Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) are among the most popular options available for businesses aiming to streamline and leverage their company operations. ERP and CRM are software programs that automate laborious manual activities and link data from several departments. Although they share some mutual characteristics, ERP and CRM are not interchangeable, as each has a unique role.
In this blog, we will be looking at the differences between ERP and CRM, their features, and how your business can benefit from these software tools.
Table of Content
- Definition of ERP and CRM
- Understanding key features of ERP and CRM
- Benefits of ERP and CRM
Definition of ERP and CRM
What is ERP?
ERP is a comprehensive business management software that allows companies to manage their business processes. These processes may include financial management, business analytics, human resources, supply chain management, and project costing management, all of which are integrated into one system.
Using an ERP system is a pragmatic way to deal with data duplication problems because it clarifies communication between different departments/headquarters. With an ERP, your information is stored in a central database, making it accessible to anyone authorised. This aids in keeping all data consistent and accurate, which later can provide helpful insights that are crucial for the decision-making process.
What is CRM?
CRM (Customer Relationship Management software) is designed to help businesses handle customer-related interactions. It provides many features for sales, marketing, and customer service departments.
With a CRM, businesses can manage their relationships with customers, track their interactions, and get valuable insights into customer behaviours. With that, businesses can personalise their interactions with customers and build long-lasting relationships.
Understanding key features of ERP and CRM
Key Features of ERP
- Financial Management: Synergix Financial Management enables your firm to efficiently manage your money and maintain compliance with IRAS rules. Our ERP System compiles a segmented analysis for each of your company divisions to support your financial viewpoints. If any orders are created, the system will notify your salesperson and finance controller to guarantee uninterrupted cash flow. Our financial management module also helps eliminate the laborious process of consolidating financial statements. Additional capabilities include the ability to work with several currencies, tax reporting tools, fiscal period management, contract entry, interbank transfers, and check printing.
- Human Resources Management: ERP software assists HR departments in managing employee details such as payroll, attendance, and performance. As a result, it would create positive changes in the recruitment process, reducing the turnover rate and enhancing the general quality of your workforce.
- Supply Chain Management: Synergix Supply Chain Management system gives your business unparalleled capabilities tailored to the Trading and Distribution sector. Some of the examples are sales quotations with online approval workflow, stock reservation tracking, and back-to-back order management. Additionally, it is completely connected with all operational processes, such as contract administration, warranty management, maintenance management, and customer relationship management.
- Business Analytics: Synergix Business Analytics helps users obtain better insights and make timely, significant choices. It will be feasible for you to gauge, oversee, and record the effectiveness of your several company units and operations. With this module, it is easier than ever to compare the performance of your different business units using statistical data or visually appealing graphical representations. It would also be beneficial to receive early notification of any underperforming markets and units so that you can correct the issue and lessen the severity of the loss.
Key Features of CRM
- Sales Management: CRM systems automate the sales process, letting your sales team focus on closing deals and generating revenue. CRM’s ability to segment your sales and customer data into digestible parts is one of its strongest benefits.
- Lead Management: Lead management would be a vital inclusion in any list of CRM features. Thanks to technology, a company may use psychographic and demographic data to identify the best consumers to follow up with. Similar to lead scoring, it increases your sales team’s productivity and efficiency by assisting them in concentrating on the appropriate leads at the appropriate moment.
- Customer Relationship Management: ERP and CRM software both provide tools for managing customer support cases, reducing response time, and improving customer satisfaction.
Benefits of ERP and CRM
Benefits of ERP
- Improved Communication: ERP software centralises data, making it readily accessible by authorised personnel across all departments. This can improve communication within the organisation, leading to better collaboration and decision-making.
- Increased Efficiency: By automating procedures throughout the company and combining several business tasks into a single system, ERP reduces operating expenses. Many administrative and operational costs, such as those associated with repetitive or human data input, are reduced or eliminated by ERP systems. This allows employees to focus on more creative initiatives that spur development by doing more work in less time with fewer resources.
- Reduced Costs: Implementing an ERP system can help minimise the cost of managing different software systems separately. As it streamlines processes by reducing repetition, it helps increase efficiency.
Benefits of CRM
- Customer Segmentation: Working with a disorganised list of thousands or even hundreds of contacts will be extremely difficult and unpleasant. CRM assists you in grouping contacts from both prospects and customers into specific target audiences according to categories such as geography, gender, age, etc. From that, you can send emails that are tailored to each customer’s preferences, interests, and values rather than sending out a generic email to all of them.
- Increase Sales: By unifying customer data and providing insights that help businesses understand more about consumer behaviour, CRM software can help organisations identify profitable opportunities leading to increased sales and revenue.
- Improved Customer Satisfaction: CRM systems help organisations provide the best customer experience by allowing businesses to personalise client interactions, improve response times, and offer reliable support.
ERP and CRM systems are powerful tools designed to simplify management processes for various organisations. Hopefully, this blog provides you with insights into the differences between ERP and CRM, their key features, and benefits, helping you decide which enterprise software is best suited for your business.
Synergix Technologies would be pleased to provide you with top-notch cloud-based or on-premises ERP solutions. We have over 600 satisfied clients and serve over 30,000 users with our ERP systems. By using Synergix ERP software, qualified enterprises can get funding of up to 50% for qualifying expenses since the product is approved by IMDA.
Get in touch with us now to schedule a free consultation!