Examples of ERP Software (MIS 12.06.2021)

Examples of ERP Software

Here are examples of ERP software / systems:

1. NetSuite

Integrated ERP software NetSuite is built for fast-growing companies. The platform offers a scalable interface equipped with everything we need from financial management and inventory management to payment processing and vendor management. It is capable of automating a wide range of front- and back-office processes so that streamlining operations is much simpler. Moreover, it gives users robust reporting tools that offer actionable insights into our performance.

 

2. Scoro

Cloud-based business management software Scoro is a powerful solution designed for professional services businesses, primarily those in the consulting, IT, and advertising industries. The platform provides robust tools, including work scheduling and tracking, project management, financial management, quote management, CRM, reporting, and customization. Businesses leverage these tools to plan projects and team time usage, send invoices, build client relationships, and monitor results, from one integrated system.

 

3. Odoo

ERP software Odoo is unique because of its open-sourced, modular architecture. It provides us with best-in-class sales and project management functionalities to start. As our business grows, we can choose to extend the platform’s capabilities by choosing from their extensive selection of applications. They offer a variety of applications for MRP, POS, accounting, ecommerce, and other business processes. Moreover, the system is capable of seamlessly integrating with third-party applications so we can use our existing systems.

 

 

4. Sage Intacct

Cloud accounting software Sage Intacct is created for small and medium businesses. This platform features ERP capabilities via integration, such as financial management, wholesale distribution, and retail management. Also, it comes with workflow management options that let us perform bank reconciliation, automated journal entries, and trial balance.

 

5. SYSPRO

Powerful ERP software SYSPRO is designed specifically for companies in the manufacturing industry.  Interestingly, the solution has been providing ERP solutions to companies for over 40 years. It comes with robust tools for accounting, document planning, work order management, project management, as well as inventory control so that it is easier to keep all data in one place and manage all processes from one platform. It is also known for its use of BOT agents that are in charge of automating redundant processes and giving us fast support for all aspects of our operations.

 

6. Oracle ERP Cloud

Business management platform Oracle ERP Cloud is an end-to-end solution that provides users with an integrated system for large businesses ranging from telecommunication and sales firms to pharmaceutical and manufacturing companies. It comes with financial planning features, risk management tools, project execution capabilities, as well as compliance monitoring options. In addition, Oracle ERP Cloud also offers users a performance management module to help us gauge productivity within our enterprise and pinpoint how to improve overall operations.

 

7. Microsoft Dynamics GP

Business management solution Microsoft Dynamics GP offers a robust set of features that tackle financial management, human resource management, supply chain management, and workspace collaboration. Coming from an industry leader, it is also known for its top-notch business intelligence feature that lets users get actionable insights on their ERP data. Another claim to fame of this particular platform is that it seamlessly integrates with third-party partners, both cloud-hosted and on-premise.

 

 

 

8. SAP ERP

Powerful ERP software SAP is designed by a prominent software provider, SAP ERP. Used by over 172,000 companies globally, this platform comes with supply chain management and customer relationship management functionalities and can integrate with various applications and modules for other business processes. Other than its highly scalable interface, another thing that makes this platform unique is that it can be deployed on-premise, on the cloud, or as a hybrid model for our convenience.

 

9. ADVANTAGE 365

Integrated business system ADVANTAGE 365 unifies a plethora of core functionalities to simplify the way we run our business operations. With core features for accounting, rental, inventory, credit card processing, sales, and other tools available within a single system, we can handle more demanding tasks and smoothly execute our operations. Furthermore, with all core capabilities easily accessible with a few clicks, you can significantly bolster your operational efficiency without suffering from the headaches of using separate business systems.

 

10. Z Suite ERP

ERP software Z Suite is a suite of business applications that houses the core functionalities of CRM, POS, and HRM. This system equips us with all the essential tools to centralize our data and streamline interdepartmental operations. Specifically built for SMBs, Z Suite ERP comes with all the essential functionalities needed to drive growth to our businesses, but without the bloat that comes with advanced tools. With all information unified from within a single platform, we can rest assured that everyone in our organization is working with a single version of the truth.

