ERP

Structure

Structured compliance architecture exists across various business units. Regulatory and compliance information can be created and maintained from a centralized location

Integrating a business software module into an ERP has several advantages. Which of the following business software modules includes customer payment information?

TPS Software

ERP software takes data from CAD files and

decodes the design and manufacture specifications into usable information for use throughout the manufacturing process.

Oracle NetSuite is the world's most widely used Cloud-based ERP system.

widely used Cloud-based ERP system

Outcomes of an integrated approach include

better visibility of customer relationships, faster billing, and single-source reporting via user-customized dashboards.

The overall cost of ERP software can be prohibitive for some organizations. ERP software packages, including licensing, can exceed

$100,000

The overall cost of ERP software can be prohibitive for some organizations. ERP software packages, including licensing, can exceed _____. ERP systems often have a steep learning curve. Due to the variety of capabilities included in many software packages, it can be difficult to implement, comprehend, and utilize a new ERP system. The costs associated with ongoing maintenance of an ERP system need to considered. Maintenance costs include personnel required to do software training, additional IT personnel, and consultants.

$100,000

Two key benefits of an HRM module within an ERP system are

(1) a centralized location for data access and analysis and (2) enhanced opportunities for decision making.

Using a module approach has some distinct advantages

A module approach allows businesses to acquire specific modules that are relevant to its operations. Additionally, it can add or delete modules as market conditions changes.

Why is an organization's chief financial officer more likely to have an accurate picture of its total cash flow if the organization has ERP software that integrates its financial management system? More than one answer may be correct.

A single cash flow report can be generated for the entire organization.A single cash flow report can be generated for the entire organization. Real-time cash flow information can be generated quickly, at any time. The ERP system is probably easy to implement, comprehend, and utilize.

Tangible assets

A tangible asset has a determined value and is usually in a physical form. Includes land, equipment, and inventory

Intangible assets

An intangible asset is not physical in nature and has a theorized value. includes goodwill, brand equity, intellectual property, patents, and trademarks.

Software that businesses use to manage activities in both the internal and external operational environment is known as Enterprise Resource

Planning

What business software applications are commonly integrated with an enterprise resource planning (ERP) system as modules? Select all of the correct answer options.

CRM PM BI

Describe benefits of cloud-based ERP systems over on-premises ERP solutions. More than one answer may be correct.

Cloud-based ERP systems allow organizations to access reports from remote locations. Cloud-based ERP systems have lower IT infrastructure expenses. Organizations using cloud-based ERP systems have reduced IT labor expenses.Organizations using cloud-based ERP systems have reduced IT labor expenses. Cloud-based options provide more control over on-premises ERP solutions.

While ERP systems offer many benefits, there are some drawbacks associated with implementing these systems.

Cost Learning curve Maintenance costs

Accounting systems that record ledger journaling and billing, as well as perform a variety of other financial calculations and tasks, are commonly being integrated with

ERP Systems

Individual modules are integrated with the __ thus allowing for a single source for organizational data retrieval and analysis. You can think of an ERP system like a tacklebox and the modules as the different pieces of equipment in the tacklebox (lures, fishing line, bait, pliers, etc.). Each piece of equipment in the tacklebox has a specific use just as each module in an ERP system is designed for a specific use. However, all the pieces together are used for a fishing expedition, just as all the modules in the ERP system are used for the business.

ERP system

learning curve

ERP systems often have a steep learning curve. Due to the variety of capabilities included in many software packages, it can be difficult to implement, comprehend, and utilize a new ERP system. Proper planning for implementation and use are important factors to consider when choosing an ERP solution.

Users often find it difficult to implement or even comprehend a new ERP system without significant training because of

ERP's steep learning curves

Software that businesses use to manage activities in both the internal and external operational environment is known as

Enterprise Resource Planning (ERP).

Increasing operational efficiency and business value is important to the overall success of an organization. In order to increase efficiency and value, many organizations have turned to __ to provide guidance on the processes and procedures that contribute to success.

Enterprise resource planning

The client and the project manager must negotiate the objectives during the initiation phase of a project. They also determine if the project is feasible by addressing the following questions.

First, they ask if the project is attainable; that is, is it possible and effective? Second, they ask if the project is realistic; in other words, is it affordable in terms of time and resources?

