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Don’t Speak ERP? No Problem! Learn the Lingo with These 15 Easy Definitions

Greetings to our ambitious founders who have decided to opt for an ERP for their new Business! 

There are a multitude of challenges and decisions you shall encounter as you embark on your entrepreneurial journey. You’re surely no stranger to hard work, dedication and you understand the hustle involved in building a successful business. With so much on your plate, surely it must be a daunting task to understand the complexities of adopting ERP and the jargon around it. 

Firstly, let’s touch up on what exactly an ERP system is! It is an integrated suite of modules that help businesses manage and streamline various functions such as finance, accounting, human resources, sales, procurement, logistics and supply chain. 

We understand that the terms and definitions associated with ERP systems can be overwhelming, especially for business owners who are new to the concept. 

Fear not, for we’ve got you covered! In this Blog, We will explore key terms and definitions related to ERP systems,which shall help you  make informed decisions and empower your knowledge and will have you speaking ERP fluently in no time.

Get ready to conquer the world of enterprise management software and propel your startup to success!

1) Modules :
ERP modules are specialized components that offer functionality for various business operations such as sales, inventory management, accounting and human resources.

2) Dashboards :
ERP dashboards provide real-time insights and visual representations of key performance indicators (KPIs), allowing you to keep track of your business operations in a single glance.

3) Workflows :
ERP workflows automate repetitive tasks and ensure smooth transitions between different stages, streamlining your business processes and saving time.

4) CRM (Customer Relationship Management) :
A system that helps businesses manage interactions with their customers and potential customers fostering better customer loyalty. 

5) PLM (Product Lifecycle Management) :
PLM tracks every stage of a product’s life, from design and manufacturing to maintenance and obsolescence, ensuring that your product is well-managed from conception to retirement.

6) POS (Point of Sale) :
ERP POS systems handle your transactions, manage inventory and keep your sales data organized, making it a one-stop solution for all your retail needs.

7) Integration :
The process of connecting various modules and functions of an ERP system to work together and share data seamlessly.

8) Customization :
Tailoring an ERP system to meet specific business needs and requirements. 

9) Implementation :
The process of installing and configuring an ERP system to suit a business’s needs and requirements.

10) Cloud ERP :
ERP software that is hosted on the cloud, allowing businesses to access the system from anywhere and on any device. 

11) Business Intelligence (BI) :
Software and tools that help businesses analyze and interpret data from various sources to make informed decisions. 

12) Supply Chain Management (SCM) :
The process of managing and optimizing the flow of goods and services from suppliers to customers.

13) Business Process Automation (BPA) :
The use of technology to automate manual business processes, reducing errors and increasing efficiency.

14) Business Process Management (BPM) :
BPM is the practice of improving and optimizing a company’s business processes. It involves mapping, analyzing and redesigning business processes to increase efficiency, reduce errors and improve productivity.

15) Business Requirements Document (BRD) :
The compass that guides your project, capturing the essence of your business needs and paving the way for successful execution.

By delving into the world of ERP lingo, you’re now equipped to navigate the exciting landscape of enterprise management software. Mastering ERP lingo can unlock the doors to better communication and informed decisions when selecting an ERP system for your business. 

“Supercharge” your startup’s potential with Odoo, the all-in-one business software solution that streamlines operations, boosts efficiency and scales your business with ease. Success ,afterall, lies in leveraging technology intelligently.

For more informative blogs and to stay updated on the latest trends,
Follow us at Pragmatic Techsoft.

Together, Let’s Revolutionize your startup’s journey towards excellence!


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