Top 5 ERP Modules and Their Business Benefits

The advent of COVID-19 has a significant impact on our lives, resulting in the majority of the companies working remotely. There are many challenges faced while working remotely, like collaboration, communication, data centralization, etc.
For example, suppose the sales team is not updating the lead and customer details every day. In that case, the marketing team may not know the latest updates and the company may lose revenue as the campaigns do not have the updated contact information. Thus, businesses need to update the data and also share it on a centralized system so that it is viewed in real-time by other business functions.
This is where Enterprise Resource Planning (ERP) software comes in handy. An ERP software is one which centralizes the business data, automates the routine tasks, and streamlines the business processes.
According to Infiniti Research Limited, the global ERP software market is expected to grow by $19.52 bn during 2020-2024 progressing at a CAGR of 9% during the forecast period.
The ERP software helps businesses increase their revenue margin and efficiencies, along with improving communication across the company. According to Alfresco reports, nearly 83% of employees out of 753 business professionals depend on technology to enhance collaboration in the organization.
We have established how vital an ERP is for collaboration, so let’s focus on the part with which an ERP is comprised of. Modules! Yes.
ERP software mainly consists of modules representing departments in each business and how they can collaborate with each other to generate maximum profitability.
What are ERP Modules?
In ERP software, there exist numerous modules where each module represents various business functions in an organization such as Finance, Marketing, Sales, Human Resources, Inventory Control, Material Purchasing, etc.
Which are the Most Important ERP Modules?
There are various modules in ERP software that represent business processes and help in unifying the data of each process in one centralized place. Let’s have a look which are the most important modules in every ERP software you’ll find:
Sales and Marketing (Customer Relationship Management)