Answer
Following are some of the benefits achieved by implementing the ERP packages.
i. Give accounts payable personnel increased. Control of invoicing and payment processing and thereby boosting their productivity and, eliminating their reliance on computer personnel for these operations.
ii. Reduce paper documents by providing on-line formats for quickly, entering and retrieving information.
iii. Improves timelines of information by permitting posting daily instead of monthly.
iv. Greater accuracy of information with detailed. Content, better presentations, satisfactory for the auditors.
v. Improved cost control.
vi. Faster response and follow-up on customers.
vii. More efficient cash collection, say, material reduction in delay in payments by customers.
viii. Better monitoring and quicker resolution of queries.
ix. Enables quick response to change in business operations and market conditions.
x. Helps to achieve competitive advantage by improving its business process.
xi. Improves supply-demand linkage with remote locations and branches in different countries.
xii. Provides a unified customer database usable by all applications.
xiii. Improves International operations by supporting a variety of tax structures, invoicing schemes, multiple currencies, multiple period accounting and languages.
xiv. Improves information access and management throughout the enterprise.
xv. Provides solution for problems like Y2K and Single Monetary Unit (SMU) or EWO currency.