Contact Us

×

Inspirational journeys

Follow the stories of academics and their research expeditions

What Is ERP?

Tech Leads IT

Tue, 16 Jul 2024

What Is ERP?

ERP stands for Enterprise Resource Planning. This is one of the most important assets for any organization that wants to build a centralized platform. Before we get into the details of ERP, let me give you an example where everyone can understand why ERP application is a key resource for all organizations.

Ravi started a small business who is selling Delicious sweets to his customers which are made in his home located in Chennai. To make sweets, he needs lots of raw materials such as Sugar, Milk, Oil, Ghee, Gas, etc. Since it is a small business he used to update all his transactions like Purchasing raw materials and sales orders in an excel sheet, initially, he takes care of all the work which is related to cooking, cleaning, and delivering items to the customers. All his customers are very happy and they started referring his products to their relatives and friends who are residing nearby cities. His business has experienced exponential growth in the last few months, and revenues have climbed by more than 100% within a shorter period.

A few of his friends who stayed in Hyderabad and Bangalore got to know about his success in Sweet shop and suggested Ravi start his business in other cities as well. He launched a couple of branches in Hyderabad and Bangalore. With the Quality food and best customer service, customers are pleased and sales orders have shown tremendous growth.

Now, his business is established and has seen success in many cities. Ravi is not able to maintain all his branch's data in excel and word documents. He is looking for software that can take care of all his business transactions such as employment history, purchase orders, sales orders as well as inventory. As per his friend’s suggestion, he purchased five different applications from different vendors to maintain Employee Data, Purchase Order data, Sales Order data, Inventory data, and Financial Data. When it comes to financial transactions such as supplier’s payment, day-to-day transactions - Tax calculations, Expenses, profit and losses, Assets, and Liabilities. Initially, he is able to maintain all the data in different applications. Still, he is unhappy to see his data in different applications as it is taking a long time to collate and get insights as well as plan for purchasing raw materials.

Please see his business growth from 2009 to 2022 where all the transactions have increased.

Year

Employee Count

Purchase Orders Count

Sales Orders Count

Branches

Suppliers Count

Customers Count

2009 (Inception)

1

10

50

1

1

50

2010-2015

200

50,000

1,50,000

10

100

500

2015-2020

350

1,00,0000

2,50,00000

20

600

10,000

2020-2022

6000

1,50,0000

4,00,00000

30

100000

18,000000

 

After some time there is a need for a sophisticated application where all the company business transaction is maintained/organized/tracked. That software application should give answers to mentioned questions as he maintained his data in different applications.

1.       What is the overall company performance or specific branch/country performance?

2.       What is the company growth comparison compared with previous years/quarters?

3.       What is the company turnover and profits?

4.       What is the equation of stock/supply and demand numbers?

5.       Company Employees Maintenance

6.       All Company Finance Transactions

7.       Company Sales/Purchases/Payments/Receipts Etc.

One of the IT Company suggested he buy an ERP application that will solve all his problems and ensures to provide real-time data within a short period of time. IT Company explained that this ERP application has several modules which are interlinked and shared data with other modules. Based on this functionality, the business team can take quick decisions to buy raw materials from suppliers to meet customer demand, Employee satisfaction, and financial transactions (Accounts Payable and Accounts Receivable). Based on the nature of the transaction, the application will trigger the corresponding module. By using the Oracle ERP application, we can monitor Procure to Pay (P2P) and Order to Cash (O2C) transactions as it has an integration between all SCM and Financial modules.

The main components of an ERP application are listed below.

1.       HR Module – Employee data

2.       Finance Module – Accounts Payable, Accounts Receivable, and all finance-related transactions, etc.

3.       Inventory Module – Stock Counting, planning, storing the data, etc.

4.       Procurement Module – Purchase order data, Supplier data, Supplier agreement, etc.

5.       Order Management – Sales Orders data, Customers data

6.       Costing Module – Item and inventory valuation

The majority of the companies such as Telecom (Airtel), Pharmacy (Aurabindo), Cult Fit (Indian Company), and Manufacturing, etc. are using Oracle Fusion ERP technology. We at “Techleads IT” provide training on the below-mentioned ERP Modules

 

1.       Oracle Fusion Supply Chain Management

2.       Oracle Fusion Human Capital Management

3.       Oracle Fusion Financials Training

4.       Oracle Fusion Technical + OIC Training

5.       Oracle Fusion Manufacturing Training

6.       Oracle Fusion Planning Central Training

7.       Oracle Fusion PPM Training

 

Tech leads IT has been existing in the market for more than 10 years and achieved excellent fame by providing real-time examples. We have professional trainers who have more than 10 to 15+ Years of experience in large-scale companies. Our students are placed in many companies and are very happy with the training. We are providing training in different methods such as Classroom, Online as well as corporate offices. We do have a Learning portal (https://lms.techleadsit.com/home/login) where students can access it anywhere and learn new concepts at their convenient time. Each and everyday training session are going to be uploaded to this portal for students' review. Our trainers prepared high-quality course content material with real-time examples and screenshots. Students can easily practice while going through these documents and improve their application knowledge. In every class, we conduct Q&A sessions to gauge the student's understanding of the subject and provide constructive feedback. Our goal is to train the students in ERP technology and place them in reputed companies. Whenever Oracle introduced any new concept, we will conduct a workshop where we invite all our students and share the new functionality and how it helps the business teams to achieve potential benefits.

 

Key Highlights:-

 

·         Learning Portal

·         Real time experienced trainers from reputed companies

·         Resume Preparation for Fresher’s and experienced Folks

·         Mock up interview preparation

·         Job Placements

·         On Job Training and Support

·         Oracle Certifications

 

Some of our students shared feedback in Google reviews and Our Success Stories

 

I have joined this institute in Feb 2022 for Oracle Fusion SCM Module and I am fresher in this field. But now I have gained very good knowledge in Oracle in just one and half months. Mentor Krishna Sir is the best in every corner, his knowledge, soft-spoken behavior, discipline, and his way of teaching, gives real-time scenario, explained theoretically and practically at the same time and he clears all doubts while teaching and also after the class. Also, they provide material and documents for practicing. The management team is also good. They give quick responses to your queries. Will definitely recommend to others to join this institute.

 

0 Comments

Leave a comment

WhatsApp chat