5 Extra ERP Components not Commonly Available

While managing a business it does not matter what is the size of the business you are running. Few effective ERP Components are important for all sorts of businesses regardless of the size and the number of employees. Management principles normally include planning which leads to organizing leading and controlling. Based on the fundamental principles every business needs to understand enterprise resource planning.

There are a few ERP components that are available in all ERP software systems. Such as human resources, customer success management, artificial intelligence model, inventory management system, management of common resources, financial resources, and supply chain management. Choosing a consultant for implementing an effective ERP Components to your system is the key to growth. You should know where are you spending and what is the desired outcome of the expenditure incurred.

Apart from these common ERP components, an effective ERP system should also include the following components:

Knowing risk management

ERP components like Risk management is very crucial for your business that will lead you ahead of your competitors. This includes a process of analyzing the risk. An effective ERP system identifies the risks associated with a project and then evaluate those risk. After evaluating the risk, it is important to identify suitable responses to each risk. Then prepare a report through which you can monitor those risks for finding suitable solutions.

Marketing resource management

Marketing resource management is the software designed to support all the necessary marketing operations. Managing marketing resource is not as easy as it seems to be one needs to execute all the marketing activities successfully. Some of the basic MRM functions include strategic planning, financial planning, project management, creative production, knowledge management, and content management. Other than these functions sort analysis should be done regularly for identifying the strengths, weaknesses, opportunities, and threats. A good ERP system must ensure that the marketing resource management is executed properly.

ERP Event management system

ERP event management system should include all the possible solutions related to successful event planning. Usually in business life employees are busy performing their daily tasks due to which an ERP system should have these Event management ERP Components. This  includes multiple event management, proper allocation of resources, organizing the schedule of an event and identifying the event management planning necessary.

Sales order management

Sales order management means organizing the sales, keeping the check of the orders, track those orders and finalizing the deal. A sales order management system should include the database of all the customers, leads and clients.

Planning system

Advance planning and scheduling is a management process that includes allocating the raw materials as per the demand. An advance ERP system must have these ERP components.