ERP refers to Enterprise Resource Planning, a business management software that collects, stores, manages, interprets data from business activities, enforces processes, enables control mechanisms, and automates a wide range of activities.
A few decades ago, ERP came into place in the business industry to help businesses streamline their business processes.
Since then, most business organizations have adopted ERP solutions to serve their business, while most organizations are still susceptible to investing in ERP solutions.
ERP has been there for a long time, but most businesses shied away from investing in ERP solutions due to the traditional ways of catering to their needs.
However, with the surge in digital transformation and the evolved digitized way of doing business, ERP, too, has gained traction more than ever.
According to recent research, the value of the ERP market will reach USD 90 Billion by 2025. This high figure market value attributes to the rise in digitized business practices and the prevalence of cloud-based ERP.

1. Tracking Invoices and Payments

One of the tedious processes that businesses face is tracking their invoices and payments, chasing the customers, and keeping track of the status of payments made and payments due. However, Fox ERP makes this entire process relatively smoother with its automated process of tracking invoices and payments.
FOX ERP’s multiple payment terms, such as Post-delivery, Partial advance, 100% advance, make the entire process relatively smooth.
An invoice gets generated automatically, and order flow gets managed as per the payment terms for the customer.
For example, the invoice gets generated for an order based on advance payment, and shipment is not allowed until payment is received.
Also, a supplier invoice record gets generated, which you can use later to make payments to the supplier.

2. Identifying and tracking key performance indicators (KPIs):

Whatever is an organization’s business, identifying and tracking key performance indicators (KPIs) becomes of utmost importance.
Fox ERP helps users automatically identify and track their business’s major KPIs regularly to increase productivity and reduce costs.

3. Identifying open customer queries:

Exceeding customers’ experience is a major goal of an organization.
Identifying and resolving customers’ queries plays a vital role in making businesses flourish in the longer run.
Fox ERP enables users to identify customers’ queries.
It assigns a unique ID to every customer, which helps them track and resolve their queries instantly, leading to customers’ delight.

4. Assigning tasks and following up on them:

Getting things done leads to a profitable business.
Fox ERP enables organizations to assign tasks according to their project’s needs and follows them.
For example: With Fox ERP, users can perform various functions such as adding the project’s status, linking a particular task to the project, and subdividing the task into multiple tasks, among others.
It also gives users the liberty to make a change in the task whenever needed, defining the task’s priority, such as Low, Medium, High or Urgent, entering the progress percentage of the task.

5. Tracking budgets and spending:

Improper budget allocation and unnecessary costs incur considerable costs to an organization.
Fox ERP enables users to set and manage a budget against the project’s cost, thereby helping users control their expenses.
For example, while making online sales, users can set a budget for search advertisements and configure Fox ERP to stop or warn you from overspending beyond a set budget.

6. Maintaining a database of all customers, suppliers, & contacts:

Having a database maintaining details of all customers, suppliers, and contacts keeps every stakeholder abreast of their business goals.
With Fox ERP, the users can maintain the entire database of all their customers, suppliers, and contracts.
It includes essential information such as customer’s details, requests for quotation, supplier quotation, purchase receipt, purchase invoice, which act as a database containing end-to-end information.

7. Selling price based on the actual material, machinery & effort cost:

Fluctuations in selling prices create confusion in the business.
Fox ERP enables users to define a selling price based on the actual material sourced, machinery and equipment required, and effort cost made.
Users can do this by logging the selling and buying rate of an item in the record.
It also gives them the liberty to track the selling and buying price of an item separately.

8. Reminders on maintenance schedules:

Remainders to maintain schedule and leverage activities plays a vital role in maintaining the efficiencies in the business processes.
With Fox ERP, users can plan activities to maintain the machines by creating a maintenance schedule.
This tool is beneficial for organizations that are in the business of machines that require regular maintenance.

9. Publishing user’s website:

Fox ERP enables users to publish a website for their business.
It aids in creating static content such as users’ Home Page, About Us, Contact Us, Terms pages using the Web Page.

Conclusion

With Industry 4.0 in place, the digital transformation forms the core to the future of business practices.
Along with the digitized business practices, having an ERP adds to the efficiency of business processes.
Fox ERP is not only an ERP software but a way forward that makes businesses not only sustain in the short run but flourish in the long run as well.