Business Analytics – Coursework Example

Enterprise Resource Planning (ERP) Enterprise Resource Planning is the integration of all essential business process such as the relation management (CRM), Human resource management (HRM), accounting system and management etc. ERP software combines these different functions into one comprehensive system to streamline the information throughout the organization (Harwood).
To be exact ERP system consists of combined databases that assists and support numerous functions at the same time. In other word, it offers an automated synchronized reporting. Not only may this ERP features also include a portal or dashboard that can assist employees to understand the business more easily and performance efficiently. It can also facilitate in measuring the performance of employees (Harwood).
The Business Value of ERP
It offers a generalized view of the data. This not only facilitates the employees, but allows the business to be proactive in addressing more essential concerns.
Accurate and in time decision can pave the path of future success.
It helps in minimizing risks and facilitate the financial compliance
Enable business to adopt the automated core business operations such as lead-to-cash, procure-to-pay processes and order-to-fulfillment, etc.
Improves customer service by enabling the business to offer one source for billing and relationship tracking.
Customer Relation Management
CRM (customer relationship management) is a methodology or software with an integration of Internet to assist the business in managing customer relationships in a much more systematic and organized manner.
The Business Value of CRM
In today world, every business is competing and struggling to find its position into global market. CRM can play a vital role in success of the business. CRM enables the business to provide prompt, quick and accurate service to the customer. That enhances customer loyalty and good will leading to success in short as well as long run.
Value of CRM for any business (Peelen)
Success Story
IKEA is one success story that has maximized the market share by applying CRM based on ERP. One such recent application that led to success with IKEA is the application of ERP and CRM in Dubai (The Implications of ERP Implementation at IKEA, Dubai).
Challenges in application of ERP and CRM
The dynamics of the world of technology is based on innovation. The biggest challenge in application of ERP and CRM is that it should be precisely according to the needs and requirements of the business. Before the application of ERP and CRM, a detailed an analytical need analysis is essential. If the software applied is not in accordance with the business needs, the desired results cannot be achieved (Peelen) .
Works Cited
Harwood, Stephen. ERP: The Implementation Cycle. Butterworth-Heinemann, 2003.
Peelen, Ed. Customer Relationship Management. Financial Times Prentice Hall, 2005.
The Implications of ERP Implementation at IKEA, Dubai. 2012. 21 04 2014 .