Visibility:

Improved visibility of business activities and financial reports is due to access from a single source of truth.

Human resources

Includes all of the employees within an organization.

Speed

Increased speed of financial report generation is due to the streamlined consolidation of financial data from different operating areas.

Saves time

Information provided by payment processors in the past was delivered as batch information, which had to be recreated and entered into a system. With TPS and ERP integration, this information is immediately processed and made available for review.

Which two of the following statements describe key benefits of an integrated computer-assisted design (CAD) module within an ERP system?

Managers can track processes that use computer-assisted design throughout an entire manufacturing cycle. Managers can monitor the use of materials, machines and labor, and level of completion within CAD processes. Managers can follow transaction-based business processes throughout the organization's entire network. Managers can monitor all critical relationships that have been developed with both customers and suppliers.

Customizable

Many ERP systems allow for customization. Organizations can customize the ERP system to meet specific requirements and objectives that are outlined by management. This creates customized reports and output that are focused on strategic objectives, thus leading to more informed decision making.

Access to data

Most ERP systems are designed to be user friendly and provide members of the organization from upper-management to lower-level employees the ability to access and interpret data.

Centralized database

Organizations create and consume many different types of data that are generated from the internal and external operating environments. These include production, inventory, accounting/financial, and human resources. ERP systems are used to consolidate this data in a central location for access and retrieval, which cuts down on data redundancy and access time.

maintanance costs

Organizations need to plan for the costs associated with the labor and time necessary to deploy an ERP system. Additionally, the costs associated with ongoing maintenance need to considered. Maintenance costs include personnel required to do software training, additional IT personnel, and consultants.

There are advantages to integrating TPS with ERP.

Saves time Reduces human error Cash flow reporting Labor cost reporting

Cloud-based ERP systems are a form of

Software as a Service (SaaS).

Sally runs a shop on Etsy that has become quite popular after one of her Instagram posts went viral. She'd like to capitalize on her viral fame and is considering purchasing CRM software to assist with this. What are some of the ways a CRM would help Sally achieve this goal? More than when answer may be correct.

The CRM could target new customers that have a similar profile to her existing customers.The CRM could target new customers that have a similar profile to her existing customers. The CRM could inform her existing customers of additional, similar products available in her shop.The CRM could inform her existing customers of additional, similar products available in her shop. The CRM can assist in manufacturing her products as demand increases.

Cost

The overall cost of ERP software can be prohibitive for some organizations. ERP software packages, including licensing, can exceed $100,000. Some ERP systems, including Cloud-based options, offer monthly payment options that help to spread out the costs over a specified time period.

Reporting

The system allows for the ability to generate financial reports from across the organization regardless of location or time.

Which of the following is an example of how the project communications piece of project management software could be used when integrated with enterprise resource planning software? More than one answer may be correct.

The visual project completion map is automatically updated as phases are completed.The visual project completion map is automatically updated as phases are completed. The client is able to access information about all phases of the project in one place, reducing the need for individual status reports.The client is able to access information about all phases of the project in one place, reducing the need for individual status reports. A team lead is able to reassign a phase of the project when the project becomes too much work for the originally assigned staff.

Cloud-based ERP allows organizations to

access data and reports from remote locations at any hour of the day.

Cloud-based ERP systems allow organizations to

access data and reports from remote locations at any hour of the day. Cloud-based ERP systems often have a lower price point when compared to on-premise options. IT support services provided by the cloud-based ERP organization result in reduced IT labor expenses.

What type of software can be integrated with ERP software to record ledger journaling and billing in the same platform as other, related data?

accounting

Transaction processing systems (TPS) are designed to collect data pertaining to business transactions. A business transaction is

an event that involves a financial transaction including sales, orders, purchases, payments, and refunds

Management has the ability to

assign project management tasks and responsibilities.

CRM software allows organizations to better identify and

attract prospective customers, maintain customer engagement and relationships, provide wanted or needed services, and ultimately increase sales.

ERP systems can be integrated with financial management systems to provide

centralized access and management of financial data.

A key component, and major advantage, of an ERP is its

centralized database.

Many HR modules are equipped with features that may include a

centralized employee database, performance evaluation design and collection, timesheet features, and performance tracking.

