The CRM module helps you to boost customer service and, eventually, profit per capita. It manages leads, opportunities and customer issues. Likewise, it provides a 360-degree profile of your customers by consolidating data like their social media activities, purchase history and past interactions with support reps.
Sales & Marketing. The module handles sales workflows like sales inquiries, quotations, sales orders and sales invoices. The more advanced ERP also features taxation rules and shipping tracker. The Sales and CRM modules work together to speed up the sales cycle and earn the company more profits.
HRM. This module features standard HRMS tools like time tracker, timesheet, and database for employee records, job profiles and skills matrix. HRM module may also include performance reviews and payroll system. The latter is closely integrated with the financial management module to manage wages, travel expenses and reimbursements.
Manufacturing. This modules is sometimes referred to as Engineering or Production. It helps businesses make manufacturing more efficient in areas, such as, product planning, materials sourcing, daily production monitoring and product forecasting. Some of the key functionalities in this module are: Bill of Material, Master Production Schedule, Shop Floor Control and Sales & Distribution Plan. The module is tightly integrated with SCM and Inventory modules especially in areas like product planning and inventory control.
SCM. This modules covers key aspects in your supply chain including purchase order management. It manages product flow from production to consumer and, occasionally, vice-versa for returns or recalls. A key feature of the SCM module is process automation, which streamlines your entire supply chain and makes it adaptive to sudden market shifts.
Inventory. It helps you measure stock targets, standardize replenishment and other inventory goals. It uses product serial numbers to track and locate items in your organization. This module is closely integrated with the Purchase module.
Purchasing. This module manages the processes involved in materials procurement. These include: supplier listings; quotation requests and analysis; purchase orders; Good Receipt Notes; and stock updates. As such, it functions closely with SCM or Inventory modules.
The Process of translating Business vision and Strategy into effective enterprise change by creating, communicating and improving key requirements, Principles and models that describe the enterprise future state and enable its evolution.
Why use ERP Software
The purpose of Fast ERP software is to increase efficiency, streamline processes and promote a culture of collaboration in the organization.
- Increase efficiency
- Promote collaboration
- Make accurate forecasts
- Lower operational costs
- Increase data security
- Comply with regulations