 

 

The 6-Step to Strategy Implementation (Retail Strategy 12.06.2021)

The 6-Step to Strategy Implementation

There are six steps in strategy implementation that we can follow and ensure that our strategic plan evolves from just a plan, into a strategic implementation:

 

1. Define your strategy framework

2. Build your plan

3. Define KPIs

4. Establish your strategy rhythm

5. Implement strategy reporting

6. Link performance to strategy

 

Step #1: Define your strategy framework

Strategy is something that should be embedded in everything that we do. It should be in the DNA of the organization and its people. On the other-hand, if we don't make an effort to call it out explicitly, we won't get the focus or traction that we need.

 

We need to start with a simple framework that introduces a strategy dictionary that everyone can understand and get behind. When someone asks 'how are our strategic objectives going' - everyone should be on exactly the same page about what that actually means.

 

Step #2: Build your plan

The next step of strategy implementation is start creating our plan. Now that we have got our framework(s) in place, we are to move onto the actual creation of our strategic plan.

Steps to build your plan.

1. Gather the leaders of the organization (founders, CEO, directors, etc) to agree on their vision.

 

2. At the same workshop, start to write down the values that the organization holds.

 

3. Finally write down 3 or 4 focus areas that the team think need to be addressed in order to reach the vision.

4. Take a basic framework back to team(s) and start to get them to independently input ideas for strategic objectives under each of the focus areas.

 

Step #3: Define KPIs

Key performance indicators are one of the oldest management tools around - because they work. They keep us honest about our progress, and focused on our outcomes. They need to become our focus for implementing strategy.

some examples of KPIs are;

1. Keep them simple

2. Choose at least 1 KPI for each of strategic objectives

3. Don't make them too hard to measure quickly.

4. Don't make them all about the - sure, profit and revenue might be our end-game, but KPIs should be the drivers of those things - measuring the outcomes alone adds little value.

 

Step #4: Establish our strategy rhythm

Step 4 of strategy implementation is where we can start to establish our strategy rhythm. The ironic thing about strategy implementation is that even though everyone acknowledges how important it is - it's often the first thing to be forgotten about when the going gets tough.

 

People get so caught up in the day-to-day that they don't have time to focus on the big picture items that will keep the organization moving forward. This rapidly becomes a self-fulfilling cycle and is one of the most common reasons why strategies fail.

 

Step #5: Implement consistent & simple strategy reports

Step 5 of strategy implementation focuses on reporting. Now that our meetings are in place, we will want to choose a consistent way of reporting the progress of our strategy implementation. The main objectives of this report should be:

Consistency. Everyone knows what to expect and what they need to update prior to the meeting(s).

Simplicity. The report should give an at-a-glance view of how the strategy is progressing.

Accountability. Ensure that the report includes the names of the owner of each goal (accountability), as well as the names of the people actually getting things done (recognition).

Insightful. The report needs to include not only an overview of how the strategy looks now, but how it's progressing over time.

 

Step #6: Link performance reviews to strategy

The first 5 steps of strategy implementation are the absolute basics to ensure that we have success implementing and executing our strategy. But organizations who truly succeed are those who manage to weave strategy implementation into the fabric of their existence. An easy way to get started with this is to create a formal link between strategy and performance reviews. Nothing shows people how important strategy is more than when it impacts their reviews and potentially even their reward / remuneration.

Scope, Advantage, Disadvantage & Need of ERP

Scope of ERP

1. Finance − Financial accounting, Managerial accounting, treasury management, asset management, budget control, costing, and enterprise control.

 

2. Logistics − Production planning, material management, plant maintenance, project management, events management, etc.

 

3. Human resource − Personnel management, training and development, etc.

 

4. Supply Chain − Inventory control, purchase and order control, supplier scheduling, planning, etc.

 

5. Work flow − Integrate the entire organization with the flexible assignment of tasks and responsibility to locations, position, jobs, etc.

 

Advantages of ERP

1. Reduction of lead time

2. Reduction of cycle time

3. Better customer satisfaction

4. Increased flexibility, quality, and efficiency

5. Improved information accuracy and decision-making capability

6. Improved resource utilization

7. Improve supplier performance

8. Reduced quality costs

9. Quick decision-making

10. Forecasting and optimization

11. Better transparency

 

Disadvantage of ERP

1. Expense and time in implementation

2. Difficulty in integration with other system

3. Risk of implementation failure

4. Difficulty in implementation change

5. Risk in using one vendor

 

Need for Enterprise Resource Planning - Why ERP?

