Answer To: HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HI5019 Strategic Information Systems for Business and...
Sarabjeet answered on Sep 20 2021
ERP
ERP
ERP
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Contents
Introduction 3
Business requirements 3
What are the key business processes for Gracious Industries? 3
What are the major control risks for the business processes of the company? 3
Systems requirements 4
What are some of the possible ERP features and functionalities that the company should consider to achieve their business objectives and minimize the control risks? 4
Software selection 6
Visit the websites of at least three ERP vendors and provide a brief description of each vendor and its products. 6
Vendor selection 8
Compare and contrast the features and functionalities of two ERP software packages offered by the three vendors described in the report. 8
SAP Business One 8
Sage ERP X3 9
Which one would be the most suitable vendor and ERP software package for the company and why? 11
Manage suppliers 12
Conclusion 13
References 14
Introduction
The ERP system is defined as integrated system for business management that encompasses all executive departments for example HR, accounting, finance, production and logistics. Application of an ERP system helps to integrate and organize an organization's information flow and operating process. The use of ERP in a business organization helps to optimize the use of various resources including machines, money, and materials. The ERP system is a module that can be customize to suit business needs and process requirements (Asgar and King, 2016). Whenever any organization makes a decision to implementing an ERP, the ongoing process has an impact on the ongoing process of the organization. Choosing the right process and vendor for implementations of ERP system is an important requirement of the association. This specific report focuses on identifying the criteria and procedures for selecting the right vendor for Gracious Industries.
Business requirements
Key business processes for Gracious Industries
Gracious Industries is a private limited company with 35 employees and over 10.5 million sale revenue in the last year. It has been in business for 40 years and supplies electronic parts to many different businesses, including hardware stores and supermarkets (Boniecki and Rawłuszko, 2018). Over the years, the company has seen an increase in orders in some of its new green product ranges.
What are the major control risks for the business processes of the company?
Gracious Industries has recently lost some key accounts due to his inability to produce some of his products at a competitive price. Although the company had hired an accountant who kept their books for them and made financial statements every year, the company felt it needed more information to run its business efficiently. They felt that investing in accounting software needed to take their business to the next level (Chandrakumar and Parthasarathy, 2016). Faced with the threat of information age, unpleasant direction, to encourage rapid development, Gracious Industries hold good influence or authority over information technology to the power of primary path of information warfare. Generally, each enterprise pursues interest and profit in organizing financial activities. In fact, an enterprise can grow very faster, moreover efficiently than before, when an enterprise information management outcome has to be put in the right place whether it has already thought about something (Huang and Zhu, 2013). ERP can help an enterprise successfully complete its revolution of development as the most powerful weapon.
Systems requirements
What are some of the possible ERP features and functionalities that the company should consider to achieve their business objectives and minimize the control risks?
ERP system offer distinct benefits for the businesses in nowadays environment as well as indicate that managerial advantages are prominent where faster decision making is needed using accurate information. Organizational advantages from the ERP can also be divided into a five types, which may include managerial benefits, operational, strategic benefits, organizational benefits and IT infrastructure benefit (Kim and Park, 2016). The first ten benefits of ERP's Gracious Industries include improve management decisions making; better financial management; Better consumer retention and service; Ease of the expansion/ development and raise flexibility; faster, more correct transactions; Reducing headcount; Reduce cycle time; asset management/Improve inventory ; Less material resources/superior logistics; moreover revenue increased. When compare these findings, it’s simple for Gracious Industries to look at some of the similarities in ERP advantages, most significantly, the ability to make good decisions by obtaining good information about managerial benefits such as finance, inventory, operations and resources; Furthermore operational advantages, including decrease of process costs throughout the automation and cost reduction in inventory through process remodeling and warehouse rehabilitation and process changes (la, amy and nya, 2018However, ERP is essential for Gracious Industries to ensuring success, although there are all the benefits a business brings to its ability to align ERP functions. Management also needs to recognize its shortcomings and make drastic changes to organizations that need to be corrected. For Gracious Industries ERP means productivity, inventory and production comes to the mind. Few people ever consider finance or financial records. There is rarely a connection between the many benefits of the ERP system and the financial management of the company (Maas, van Fenema and Soeters, 2014). A comprehensive view of income, cost and profits among the advantages that ERP solution may offer. Just as ERP can help to get better departmental effectiveness and productivity, it also provides tools to get better and streamline a business’s finances for Gracious Industries including:
· Income statements;
· Reporting;
· Banking;
· Balance sheets;
· Financial accounting systems;
· Consolidation
By simplifying the financial records, statements as well as back-office economic management processes, industries can make sure maximum efficiency, accountability and productivity are achieved. The ERP system provides users with information about the current status of a company for example user sales, billing, and order management, budget and accounting reports and to make smart financial decisions for future planning. Gracious Industries can create comprehensive statements to understand better information utilizing ERP software (Ma’arif and Satar, 2018). If Gracious Industries use it present budget, ERP software can generate a report that can offers particular budget amount moreover expected budgets depends on the past trends, as well as establishes multiple budget alternatives based on particular "what-to-do" criteria combined with different reports. By combining multiple statements or reports, Gracious Industries obtain an accurate picture of their business financial position and income records are a complete record of business's income and costs over given time period.
Software selection...