The integration of e-commerce and ERP ensures that data is

collected from e-commerce operations, including customer information, order history, shipping information, and customer satisfaction measures.

Financial management systems are designed to

create, store, and report financial transactions. These systems allow organizations the ability to measure cash flows, calculate tax liabilities, maintain compliance to legal and accounting regulations, and optimize profitability.

Enterprise resource planning systems (ERP) offer many benefits to the organizations that utilize them. Benefits include

creating a competitive advantage, improving efficiency, increasing departmental collaboration, and allowing for data centralization.

Transaction processing software (TPS) includes

customer payment information, among other resources.

The business software applications that are commonly integrated with an ERP system include

customer relationship management (CRM), project management (PM), and business intelligence (BI) modules.

CRM provides insights into

customer satisfaction and how best to retain customers once they are acquired.

Stand-alone accounting systems

do not have the ability to provide this type of information, hence the push for more integration of ERP and accounting systems.

Which type of ERP module collects data such as customer information, order history, shipping information, and customer satisfactions measures?

e-commerce operations

Most HRM modules provide a structured dashboard that managers can access for information. Which of the following information types are included? More than one answer may be correct.

employee absences or leaves employee compensation employee performance review status employee environmental controls

Most HRM modules provide a structured dashboard that provides information to managers and includes

employee absences or leaves, task monitoring, compensation, and performance review status.

Businesses that utilize integrated CRM and ERP systems mitigate the probability of the aforementioned issues by

employing a shared database that results in automatic updates and instantaneous data visibility.

Many ERP systems are designed to integrate enterprise software modules

from a variety of operational and process areas of an organization including finance, accounting, human resources, customer relationship management, transaction processing, and project management.

Manual synchronization can cause

gaps in data alignment and lead to redundant and misinformed data as well as longer data access times.

CRM software is used to identify and attract potential customers and maintain engagement among existing customers. It cannot

help her with manufacturing or determining what social media posts will go viral.

While ERP systems offer many competitive advantages to users, particularly those in upper management, a significant disadvantage is their

high costs

Describe difficulties in implementing an ERP system. More than one answer may be correct.

high costs steep learning curve maintenance costs poor access to data

The integration of CAD software with ERP systems benefits manufacturers due to the single source integration and data analysis, resulting in

increased efficiency. Popular CAD programs include AutoCAD and MicroStation.

The proliferation of e-commerce-based organizations today has

increased the need for more robust transaction management processing systems and encouraged their integration into ERP systems.

PM modules are specifically designed to

integrate with an ERP system to support the integration of project data and information. Additionally, these modules provide a centralized location where data is stored and easily retrieved, allowing management to review planning, management, and analysis of an organization's project, regardless of whether the project is in the planning, development, or monitoring phase.

A benefit of integrating project management software into enterprise resource planning software is that it

integrates all of the project data in a central location. This allows for better communication, including visual maps and the reduced need for individual status reports.

Once a feasibility study has determined that a project is appropriate, the project scheduling software assists in determining how long the project will take. This is done by

integrating the dependent steps and activities required to complete the project. As the process proceeds, the project communications software keeps all the stakeholders aware of the progress

A software module

is an element of a computer program that is intended for a specific task.

The CFO

is more likely to have accurate cash flow information with this type of ERP system because she/he can quickly generate a single cash flow report for the entire organization, using real-time data from across its operational areas, at any time.

Transaction processing

is the structured process and guidelines for handling business transactions and includes the collection, calculation, storage, retrieval, and reporting of this data. The proliferation of e-commerce-based organizations has perpetuated the use of TPS in today's business environment.

HRM modules provide the ability to

join human resource management and information technology to provide a single source of connectivity and data exchange for personnel-related information.

Users often find it difficult to implement or even comprehend a new ERP system without significant training because of ERPs' steep

learning curves.

Benefits of Cloud-based ERP include

less IT infrastructure expense, lower maintenance costs, and reduced IT labor expense due to IT support services provided by the Cloud-based ERP organization.

ERP systems are offered in on-premise and Cloud-based options. The main differentiator between the two options is the

location of the software. On-premise ERP systems are maintained on-site within the organization.