Separate systems were being maintained during 1960 - 70 for traditional business functions like Sales & Marketing, Finance, Human Resources, Manufacturing, and Supply Chain Management. These systems were often incongruent, hosted in different databases and required batch updates. It was difficult to manage business processes across business functions e.g., procurement to pay and sales to cash functions. ERP system grew to replace the islands of information by integrating these traditional business functions.

 

The successful implementation of an ERP system will have many advantages, as indicated below:

1. Business Integration and Improved Data Accuracy: ERP system is composed of various modules / submodules where a module represents a particular business component. If data is entered in one module such as receiving, it automatically updates other related modules such as accounts payable and inventory. This updating occurs at real time i.e., at the time a transaction occurs. Since, data needs to be entered only once at the origin of the transaction, the need for multiple entries of the same data is eliminated. Duplicate of data is minimized. The centralized structure of the database also enables better administration and security provisions, which minimizes loss of sensitive data.

 

2. Planning and MIS: The various decision support tools like planning engines and simulations functions, form an integral part of an ERP system that helps in proper utilization of resources like materials, human resources, and tools. Constrained based planning help in drawing appropriate production schedules, thereby improving the operation of plant and equipment. As a part of MIS, an ERP system, contains many inbuilt standard reports and also a report writer that produce ad hoc reports, as and when needed.

 

 

3. Improved Efficiency and Productivity: In addition to provision of improved planning, ERP system provides a tremendous boost to the efficiency of day to day and routine transactions such as order fulfilment, on time shipment, vendor performance, quality management, invoice reconciliation, sales realization, and cash management. Cycle time is reduced for sales to cash and procurement to pay sequences.

 

4. Establishment of Standardized Procedures: ERP system is based on processes of international best practices, which are adopted by the organizations during implementation. Because of top-down view available to management, chances of theft, fraud and obsolescence (become old) are minimized.

 

5. Flexibility and technology: Due to the globalized environment, where production units, distribution centres, and corporate offices reside in different countries, organizations need multi-currency, multi-language and multi-accounting modes, in an integrated manner. These provisions are available in most of the ERP systems, particularly in products offered by tier 1 and tier 2 vendors. ERP vendors are also quick to adopt latest technologies, from mainframe to client server to the internet.

 

Conclusion

Although ERP provides many advantages; its implementation is a strategic decision, involving significant resources (both financial and human), proper evaluation and business process re-engineering. There must be a commitment from all levels. A failed implementation may lead to bankruptcy of an organization.

 

The Business Value of ERP

It’s impossible to ignore the impact of ERP in today’s business world. As enterprise data and processes are corralled into ERP systems, businesses can align separate departments and improve workflows, resulting in significant bottom-line savings.

 

Examples of specific business benefits include:

1. Improved business insight from real-time information generated by reports

 

2. Lower operational costs through streamlined business processes and best practices

 

3. Enhanced collaboration from users sharing data in contracts, requisitions, and purchase orders

 

4. Improved efficiency through a common user experience across many business functions and well-defined business processes

 

5. Consistent infrastructure from the back office to the front office, with all business activities having the same look and feel

 

6. Higher user-adoption rates from a common user experience and design

 

7. Reduced risk through improved data integrity and financial controls

 

8. Lower management and operational costs through uniform and integrated systems

Importance of After Sales Service (Service Marketing 11.06.2021)

Importance of After Sales Service

Complex products, expensive products, or products with long lifespan often require the seller’s involvement to aid the customers in setting up and/or using the offering. Sometimes, marketing efforts also require the seller to provide the customers with some guarantee of usage and product lifespan to aid the sales.

