Commodity Management System (ERP)
• ERP is a software system used to support various processes in a company’s business.
• An ERP system can run the entire database for a company (Oghazi et al., 2018).
• Large private organizations have adopted the system to help with various activities
Advantages of ERP system
• ERP system is efficient in the company’s business procedures and processes
• The system helps reduce costs associated with business operations transactions.
• ERP systems help to monitor and control functions within an organization.
• The company’s introduction of an ERP system helps improve communication among partners.
• ERP systems help redesign inefficient business functions
• Simplification of corporate decision making is also a benefit of introducing an ERP system.
• ERP systems provide access to the global economy and help companies integrate into the world
Negative impact of ERP
• ERP reduces individual creativity.
• ERP also inhibits the richness of communications and limits information patterns.
• The adoption of an ERP system can inhibit motivation and lead employees to try.
• ERP systems are time consuming; ensuring correct data entry takes a lot of time.
• ERP systems require accuracy because incorrect data entry can lead to incorrect forecasts.
• The introduction of the ERP system affected the organization as it had to reorganize its policies.
structure and procedures.
Tools and techniques for innovation management
• Different projects in the company require different tools and techniques.
• Innovative tools and technologies can help improve organizational performance (Trott, 2017).
• Marketing intelligence tools need patent analysis, business and other tools
Intelligence, competitive analysis and trend analysis.
Benefits of innovative tools for companies
• Innovative tools and technologies help improve corporate performance.
• In addition, innovative tools reduce the burden on employees.
• Introducing innovation management tools can help drive business growth.