Enterprises face difficulties regularly even with the slightest error in workflow management. Due to this, the need for the Enterprise Resource Planning (ERP) modules emerged for connective channeling in productivity since enterprises face the consequences of erratic business operations.
Enterprise Resource Planning (ERP) is an effective database-sharing medium for the timely assessment and reporting of daily operational tasks. It helps in displaying information like financial flow, human resources, supply chain, distribution, and various other minute tasks in the multiple-servers system. Oracle ERP modules elevate the decision-making process and forecasting accuracy to plan in resource management.
Every single module is designed based on departmental requirements and routine tasks commonly occurring in enterprises. These modules contain different functions to offer in the ERP system.
For instance, a company has a large-scale supply chain for delegating regular material and product distribution. So it would require a supply chain-specific module in the system that can be commonly accessed by the channel partners. This makes sub-organizational management efficient by focusing on single-unit work delegation in multiple-line organizations.
Certain Oracle ERP modules for organization software can be deployed by hiring dedicated developers from enterprise software development services.
Before approaching them, know about these modules in detail.
Top 8 Essential Oracle ERP Modules
Financial management is the base of any ERP system. The enterprises are incomplete without monitoring all the finances and assets allocation occurring from their business accounts. Since it is an arduous job to keep detailed records in the ledger books, the Finance ERP module simplifies this by keeping a regularity for every capital transfer.
ERP Finance module assists in recording expenditures and withdrawals, vendor payments, asset management, and various records related to business finances.
Supply Chain Management
Supply chain management (SCM) involves the coordination and optimization of various activities such as procurement, production, inventory management, logistics, and distribution. Hence, the supply chain management module in an ERP system is specifically designed to support and streamline supply chain-related activities.
It enables organizations to achieve better visibility, coordination, and control over their supply chain operations. It enhances operational efficiency, reduces costs, minimizes inventory holding, improves customer satisfaction, and supports strategic decision-making in supply chain management.
Manufacturing is a constant process of warehousing, procurement, and distribution of raw materials and by-products requiring consistent monitoring of this channel. For that, The manufacturing processes module in an ERP system supports various activities by providing functionalities and tools to manage and streamline the entire manufacturing lifecycle, from planning and scheduling to production and quality control.
In this manner, it supports effective planning, scheduling, resource allocation, and quality management, leading to improved productivity, reduced costs, enhanced product quality, and faster time-to-market for manufactured goods.
Risk management is a crucial factor for the assessment and planning of resources management for appropriate decision-making. To elevate this, the risk management Oracle ERP module is designed to help organizations identify, assess, mitigate, and monitor various types of risks that can impact their operations. Its features and tools proactively manage risks, enhance decision-making, and ensure compliance with risk management policies and regulations.
With this module, organizations can systematically identify, evaluate, and mitigate risks, leading to improved risk awareness and overall business resilience. It helps organizations protect their assets from reducing potential losses by ensuring regulatory compliance and enhancing stakeholder confidence.
Human Resources is a major department for any enterprise. This division has to handle all employee and organization budget records for policy compliance, which is an extensive job to achieve. To simplify that, An ERP system’s Human Resources (HR) module is made to automate different HR procedures and tasks within an organization as a central location for keeping track of personnel information, HR regulations, and supporting HR-related tasks.
Through this, businesses can boost employee engagement, increase data accuracy, streamline HR procedures, and assist compliance with labor laws and regulations.
For instances of multiple orders, it is complex to handle them simultaneously from different locations. A system for enterprise resource planning (ERP) includes an order management module that is made to handle and automate the complete order management cycle, from order placement to order fulfillment and delivery. Its features and tools effectively handle customer orders, update inventory availability, and plan order delivery.
This module improves order accuracy, and speeds order fulfillment to coordinate logistics and shipping tasks effectively. To take a look at the customers’ complete picture of their orders and to improve overall business operations, the ERP module is integrated with inventory management, customer relationship management, and finance modules.
Customer Relationship Management
Any business cannot survive in the marketplace unless they retain and generate customer value. Tracking the conversion rate and lead generation can bring revenue. Thus, businesses usually require a Customer Relationship Management module to check on the sales and marketing execution as it can help in analyzing its impact on the customers.
It involves customer engagement functions like quotation, contacts database, lead data, purchase history, sales representative conversion success, etc.
Enterprise Performance Management
It is an Oracle ERP module for analytical purposes that handles and evaluates overall enterprise performance in every division like finances, marketing, human resources, inventories, and other operations aspects. This module illustrates the core areas that bring profit or losses, the scope of improvement, and diagnosis.
This module supports planning, forecasting, budgeting, monitoring, and reporting on overall operational performance. Due to its ability to go into the nexus of finances, it can also determine account taxes, budget and resources allocation, and other factors for cost saving.
Oracle ERP modules provide an advanced solution for enterprise tasks irrespective of how complex or easy they can be as the ERP systems enable work and resources management. It reduces the possibilities of time consumption and costs in delivering the final process output.
Nonetheless, additional and irrelevant modules in the Oracle ERP systems can lead to data overload and excessive spending. In case the corporation does not identify its operations structure and pursues excessive module integration, it can hinder its system’s performance.
To avoid that, you need to hire dedicated developers from custom software development services who can provide assessed guidance on your business requirements and what you need to choose for database management.
If you have any doubts concerning your business concerns, our software developers are available to assist you in the consultation. Feel free to contact us!