A piece of a larger puzzle
The terms ‘accounting software’ and ‘ERP’ are often used interchangeably, but there is a vast
difference among the two. The casual interchangeability in the usage of the two terms has caused confusion among some SMEs about what is the exact difference in the software vs. system. The confusion between the two may have risen as companies that offered accounting software added more features and modules overtime and expanded into full ERP solution providers.
The accounting software that companies used previously dealt solely with financial transactions. The sales of goods, purchase of materials and order tracking were the main features of software solution. Accounting softwares include accounting information such as accounts payable, accounts receivable, trial balances etc. Other frequently bundled functions include billing, expenses, time sheets and sales and purchase orders.
Enterprise resource planning systems encompasses a much broader area and address more business functions. The ERP package covers functions beyond accounting and also factors in qualitative and intangible data. Production planning, ordering, customer relationship management, warehousing, inventory tracking, business intelligence business analytics are comprised within the ERP package. An organization with a fully implemented ERP has greater integration of data and information, better intra-organizational communication and streamlined processes. ERP systems allow a more in-depth view of each function of the organization. Thus ERP results greater transparency and control and by providing real time automatic reports it allows managers to make quick and correct business decisions.
Let’s take the ExpandERP system as an example which offers accounting solutions with financial management, budgeting, receipts and payments included. The package offers much more with customer relationship management, export, procurement and business intelligence modules as well. The entire system integrates and combines the data and with its business intelligence can help predict future profits and losses, lower cost of production by increasing purchase order efficiency, lower operational costs and over time boost the company’s growth.
An accounting software is a part of the ERP package. One can view the accounting solution as a part of the larger jigsaw puzzle that is ERP. While the system would be incomplete without the accounting part, it consists of far more parts that are combined together to form the big integrated ERP picture. Enterprise resource planning offers more than just financial book-keeping and delves into making the whole companies processes as streamlined and efficient as possible. Though the accounting and financial management module is one of the most integral part of the ERP package, its functionalities go far beyond.
Contributor : Vidushi
In the age of the hyper-competitive, businesses that fail to provide exceptional services each and every time risk losing out to competitors
That is one of the reasons why CRM program sales have grown exponentially in the past few years. Even small and mid-sized enterprises will now splurge to ensure that they remain ahead of their competition. For companies that are still in two minds, the following benefits of CRM should quell their doubts, knowing a great CRM system is worth the investment.
Improved Customer Service
Customers today expect nothing less than the best when it comes to service. Companies are at greater risk, as one bad customer experience can unleash social media mockery from all corners of the world. Customers today expect a customized experience – long holds, several call transfers and unsatisfactory resolutions to problems are a surefire way to lose both current and potential clients.
A customer relationship management system enables you to identify your customer, know their past purchase history and experience and quickly address their questions and concerns. It allows the service team to recommend products and services that match each individuals’ profile. Customers enjoy better service with fewer hassles and the company benefits from more happy and loyal customers.
Increased Interdepartmental Integration
With a CRM system the sales, marketing and customer service department are able to freely and easily exchange important information about business strategies and processes. The increased collaboration leads to better interdepartmental coordination and creates synergy within the company. This helps achieve organizational goals faster and more efficiently. With a CRM system, all the departments are able to function as a cohesive unit. The three way approach helps to give customers a better experience, convert more leads into sales, and increase company revenues.
In sales, marketing and customer service areas, there are often many formalities that need to be done and recorded. Keeping customer records up to date, scheduling and tracking follow ups to clients, general record keeping about customer inquiries, complaints and resolutions are some of the critical, but often mundane tasks that employees need to complete. A CRM system enables the staff to quickly record data, and automates the follow ups, and customer records. With all the mundane tasks out of the way, the marketing team can focus their energy and efforts on creating impactful campaigns and the sales team can focus their efforts on converting prospects into loyal customers.
Aids in Marketing Campaigns
A CRM system can quickly analyze available data about individuals and identify the most promising prospects among them. The marketing team can identify their target market and design a campaign to convert them. The CRM program enables employees to plan and monitor their campaigns and analyses the effectiveness of their efforts. By allowing businesses to focus on their most promising segments, and fine tune their marketing strategies accordingly, a CRM system generates greater returns and reduces costs. Time, effort and money that would otherwise have been spent on marketing to individuals who would not become customers is thus saved.
Analysis and Reporting
The CRM program integrates customer and sales data and houses it in one place. This reduces data redundancy and allows the program to track and analyze the buying behavior of each customer. Thus when time comes around for a new product purchase, the CRM system enables the sales team to swiftly swoop in and ensure the customer remains loyal to the company. Additionally, companies have an automatic view of which products and services are selling well and which ones are not. Managers have a clear view of the overall sales and services performance of the company. It also allows them to identify the most and least efficient staff members and helps the HR department when time comes around for bonuses and pink slips.
To rule the market, it is essential that you treat your customer like a king. A customer relationship management system enables companies to focus on their customers and provide the best service to them. The data analytics gives staff an overview of each customer and help them to deliver personalized and customized experience to each and every client. The automation and efficiency afforded by the program gives the marketing and sales departments the ability to create and execute impactful campaigns that will ultimately increase the bottom line of the business.
Contributor : Vidushi