The Benefits of Real-Time Information from ERP System

Lots of information is acquired throughout the operations of a business, and it plays an important role in today's data-driven world. However, to make more informed decisions and conduct thorough analyses, we frequently require reliable real-time data. In this article, we will show you how different departments within an organisation across industries, from construction, manufacturing, trading & distribution, to wholesale and services, can benefit from real-time information from Enterprise Resource Planning system (ERP).?

Procurement and Inventory?

Trading, distribution, and wholesale businesses frequently maintain minimum stock to fulfil their customers' orders on time. With real-time ERP system information in place, users do not need to manually monitor inventory levels since the program will alert you when your inventory level falls below the minimum holding amount that you have specified. Users from the procurement department can then submit a purchase request or purchase order easily via the system to refill the required inventory. ?

Aside from that, the software can provide you with real-time information on your inventory free balance, which is the available quantity you can sell because it deducts the amount of backorder inventories that you have not delivered to your customers and also takes into account the items that you have ordered from your suppliers but have not yet shipped to your warehouse. ?

All purchase requests and orders can be directed to a manager for online approval before proceeding.?

Field Service?

When a service inquiry call/email is received, ERP system captures all relevant information. For example, software?users could record the time they called, the severity of the situation, and the particulars of the inquiry/call. Once it is determined that a service trip is required, users may schedule an engineer/serviceman to travel to the client's location for on-site maintenance using a handy service calendar view to check their engineer/serviceman availability, avoiding?double booking. ?

Synergix ERP ?has mobile service modules that help your engineer/serviceman service the equipment while recording the specifics of the service. You could also record the engineer/serviceman's actual arrival and departure times.?

There is also a checklist element to help the engineer/serviceman determine what to do for each equipment service. If ad hoc charges are necessary (such as part replacement or extra services beyond the scope of the initial contract), users can utilise service billing to bill their customers. In addition, the engineer/serviceman can take?photographs and upload them as proof of service completion, and once done, consumers can submit comments and electronically capture?their acknowledgement signature.?

Project Management ?

Real-time profit and loss data is critical for project-based construction firms because it allows them to track when committed or actual expenditures are spent, whether they are within or exceed the budget, and monitor how much profit they are genuinely earning. Without real-time ERP solution information, the project manager may be unable to take the appropriate action on time, putting the project in danger of a significant loss.?

Read more: Real-time Work in Progress (WIP) Reporting for Efficiency ?

Finance and Accounting?

ERP software has an integrated accounting module that comprises Accounts Receivable, Accounts Payable, General Ledger, Bank Book, Fixed Asset, and Staff Claims. It consolidates complete information and promotes smooth operations in the Finance department. For example, users who handle finances will be notified if any invoices are overdue, allowing them to take the required steps. Furthermore, the program may verify credit limits or credit terms, which require financial approval if a consumer exceeds their credit limit. Aside from that, businesses may simply handle inter-company transaction modifications and create real-time finance reports as needed. As a result, managers will have a bird's-eye view of the company's performance.?

Human Resource Management ?

Timesheets are usually tied to payroll, and?their correctness is crucial. Therefore, ERP systems have comprehensive mechanisms to ensure that accuracy. For instance, Synergix ERP's?biometric timesheet, which includes an in-built Google GPS, captures the user's location when they clock in/out, which is especially useful for companies with workers at multiple project sites. Additionally, with a geofencing feature, users are only allowed to clock in/out within a certain distance from a location. The timesheets from various locations would be instantly synchronised to the backend ERP software in real-time, giving managers access to their employees' attendance at this time. ?

Standard Reports ?

Synergix ERP System Software includes standard reports covering all business areas for real-time reporting and decision-making. Aside from that, reports may be planned to be automatically delivered to specific users at predetermined intervals such as daily, weekly, or monthly.

Summary?

In conclusion, real-time information from ERP systems significantly enhances business operations across various industries. Real-time data enables accurate stock monitoring, efficient service delivery, precise financial tracking, reliable employee attendance recording and standard reports, ensuring timely decision-making and efficient processes. Adopting real-time ERP solutions empowers organisations to operate more smoothly, respond quickly to changes, and maintain a competitive advantage.?