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Factors to be considered when choosing ERP software 1.       Upgrade vs. replacement.  Evaluate first if you need to get a new ERP system or just an upgrade. Many ERP solutions today are modularized; you can simply integrate a module, for instance payroll, with your current applications. This way you minimize disruption and costs. But if your ERP system is ten years or older, it may be wise to replace it. You can leverage today’s ERP solutions for mobility, integration, scalability and deployment options. Similarly, machine learning, predictive analysis and advanced reporting are pushing ERP to the next level. 2.       Customization.  Aside from ensuring the ERP processes match your key business workflows, look closely at your departments. They may have different priorities and culture, which may even be contradictory. For example, Marketing spends, while Accounting saves or Production lives by daily output, while ...

Features of ERP (Enterprise resource plannina) 1.   Financial management.  This module manages your capital inflow and outflow. It covers standard Accounting & Finance transactions like expenditures, general ledger, balance sheet, bank reconciliation, tax management and payments. The module also generates financial reports for different departments and business units. 2.       CRM.  The CRM module helps you to boost customer service and, eventually, profit per capita. It manages leads, opportunities and customer issues. Likewise, it provides a 360-degree profile of your customers by consolidating data like their social media activities, purchase history and past interactions with support reps. In an ERP setup, CRM is closely integrated with Sales module to fast track conversions. 3.     Sales & Marketing.  The module handles sales workflows like sales inquiries, quotations, sales orders and sales invoices. The more ...

Fire Insurance Meaning: ·          A fire insurance is a contract under which the insurer in return for a consideration (premium) agrees to indemnify the insured for the financial loss which the latter may suffer due to destruction of or damage to property or goods, caused by fire, during a specified period. ·          The loss can be ascertained only after the fire has occurred. ·          Property is well defined in fire insurance that is a thing or things belonging to someone; possessions collectively. ·          Fire insurance normally provides coverage for one year. It may renewable later on.       The types of losses covered by fire insurance are :- §    Goods spoiled or property damaged by water used to extinguish the fire. §    Pulling down of adjacent premises by ...

Agriculture Insurance Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season. For this purpose, the Government of India introduced many agricultural schemes throughout the country. New Agriculture Insurance in India The new scheme works towards making it more attractive for the farmers. The farmers have now to pay just 2% of the premium for kharif crop and 1.5% for rabi while the same for horticulture will be fixed at 5%. The balance premium is to be paid by the government – both state and central. Problems in New Agriculture Insurance in India The new crop insurance scheme approved by the Union Cabinet must be viewed from two angles. 1 Unpredictable Nature: There has been considerable unpredictability in farm output due to the uncertain of nature which has often resulted in lower production or excess unseasonal rain...

Meaning:   This is the oldest branch of Insurance and is closely linked to the practice of Babylonians in the ancient times. Marine  insurance  is  an  agreement  (contract)  by  which  the  insurance  company  (also known  as  underwriter)  agrees  to  indemnify  the  owner  of  a  ship  or  cargo  against  risks,  which are incidental to marine adventures. The owner of the ship may insure it against loss on account of perils of the sea.   When the   ship   is   the   subject matter   of   insurance,   it   is   known   as   hull insurance. Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination.   Cargo   insurance —   discusse...