The Silicon Review ^Asia

Forecasting future business functions is the basic functionality of ERP software. It plays a significant role in assisting enterprises in achieving regulatory compliance. Businesses that knowingly or unknowingly violate industry rules could face a massive amount of penalty, but with ERP software, the enterprises can track and adhere to all applicable rules. Organizations that invest in ERP software will increase their security, traceability, and visibility of their data to facilitate regulatory compliance. To yield more consistent data and achieve greater workflow efficiency through ERP software, the organization must streamline their business processes into a single system. The ERP software comes with customizable reports and a wide array of built-in dashboards, which will provide proper visibility into the performance and health of the business.

An increase in visibility will help the businesses maintain accurate bookkeeping, which will give a realistic picture of the business performance. Tracking products in each stage of supply is an important part of regulatory compliance in the manufacturing industry. Supply chain components and inventory tracking in ERP software will ensure that the products are in pristine condition from the point of acquisition of raw material to the distribution of finished goods. An organization must choose its ERP system carefully because certain key factors must be fulfilled to meet the business needs.