Enterprise Resource Planning
Enterprise Resource Planning
Diverse and complicated needs of different types of business have led firms to adopt the new value added services to sustain themselves and lead their business towards growth. Nowadays Business consulting firms provide Application Management services to business organizations to help them in their operations through effective Business solutions that specially meet their respective requirements yielding beneficial results.
In this article, we will study some of these prominent value-added services which are increasingly employed by businesses to improve their efficiency and maintain a stable position in the market.
Enterprise resource Planning (ERP)
ERP consists of a computer based system which manages internal and external resources of an organization including men, material, finance and tangible assets. An ERP system comprise of several applications and software to meet a host of business purposes. ERP software can be suitably customized to serve specific business function. A business should choose an ERP package depending upon its goals.
One can find ERP applications in Manufacturing, Supply Chain management, Finance, Human Resources, Customer Relationship Management, data Services which are also referred to as Modules which can be customized and then implemented. However implementation of ERP system may require an experienced Consulting firm. ERP is in great demand as they offer several benefits:
Allow easy communication and integration among different functional units of a business
Access to information is made easy
Facilitate decision making
Helps in Supply chain management
Aid in monitoring business activities
Corporate Performance Management (CPM)
Before discussing CPM let us first understand Business Intelligence. Business Intelligence involves the use of Technologies, skills, processes and practices to support decision making in business.
Corporate Performance Management (CPM) is a part of Business Intelligence which manages the performance of a business with respect to pre-determined objectives. CPM first enables an organization to set strategic goals and then measures the performance against those goals. Key Performance indicators (KPIs) play an important role in CPM and include revenue, return on investment (ROI), overhead, and operational costs. CPM involves Strategic planning, budgeting, forecasting, reporting, modeling, scenario planning, profitability analysis, KPI monitoring, and consolidation. CPM offers several benefits to an organization if properly administered.
Enterprise asset management (EAM)
As assets are the backbone for any organization, Enterprise Asset management aims at protecting and managing the physical assets of an enterprise. The reasons behind EAM include reduction in Capital and operational costs, improving performance, increasing asset life and t have a better Return on Asset.
Apart from the above three, an organization can avail the services of Consulting Firms for Business Process management (BPM), Customer Relationship management, Supply Chain management and other management application services.
