Erp for Banking Industry Essay

2675 Words Oct 15th, 2014 11 Pages
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ERP FOR BANKING INDUSTRY
Subodh Kesharwani
Enterprise Resource Planning application software is appropriate for organizations in all economic sectors including banking industry. This wide applicability is largely possible as ERP offers considerable flexibility to customize the software by tailoring it to the individual organizational needs. In this short review paper, it is attempted to enumerate potential and prospects of ERP system in the banking industry which is generally done after its system integration with other IT and web-enabled banking systems.

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INTRODUCTION Banking broadly
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A need arose for enterprisewide data sharing and it was within this background that ERP systems assumed critical significance. ERP helps to integrate and synchronize different organizational systems such as finance, human resource, operations, support services and other functions which may be organization specific. ERP system for banking includes complete solution which provides widespread support for financial processes, human resource management and support services. ERP enables business firms to integrate their sales, finance, manufacturing, distribution, customer service and other functions. ERP systems facilitate companies to replace their existing information systems, which are often incompatible with one another, with a single integrated system, that is streamlined data flows throughout an organization that may result into significant gains in a company’s efficiency and bottom line. ERP systems are essentially an enterprise-wide package that tightly integrates all necessary business functions into a single system with a shared database (Lee & Lee, 2000). Extensive databases created by an ERP sysManagement & Change, Volume 9 Number 2 (2005)

Subodh Kesharwani 111

tem provide Banks play a crucial role in mobilizing and distributing a nation’s wealth to ensure a healthy growing economy and platform for decision support, data warehousing, data mining, and executive support systems (Sean, 2001). Decision support system helps decision maker in solving structured,

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