The 6 Most Important ERP Modules and Their Business Benefits

Custom Application Development Company | Business Software

Enterprise resource planning modules are a convenient way to exchange information and collaborate on tasks. ERP modules use on-premise, cloud-based, or hybrid delivery models within an ERP platform. Although basic business operations determine which modules to include in an ERP, customizing the modules creates functions tailored to meet a company’s priorities and goals.

Key Takeaways:

  • ERP systems and included modules provide real-time, accurate data and automate business processes.
  • Different modules support the specific needs of departmental operations within an organization.
  • While there are six essential modules to include in any ERP system, customization improves task efficiency and employee productivity while offering more accurate insight into the operation’s performance.

Your business can usually choose the ERP modules necessary for operations within the ERP platform. However, some platforms have limited module access or flexibility. Rather than fight with limited functionality of modules, consider ERP development services to customize your modules and features.

What Are ERP Modules?

Modules are the individual components with specific operations that make up an ERP system. Integration with the central database of the ERP system ensures a single source of data shared by all users. Each ERP module presents features and processes unique to the different departments across the organization. At the same time,  each ERP module works together to provide big-picture services.

How Do ERP Modules Help Business Processes?

The ability to store essential information in a single database improves efficiency at every level of the company. Using modules, businesses add functionality to their processes and increase productivity through automation features.

Improved accuracy, efficiency, and productivity lead to higher employer morale, improved customer satisfaction, and increased revenue streams. From a features standpoint, modules reduce operating costs, improve collaboration opportunities, and provide insight into key company metrics.

Business benefits of ERP modules and software

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What Are the 6 Most Important ERP Modules For Small Businesses?

Some ERP platforms come with a standard package of modules, often addressing key financial or operational functions. Depending on the extra support needed for specific industries or business operation processes, you can add additional ERP system modules. The following are the most important considerations for small business software solutions.

1. Project Management Module

For many ERP system platforms, professional services automation handles tasks related to project management. Automation makes it easy to collect and apply billing time to client accounts, as well as store contract data and contact information for the client. One key feature is the ability to collaborate and communicate between team members and clients.

Data and reporting offer insight into project revenue,estimated project expenses, and enterprise performance management. The automation capabilities streamline and improve workflow for greater process efficiency.

2. ERP Inventory Management Software 

Another important consideration for ERP system modules is inventory management software, often associated with supply chain management (SCM). ERP inventory management systems increase the visibility of warehouse management systems by having real-time data to track quantities across locations. Using it in conjunction with a procurement module allows for the identification of individual stock-keeping units across multiple locations across your supply chain, whether they are existing or incoming inventory materials.

When supported by custom integrations, these supply chain management modules are important for controlling inventory costs, tracking sales and purchase orders, and dispatching across the supply chain.

3. ERP Financial and Accounting Modules

Businesses appreciate a solid financial management module for insight into the company’s present financial position as well as its future outlook. Important features common in a finance module deal primarily with accounting operations such as cash management and budget projection.

An ERP finance module should include tracking accounts payable and receivable, managing the general ledger, and creating and storing financial documents like receipts, tax statements, or balance sheets. A finance and accounting module improves accuracy and efficiency by automating tasks like vendor payments, account reconciliation, sorting financial and operational data, and P&L reports.

4. Customer Relationship Management Integration (CRM)

Integrating the customer relationship management module is important for centralizing all the information about prospective and current customers, including any interaction or communication with the individual. With a CRM module, your business can manage sales opportunities and leads, and improve customer service. Reporting functions can help your team target customer needs, concerns, and purchasing trends.

5. Human Resource (HR) Management

Compared to CRM modules, which deal with customers, a human resource management module deals with employees. It stores detailed information concerning offer letters, applications, job descriptions, and performance reviews. It also assists with trading paid time off, calculating hours worked, and available or selected benefits.

The HR management module is an extended version of a workforce management module with a focus on employee information and data.

6. Marketing Automation Management

A leading benefit of a marketing module is the automation of important texts or emails to customers with relevant messages. It can also help with running and monitoring digital marketing campaigns across platforms like email, social media, SMS, or the web. Detailed Business Intelligence (BI) reporting on campaign performance and analytics for future plans will help generate more leads, improve sales, and strengthen customer loyalty.

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Why Choose Custom-Built ERP Modules?

You need ERP solutions that meet your specific industry or business requirements. By customizing your ERP modules, your system prioritizes your company’s goals and business processes with maximum efficiency and functionality.

Custom ERP Modules Can Reduce ERP System Cost

Off-the-shelf ERP systems are generally loaded with pre-set standards and features. Switching to an open-source ERP system with customized modules and plugins is less expensive and more efficient. Your design will focus on the areas that will benefit your business.

By selecting or adapting your ERP system modules to your company’s basic needs, future growth, and advanced data analysis, there is no need to invest in costly ERP solutions software packages. Additionally, customization makes the ERP systems software scalable. Updates to modules address the ever-changing tasks of your departments.

Custom ERP Modules Can Be Added Onto Existing ERP Systems

As your business grows or needs change, your requirements will also change. ERP customizations also make integrations with different systems or processes easier. You don’t have to abandon an ERP software solution that is working for you. Instead, you can take the foundational elements and build on them to suit your business needs. Customization prioritizes functionality.

Speak With a Watkyn Consultant To Discover How Custom ERP Modules Can Benefit Your Business

To improve your productivity with the automation and centralization of your business processes, let Watkyn customize your ERP system modules. We specialize in project management software and inventory management modules, helping you stay in control of your assets, resources, client information, budgets, and team members. Contact us today to find out more about custom ERP development services.

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