Simple and Accurate ERP Reporting Starts Here
Enterprise Resource Planning (ERP) software provides businesses with insightful reports that assist in day-to-day operations while also allowing for informed decision-making. Here’s everything you need to know about ERP reporting.
What is ERP?
This is a form of software used by businesses to manage activities related to manufacturing, supply chain, financials, customer relationship management, risk management and other vital operations. Through Enterprise Resource Planning, businesses are able to automate these activities and create a flow of communication between all applications
What Is the ERP Process?
Once implemented, the ERP system will increase your organisation’s operational efficiency by providing:
- An integrated system
- A common database
- Real-time operation
- On-premise, cloud-hosted or SaaS (software as a service) deployment
- A common user face across all applications
- Ongoing support
What Types of Reporting Can ERP Systems Produce?
Through automation and by synchronising all reporting, ERP is able to provide you with significant benefits. In terms of ERP reporting, here’s a look at the types available.
1. Ad-hoc Reporting
With this form of ERP reporting, you can choose the individual data elements that you want to be included in the report. You can also choose the format of either email or web browser. This customised reporting solution allows you to quickly distribute reports as and when needed.
2. Interactive Reports
These are very useful forms of ERP reporting that allow you to view your data in any format. They require as much or as little data as you prefer, starting with a high-level view of data which can be filtered to more relevant details as needed.
3. Ranking Report
This is a very useful reporting format that allows you to make accurate predictions for operations based on existing weaknesses and strengths. This ERP report will let you rank the various aspects of your business, whether it’s product performance, regional performance or any other performance type.
4. Web Pivot Tables
To get a different perspective on your data ERP provides web pivot tables that let you rearrange the data from any angle. This is a powerful interactive report that lets you analyse and compare data as a way to discover existing trends that can be leveraged.
5. Operational Reporting
To discover what’s happening here and now with business activities, you can benefit from ERP’s operational reporting. This relies on real-time data for up-to-the-minute insights.
6. Analytical Reporting
Unlike operational reporting that looks at current activities, analytical reporting takes a look at your previous data, whether it’s daily, weekly or monthly. This is also a great way to pick up on trends and identify areas of weakness.
7. Cross-tab Reporting
This form of ERP report summarises and compares data by cross-referencing using user-selected column data in a matrix format.
8. Self-service Reporting
One of the major benefits of ERP systems is that they’re user-friendly, which means employees outside of the IT department can access and understand the reports. This is evident by the self-service reporting option which gives users instant access to specified data, allowing them the purchase items.
This allows you to see a complete overview of critical data using graphs, diagrams and maps. This is an incredibly user-friendly interface and is a popular ERP reporting format.
How Can ERP Reporting Improve Operations?
These various types of ERP reporting serve a number of purposes, all of which are geared towards improving business operations by automating, simplifying and unifying. Here’s a look at key ways that ERP achieves this.
In a business that has multiple locations and departments, there are often several spreadsheets with individual charts of accounts. Fortunately, ERP systems will centralise and standardise all accounts for much more accurate reporting. Information consolidation also saves a great deal of time.
– Ability for Self-Service
Through self-service ERP reporting, managers are able to create and run their own reports using elements such as financial data provided by ERP software.
– Accurate Data
ERP software gives companies a single source of data that can be used internally or even externally by regulators when required. Data stored in the ERP system will be uniform without repetitions and mistakes.
What Are the Types of ERP Software?
Once you’ve committed to implementing this business-enhancing software, you’ll have to work with a supplier to determine exactly what type of ERP software will work best with your operation. Here’s an overview of the types:
– Small Business ERP
Small business ERP software will consist of pared-down features rather than providing a fully integrated system that isn’t needed for smaller businesses. This is also known as ‘lightweight’ ERP.
– Generalist ERP
This ERP option is able to adapt to processes across industries through customisation and integration. These are some of the largest ERP solutions available today.
– Open-Source ERP
This allows your business to integrate its apps into the ERP system, increasing usability and supplying a much more customised process.
– Vertical ERP
This is an industry-specific ERP often used by start-ups and smaller companies with a more niche market. Some of the industries that tend to implement Vertical ERP are fashion, supermarkets and construction.
Benefits of ERP Software for All Businesses
The reporting capabilities of ERP is just one of the many benefits of this user-friendly software for business. If you’re still on the fence about implementing ERP, then here’s a look at why it’s really worth the investment.
– Become More Efficient
ERP systems are aimed at automating business operations in order to make them more effective and efficient.
It’s able to take a variety of business processes including accounting, sales, inventory, human resources management and marketing which are then integrated into a single platform, unified and streamlined across inter-departmental workflows. It cuts out the time constraints and errors related to manual inputting of data, while also freeing up employee time, moving away from mundane and repetitive tasks, with focus directed to more valuable tasks.
– More Informed Decision-Making
Because relevant, updated data is readily available at any time, ERP empowers managers and key stakeholders with the information needed to make much more informed decisions. In a time of uncertainty, it’s beneficial for the business to have such valuable data to future-proof itself.
– Enjoy Inter-Departmental Collaboration
A cohesive workplace moving in the same direction is a successful workplace, but where departments don’t communicate with each other, problems will arise. Through ERP, data silos are integrated and remote teams are able to collaborate, driving innovation and encouraging growth.
– Keep all Data Secure
Cybersecurity is one of the biggest risks facing modern businesses. ERP software is able to provide you with assurances that all data is protected through firewalls, restriction controls, and limited user access. There is also scalability in the software, with administrators able to deactivate access and activate access where necessary.
– Reduce Operational Costs
By streamlining all processes, monitoring areas of weakness, and predicting disruptions or delays, ERP is able to help you reduce operational costs and boost the bottom line. A great ERP software provider will also offer you services such as software updates, patches and troubleshooting which means you’re saving on costs related to maintenance as well.
To find out more about the ERP software solutions that could take your business to the next level, contact Omni Accounts today.