Introduction:
Oracle ERP (Enterprise Resource Planning) module is one of the top solutions that most businesses pick in the frantic world of enterprise resource planning software. It has several benefits and is the leader in ERP. For businesses, it is incredibly effective in sales and inventory reconciliation. In addition, this powerful module for project management can also extract data.
Top 5 Oracle ERP Modules for Your Business Needs:
Real-time reporting, business information, and business-related choices are all part of the vast Oracle ERP system for managing operations and procedures. In addition, Oracle ERP software has a sophisticated, intelligent voice-based user interface and robust Generation 2 public cloud features (UI).
The following are the top ERP modules that help with business needs:
Finance
The accounting and finance module is the main ERP module since it aids organizations in evaluating their financial situation and making projections for the future. This module’s most crucial functions include managing the general ledger and tracking accounts payable (AP) and accounts receivable (AR). Additionally, it creates and maintains archives for crucial financial records, including tax returns, payment receipts, and balance sheets.
The accounting department will be able to promptly complete its books and adhere to current revenue recognition criteria thanks to the finance module’s automation of operations related to invoicing, vendor payments, and account reconciliation. Additionally, it includes the data that analysts and financial analysts need to gather for crucial reports like profits and losses (P&L) statements and board reports, alongside enabling the development of scenarios.
Procurement:
In this module, the businesses may maintain a list of approved vendors and link the suppliers to particular products. In addition, the module can make it simpler to track and evaluate quotations that have been received as well as to request quotes.
The procurement module assists the buying department in creating and issuing purchase orders when a company accepts a bid. It will then keep an eye on that buy order until the seller turns it into a sale order, at which point it will swiftly ship the products and update the inventory levels as soon as they arrive.
Inventory Management
The inventory management module enables SKU-level monitoring of inventory levels and locations. The module offers a thorough picture of both the inventory that is already on hand and that is being added as a result of the integration of the purchasing tool. This program assists firms in controlling inventory expenses and guarantees that they have sufficient inventory without too much cash on hand.
Businesses may use inventory management software without other supply chain management tools to manage sales orders, purchase orders, and delivery. However, larger businesses will need a tool that tracks inventories across several sites.
Supply Chain Management
Supply chain management software tracks the movement of supplies and goods from suppliers to sub-suppliers to distributors, manufacturers, retailers, and consumers. Additionally, it manages the manufacturer’s return of any goods or materials for a refund or replacement.
Warehouse Management
It aids businesses in creating labor strategies based on projected volumes. Depending on which picking strategy is most effective for a certain organization, warehouse management software will allow for several picking techniques, such as wave picking, batch picking, and zone picking. Employees will be assisted in selecting the most effective approach via certain modules.
Conclusion:
Consider the benefits and drawbacks of the Oracle ERP system while choosing the finest software for your business. Don’t let potential drawbacks stop you from using the technologies that can advance your business. The advantages of the systems are frequently larger than the disadvantages in the majority of ERP firms. In the long term, the benefits of deploying ERP systems make the investment worthwhile due to the potential for improved operations and higher production.
Convelox is an IT leader with a mission to provide high-quality cloud consulting services. To enable a smooth transition to the cloud, we have highly qualified cloud consulting specialists with years of practical expertise and an in-depth understanding of Oracle Cloud Applications.
