How Industrial and Financial Systems Applications (ERP) Software Works
In today’s ever-changing business environment, companies need software applications that keep up with their needs. Traditional, pre-packaged software often falls short, so businesses increasingly choose options like enterprise resource planning (ERP) software that offers agile solutions. ERP solutions make it simple for organizations to respond to changing conditions quickly.
Industrial and Financial Systems (IFS) is a company that offers ERP software called IFS Applications. The software supports a range of industries and makes it possible for businesses to manage data across an entire enterprise within one comprehensive system.
How ERP Software Works
Businesses can use ERP software to manage essential activities like procurement, project management, accounting, risk management, and compliance. ERP software assists businesses in planning, budgeting, forecasting, and reporting financial results.
An ERP system helps create a consistent infrastructure and reduces risks through financial controls and better data integrity. Businesses rely on ERP systems to align various departments and enhance workflow. They improve insight, lower operating costs, and enhance collaboration.
Industrial Financial System (IFS) offers ERP software called IFS Applications. It is an especially good fit for organizations in the distribution, manufacturing, and professional services areas as well as asset-based enterprises like energy and mining companies.
IFS Applications software supports the unique operational needs of these industries, along with universal business needs like accounting and financial management. The software makes it possible for organizations to use a single system to manage data across the whole enterprise.
IFS software provides extensive support for a range of industries. Since IFS was founded in 1983, thousands of companies have chosen to evaluate IFS applications and then incorporate the software into their businesses.
IFS ERP Software Can Be Customized
As valuable as ERP software is, most of it is a one-size-fits-all solution. Since business needs vary, this generic software may not be a good fit for every company. With that in mind, IFS Applications is designed to be customized to fit industries that include:
- Engineering, Infrastructure, and Construction
- Telecommunications, Utilities, Energy, and Resources
- Aerospace and Defense
- Service Industries
- Industry niches
Per the publication Diginomica, IFS is committed to providing functionality around customers, people, and assets using one suite supporting delivery of that “moment of service.”
Clients can choose a flexible deployment and a selection of operating models ranging from cloud to self-managed. While ERP, FSM, and EAM functions are built-in, businesses can add or extend modules to meet changing business needs.
Features of IFS ERP Software
The IFS ERP system is one of the most popular on the market. According to Corning Data, customers rely on the software to track assets and manage services in their environment.
IFS software offers features that include:
- Human capital management
- Field service management
- Project management
- Financial management
- Supply chain management
- Work order management
IFS Finance is the core of the system, providing timely, accurate information that aids in reporting and decision making. Businesses can get insight into project financial control, forecasting, operational performance, compliance, and corporate consolidations.
Highly graphical dashboards provide users with role-based views of critical data. Role-based security permissions control the system’s access points.
IFS Software Is Customer-Centric
IFS is committed to meeting customers where they are. With that in mind, the company doesn’t require clients to choose the cloud if they would rather implement software on-premises. While the software‘s architecture is cloud-native, it can easily be deployed in a customer’s data center.
Businesses increasingly use enterprise resource planning software to stay organized and increase efficiency. Many rely on IFS ERP software customized for their needs. The software allows organizations to manage assets and services across their entire enterprise.
