How ERPs Help Businesses Address Forecasting Needs
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The document discusses the importance of Enterprise Resource Planning (ERP) software in helping businesses with their forecasting needs. It highlights how ERPs enable accurate demand, financial, and supply forecasts, which are crucial for efficient business management in a competitive environment. By utilizing ERP tools, managers can better predict future orders, revenue, and supply chain timelines.
How ERPs Help Businesses Address Forecasting Needs
- 1. How ERPs Help Businesses Address Forecasting Needs Joseph Donchez
- 2. Introduction An accomplished software sales and management executive, Joseph Donchez has more than two decades of experience having worked for various organizations throughout his career. Joseph Donchez was a senior enterprise sales account executive at Oracle, where he sold numerous types of business software including enterprise resource planning software (ERP).
- 3. Nowadays, businesses are increasingly adopting the use of enterprise resource planning software to remain relevant in a highly competitive environment. ERP has become integral in managing and operating businesses more efficiently. One of the key functions of ERP is forecasting which enables users, especially managers, to access tools and resources that will help in providing accurate and effective forecasts. An ERP can help with demand forecasts which are orders a business anticipates to have in the future. Using this software, a business is able to classify and predict orders based on customer numbers, products or geography.
- 4. In addition, an ERP helps a business conduct financial forecasts which predict the expected revenue of a business as well as future capital requirements based on business performance. Financial forecasts are critical especially for businesses working on long-term projects. ERPs also address supply forecasts by helping businesses to examine their supply chains and predict when materials shall arrive. Some of the key issues surrounding supply include shipping schedules and weather patterns which have an impact on supply timelines.