The business process of trading firms is sure a complex one. These companies work to create products or services mainly in the financial and commodity market which is catered to general consumers, retailers, wholesalers, businesses and government enterprises. Trading companies buy raw materials from the producers and through processing create customised products, maintain stock or storehouse and then sell it to consumers. In this whole process, tasks vary from company to company. Most global trading companies are B2B and are specialised in a product or service.
The difficulty businesses face in the process is that many tasks take too much time and are at times cluttered and full of errors. Also, the lack of real-time updates and integration of the business process is the major setback organisations face.
The problem areas that can be smoothed out by an ERP system in trading companies are:
- ERP integration will streamline and improve the important tasks in the business process such as Purchase Order generation from Sale Order, Procurement, Purchase and Sale history, Salesman wise commission calculation and much more.
- Automation of tasks like billing, managing credit amount and days, sending the account statement and sending the customer a reminder letter will significantly lower down the manual work and be a time saver. This will also make the organisation prompt and efficient towards completing any functions.
- The system will also help in tracking and monitoring sales and marketing activities and update the information accordingly. The software enables a seamless flow of information between various departments, making the whole process fast and error free.
- Updation of information on Cost calculation, Invoices, Inventory record and profitability record in real-time is going to help increase the sales department’s efficiency.
- ERP’s open system process will also enable trading businesses to do strategic planning, operational activities and then it’s subsequent execution.
- It will wipe out the information or data gap across departments inside an organisation by updating real-time information and keeping it accessible from anywhere.
- ERP also presents tools that will help the higher management in the decision-making process, data mining and in support system which will help trading companies to work easy and take quick decisions leading to better profitability.
These are some crucial ways businesses can draw significant help from the ERP system, apart from this there are plenty of features that ERP provides which will be of immense help to retail and wholesale traders.
- Warehouse structuring
- Resource optimisation
- All cost calculation
- Multiple selling and buying prices in multiple currencies
- Stock valuation
- Product manufacturing and scheduling.
- Customer management
- Supply chain management
- Delivery and purchase date tracking
- Target achievement tracking
For over 30 years FACT has helped many national and international companies become more efficient and reach goals faster than ever. At FACT we are regularly updating our software and making new versions available to match the changing time. We believe in adding more value each day with every upgrade. If you are still muddled about ERP and how it can exactly benefit your business, simply contact us for a demo at email@example.com or visit our website at www.factsoftware.com.