 

All these constitute after-sale services and are important towards the fulfilment of the short-term and long-term goals of the organization, like:

 

1. To get more customers on board.

 

2. To prove that the product is worth buying.

 

3. To reaffirm (once again) customer’s decision of relying on the brand.

 

4. To retain customers and make them buy from the brand again.

 

5. To build relationships with the customers.

 

6. To enforce referral and word of mouth marketing strategies.

 

7. Good after sales service helps improve firms long-term brand image and brand loyalty.

 

8. Offering after sales service can help to convince consumers to trust the firm and buy the service in the first place.

 

9. Sales affected by word-of-mouth recommendation. Good after sales service can make difference. In an era of social media – poor after sales service can be damaging to reviews and reputation of firms.

 

10. After sales service imposes extra cost on firms. For firms, they need to strike a balance between keeping the customer happy and not being burdened with expensive maintenance. For example, a firm may offer one free service, but then have a clearly defined price for future service.

 

11. The provision of after sales service varies in importance depending on the type of good. For example, after sales service and extended warranties are important for goods like electrical goods and new cars.

 

After sales service can also become an opportunity to sell related products.

 

Importance of After Sales Service

Customers are the assets of every business. Sales professionals must try their level best to satisfy customers for them to come back again to their organization.

 

After sales service refers to various processes which make sure customers are satisfied with the products and services of the organization.

 

1. The needs and demands of the customers must be fulfilled for them to spread a positive word of mouth. In the current scenario, positive word of mouth plays an important role in promoting brands products and services.

 

2. After sales service makes sure products and services meet or surpass the expectations of the customers.

 

3. After sales service includes various activities to find out whether the customer is happy with the products or not? After sales service is a crucial aspect of sales management and must not be ignored.

How to Control Implementation of Retail Strategy Marketing and Planning (Retail Strategy 11.06.2021)

How to Control Implementation of Retail Strategy Marketing and Planning

Retail marketing strategy and planning are the procedures a retail business undertakes to sell products to its customers.

 

In developing a marketing strategy, businesses focus on the four factors of product, price, place and promotion to reach consumers. These are variable factors that can be controlled so as to optimize the financial profits made by the business.

 

Controlling the implementation of a retail marketing strategy and planning entails continuous monitoring and evaluation of the four variables in order to make changes to the main strategy when the need arises.

 

1. Identify the four variables of the marketing mix that make up your retail marketing strategy.

The product is a material good or service you are selling;

 

The price is the value of the product and the cost incurred by the customer in buying the product;

 

The place or placement is the location where customers access your product, which is a retail store in this case, and the distribution channels include online transactions (e-commerce) or physical point of sale transactions; and

 

The promotion is the communication you have with customers through sales strategies and advertisements.

 

2. Carry out a periodic audit of the products you offer to guard against offering products and services that are not needed by the target customers. Do this by observing new trends in the market that could make your product redundant and by asking customers what improvements they want on a product. Modify the product by making it healthier or withdraw the product to create a new one that will align with customer needs and market trends.

 

3. Monitor the prices of the product continuously. Take into consideration factors such as the cost of production, the value of the product and if it is worth that price, and the demand for the product. Lowering the cost of production and increasing the value of the product keep prices at levels that help the business meet its revenue targets. Aim to maximize gains or minimize losses by controlling the price mix.

 

4. Evaluate the placement of the product constantly and how accessible it is for the customer and the business. Do this by taking into consideration factors such as whether the distribution channels are efficiently delivering the products, if the customers easily access the product and whether or not the order processing and transportation logistics are favourable to the business revenue targets.

 

Change the channels of distribution, or the location if it is does not create the contact the business wants to have with its customers.

 

5. Position and reposition your product as part of controlling the promotional mix. Do this by redesigning the product by packing it in green recycled paper to promote the product as environmentally friendly.

 

Identify a marketing mix and present a modification to the sales strategy that delivers results: You can generate more sales by guaranteeing a payback on a new home appliance if the customer buys it and the appliance does not work as promised. Remember that the most effective way of controlling the promotional mix is by communicating with the customers and telling them what you have that suits their needs.

7 Types of After Sales Service to keep your Customer Satisfied (Service Marketing 10.06.2021)

7 Types of After Sales Service to keep your Customer Satisfied

The concept of after sales service is as important as sales. While it does not generate any revenue for the company, it surely does increase the goodwill of the organization in the market and amongst the customers.

