ERP system helps curtail financial malpractices

When we think of the reasons behind the consolidation of software applications, ( http://www.erppandit.com/ERP-system-helps-curtail-financial-scandals.html )the picture we get is very clear and straightforward. Everyone will agree that purchasing, installing and maintaining one application is best option and less costly than purchasing, installing and maintaining multiple applications. Therefore when a company implements ERP system their business operations get smooth and efficient.

One of the prime reasons the top management is eager to implement an effective ERP system is to stop any financial malpractices. Unearthing more financial scandals increases the responsibility for top management and the system should be capable of bringing such events in to the notice of the top management without any delay. Likewise the current economic situation and new competitive threats continue to make key performance indicators of interest to multiple layers of management and decision makers. Linking more departments into the same application links their information and cost factors in as well. In the case of asset management, that means being able to summon a more complete total cost of ownership picture for specific asset or asset classes from a single application.

Another important benefit of an ERP system is that helps improved collaboration between and within departments. Again returning specifically to the case of asset management, there are a number of different departments and individuals involved throughout the lifecycle of an asset. Providing the right information to all who have involved on right time makes the decision making a easy method and bring a cordial working environment.

Enterprise Resource Planning systems are getting much better at keeping all interested parties informed with what they need to know through configurable views into the data and automatic notifications to proper individuals when certain conditions exist or certain work is completed. On the one hand, this sort of collaboration can bring productivity gains from eliminating manual routing of information and coordinating schedules to avoid having to reschedule or redo work because of something another department did. On the other hand, it can also offer a way to control and ensure processes required for compliance are followed, transferring that responsibility to a computer system that can enforce processes and eliminate some of the opportunities for human error.

Elimination of redundant data is considered to be another reason for integration of application. When a organization maintains two separate and unconnected systems with asset information they will need to store much of the same information about those assets in two separate systems. This redundancy not only implies duplication of effort to enter and maintain information in two systems but also brings up serious regulatory and compliance. Implementation of an effective ERP system eliminates all these shortcoming and can make a the organization attain the desired result in the business.

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