While it may differ from system to system, these are the main functions of a modern ERP:
The heart of any ERP is the financial management module which handles everything from invoicing and accounts, to tracking the flow of money, forecasting, purchases, and payroll. Often in multiple currencies.
The CRM module supports and improves and the sales and marketing processes. It stores data related to customers and prospects, and can track buying habits and contact histories.
The HR module processes all the tasks related to managing your employees, including timesheets, payroll (including automatic payments and tax deductions), benefits, onboarding and off-boarding.
In order to improve Supply Chain Management, the SCM module works with the inventory management module, using real-time data to optimise manufacturing and distribution processes.
And the Inventory Management System module processes order fulfilment and tracks warehouse inventory in real time, so you don’t need to do it manually.
Other modules available include Business Intelligence (BI) and Manufacturing. To note, new modules are continually being added to meet the demand of specific industries sectors.