Cost benefits of using cloud-based ERP systems as compared to on-premise systems include:

lower IT infrastructure expenses; lower maintenance costs; and reduced expenses for IT personnel due to the IT support services provided by cloud-based ERP vendors.

Describe the cost benefits of using a cloud-based ERP compared to an on-premise system. More than one answer may be correct.

lower IT infrastructure expenseslower IT infrastructure expenses lower maintenance costslower maintenance costs reduced IT labor expensesreduced IT labor expenses reduced vendor support costs

Customer interaction includes the

marketing, sales, and service areas of the organization.

With a CAD module in an ERP, managers can track processes that use computer-assisted design throughout the entire manufacturing cycle. They can also

monitor the use of materials, machines and labor, and level of completion.

The performance of the project plan is usually evaluated by

one individual who then reports information to various departments. Through integration, monitoring and reporting are more efficient due to the single source of data collection and interpretation.

SaaS

permits users to access software that runs on collective resources including storage and processing.

Organizations create and consume many different types of data that are generated from the internal and external operating environment. These include

production, inventory, accounting/financial, and human resources. ERP systems are used to consolidate this data in a central location for access and retrieval, which cuts down on data redundancy and access time.

There are two functions provided by project management (PM) software These are

project scheduling and project communications. Although this may not appear confusing, each of these functions can be complicated and require constant adjustment.

integration allows for

projects to be divided into phases, subprojects, and tasks to make data analysis and project monitoring easier.

What aspect of today's business environment is central to the need for robust transaction management processing systems?

proliferation of e-commerce-based organizations

Accounting systems and software are designed to handle a variety of financial calculations that are used for

reporting and monitoring business performance. Accounting activities include accounts receivable and payable, billing, and payroll.

Typically, businesses purchase and deploy ERP and CRM systems

separately

Integrating Financial Management with ERP

speed visibility structure reporting

Cloud-based ERP systems are

stored and maintained off-site and accessed via the Internet.

From the following list, select the two resources that organizations can track using accounting management software.

tangible assets intangible assets customer relationships supply chain resources

Today, accounting systems are commonly being integrated with ERP systems. This allows organizations to not only structure basic accounting information but track a variety of other resources including:

tangible assets intangible assets human resources

Organizations can use accounting systems and software to track

tangible assets (such as land, equipment, and inventory) and intangible assets (such as good will, brand equity, intellectual property, patents, and trademarks).

Of the following benefits, which two can managers access through an integrated HRM software module included in an ERP system?

the ability to retrieve and analyze human resources data in a centralized locationthe ability to retrieve and analyze human resources data in a centralized location a presentation that supports decision making through the efficient use of employee dataa presentation that supports decision making through the efficient use of employee data a function that processes computer-assisted design records in real timea function that processes computer-assisted design records in real time the ability to create, store, and report financial transactions accurately

Organizations use customer relationship management (CRM) systems to assist in the management of

the critical relationships that have been developed with customers. These systems assist organizations to synchronize business operating units relating to customer interaction.

The costs associated with ongoing maintenance need to be considered when employing an ERP. Maintenance costs include

the time and personnel required to do software training, additional IT personnel, and consultants.

ERP systems store data about materials and processes needed for manufacture. Processes can be tracked through

the whole manufacturing progression. This allows managers to monitor efficiency, and to monitor the use of materials, machines, and labor being employed as well as the level of completion.

if a business's ERP and CRM systems maintain their own databases,

there is a high probability that these databases will have to be regularly synchronized.

Describe the factors associated with maintenance costs incurred by employing an enterprise resource planning (ERP) system. More than one answer may be correct.

time costs increased IT Personnel Software Consultants

The stages of project fulfillment can also be _____ making visualization of project completion more straightforward for management.

tracked

Integration of accounting software with ERP assists in creating links between financial data and causality. This allows managers the ability to

view data and create reports that factor in intangibles that affect financial performance such as employee work hours, customer relationships, and production and product lifecycles.

Computer-aided design (CAD), also known as computer-aided design and drafting (CADD)

was designed to supplement or replace manual drafting and design. CAD is an automated process using software and hardware for the documentation and design of real-world objects. Engineers, architects, manufacturers, and prototype builders often use CAD in the development process.