 

After sales service is very important to not only retain the customers but also to bring back lost customers. After sales service could be defined as the processes which are followed post the sale of the product. The nature of the services includes maintenance, guidance, repair etc.

 

The nature of after sales service depends entirely on the industry and the product. While some may require installation, others may require cleaning every couple of months.

7 most common types of after sales service

1) Pre-Installation services

Whenever a product is bought it comes with a manual for installation. Depending on the nature of the product the installation may vary. While some products have very specific installation steps other products are customer friendly. Products like a ceiling fan, air conditioner, washing machine etc. require technical expertise for installation other products like mobile phones does not. Providing free pre-installation is one of the after sales services.

 

Most of the companies provide this for free of cost where very few companies may charge. Providing good installation services starts in the customer and customer service relations on a good note. Industrial machinery, electric household items, Copier machines, require technical expertise installation. Providing a demonstration is also a part of installation wherein the customer service team install the product and demonstrate the functions of the product.

2) User training

Training of the end user is another part of after sales service. In the case of industrial machinery, this is a very crucial part. Even in case of surgical equipment’s which are used in the operation theatres, it is very essential that the doctor has to get trained on the machine. It is very essential that user training is provided propositions user is going to be handling the product.

3) Warranty services

This is perhaps the most common type of after sales service provided by almost every company for almost every product. Warranty services include repairing replacement of selected parts for a selected period of time. For example, Apple provides complete care of iPhone for a period of one year from the date of purchase. That is included in the Apple care. Customers have the option of extending the warranty by purchasing Apple care before the end of the official warranty.

 

In some cases, there could be selective warranty services like After sales service of the air conditioner. Many companies offer free repair and service for one year from the date of purchase but they charge if there is a replacement of any plastic components,

 

Similarity television will have a warranty of about 5 years but the remote of the television with having only year warranty of 1 or 2 years depending on the company.

 

In such a way different companies have different policies for their products. Warranty services are perhaps the best types of after sales service. Some companies provide a service of extended warranty wherein the customer can pay a little extra and get the warranty extended for a limited duration. Extended warranty is useful in the case of electronics.

 

4) Online support

E-Commerce companies have started providing online support for any of the product related queries. There is a dedicated helpline for customer service wherein the grievance redressal mechanism is carried out according to the standard procedure of the company. The customer may call the online support or chat as per his comfort, discuss the problem and get it resolved.

 

Online support is very effective for software services and laptop support. The customer service can share the screen and resolve the problem immediately in most of the cases

5) Return / Replacement

For a Limited period of time companies provide free replacement of the product in case of any queries. However, this is with certain terms and conditions. In some cases, replacement may be of the entire device, or in other cases, replacement may be only of the defective part.

 

In case of returns, the product is returned to the company and the customer is issued with either the store credit or replaced product or the amount is refunded. The rules may vary according to the company.

 

For example, Amazon provides returns for almost all products but a replacement for the limited products.

6) Features and benefits

One of the Types of after sales service, some companies provide additional features for example replacement of a part for a lifetime, for free counselling for the entire duration of the product. A perfect example of this would be when Google provided free unlimited storage of photos on Google photos for all the pixel devices.

 

However, this comes with the condition of the free storage extending to a limited time. Similarly, Apple provides exchange or upgrade of old mobile phones with new mobile phones in the US.

 

Storage devices like Western digital that provided a lifetime warranty for the external hard disks. If for any reason, the hard disks are corrupted they are replaced for free of cost if within the limit.

7) Upgrades

This usually works with software and electronics. Upgrading a software for the device for a limited period is one of the Types of After sales service followed by companies. The upgrades are for a limited time owing to the fact that the hardware remains the same throughout the years and it may not be compatible to run new software after a period of time.

 

For example, Apple follows the policy of providing Over-The-Air (OTA) upgrades for iOS software’s for about 4-5 years, a post which the upgrades stop. The customer may still use their devices but it won’t be supported by the latest software.

 

Same is followed in the case of Android phones. The mobiles get the software upgrade for a few years – depending on the model – a post which, the upgradation stops. This is also considered a great marketing strategy to ensure regular upgradation of phones by customers.