13 November 2020

What is ERP?

Enterprise resource planning (ERP) evolved out of material requirements planning (MRP), which was a way for manufacturers to understand and manage all the resources needed to operate a successful business. ERP serves as a shared database to all the parts of an organization. At its core, this means finances, including the general ledger (GL), accounts payable, accounts receivable, payroll and financial reporting.
ERP also extends to inventory management, order management, supply chain management and data related to services organizations. ERP touches on procurement, production, distribution and fulfillment as well. Some ERP systems also offer Human Resources Management Systems (HRMS), CRM and ecommerce.

ERP Benefits

1. The benefits of an ERP system come from having a single, shared database for all financial and operational data,this allows businesses to make faster that can impact everything from profitability to new growth opportunities to creating efficiency across the organization.
2. Another benefit of moving to an ERP system company is faster financial close. With a centralized ERP system that automates many of type of tasks that can be completed in just a few days.
3. ERP systems introduce much greater financial controls into an organization. With a centralized system and role-based permissions, only those with the proper job functions get access to sensitive data, improving audit trails and reducing financial risk.


What is CRM?

CRM is software that manages all the ways a customer interacts with a business. Initially, CRM features were first developed for sales departments and were sometimes known as sales force automation (SFA).Through acquisition and development, software vendors began to combine all of these disciplines under one umbrella, called customer relationship management.

CRM Benefits

1.  to give the business a central repository of all customer data, tracking all customer interactions.
2. Armed with this information and using analytics, businesses can make more informed decisions on which customers to pursue for added revenue, how sales teams are performing, how to service customers efficiently and appropriately, and more.
3. with a centralized CRM system, sales reps will know whether customers they’re visiting have outstanding customer service tickets and can respond accordingly.
4.  Alternately, customer service can quickly see whether a caller is a high-value customer, or a potentially high-value customer, and route them to the appropriate service tier.

Source: Oracle NetSuite