Reference no: EM132316133

Question: Research an Enterprise Resource Planning (ERP) system and discuss how its components meet the organization's overall information needs.

Student response

Enterprise Resource planning

COLLAPSE

Organizations are either into the business of managing people, purchasing products and services, selling (or gives away) something and accounting for the money. The handling of activities varies with the organization involved, but every enterprise performs these basic functions. In most cases, it is more effective to handle these processes through an integrated software platform than through multiple applications never designed to work together. To get the work done accurately is where enterprise resource planning (ERP) systems come in. for example, in finance, most banks utilize the ERP system call GAAP while other companies might use the Contract Lifecycle Management or customers relationship management.

ERP in finance (ERP finance module)

This system could probably be the most well-known feature of an ERP system because of its ability to store and retrieve a firm's financial data, such as accounts payable and receivable, costs, budgets and forecasting figures.

It is a software program that gathers financial data and generates reports such as ledgers, trial balance data, overall balance sheets and quarterly financial statements. The information made available through an ERP system provides visibility for key performance indicators (KPIs) required for meeting corporate objectives.

The system takes complex transactional data and turns it into meaningful profit information and insights for the user. Some firms - especially those that operate in the professional services fields such as consultants, accountants and marketing agencies - need even more functionality from their system. They need a three-dimensional view that integrates project data into the picture as well as client accounts and organisational data. By integrating and processing data on all three of these levels, a project-based ERP system will make the financial viability of each area a known fact.

ERP in project management.

SYSPRO ERP software is one of the project management ERP software, it incorporates a toolset that provides a holistic and integrated view of end-to-end processes. Visibility and control is everything when it comes to project management. Today's ERP systems work broadly enough and deeply enough to process and deliver timely information about every aspect of a project, regardless of how many are running at once. A single ERP system replaces the need for separate and disparate platforms, which are limited in that they can only give a partial view of a project at any given time. The project management component of an ERP system integrates resource, finance and timescale data so that responsive and profit-related decisions can be made at any stage of the project lifecycle.