What does ERP stand for?

ERP stands for Enterprise Resource Planning, an integration of multiple modules that help in automating an entity’s business process seamlessly.

What is an ERP advisor?

An ERP Advisor is an individual or an advisory firm that helps organizations in selecting and implementing ERP software. An ERP advisor works closely with the client to identify their business needs and ensure those requirements are mapped into the ERP software.

What are the 5 components of ERP?

The most common components that are found in ERP include:

•  Customer Relationship Management (CRM)

• Inventory Management (IM)

• Supply Chain Management (SCM)

• Human Resources Management (HRM)

• Accounting /Financial Management (FM)

What are the ERP functions?

The most common functions that are found in ERP include:

• Customer Relationship Management (CRM)
• Inventory Management (IM)
• Supply Chain Management (SCM)
• Human Resources Management (HRM)
• Accounting /Financial Management (FM)

What are IT Project Advisory services?

IT Project Advisory services provide organizations guidance in managing their IT projects ensuring successful implementation.

What is an internal audit?

An internal audit is an independent assessment of the risks and control weaknesses prevailing in an organization and recommending appropriate measures to mitigate those risks. An internal audit can be conducted by an internal team of independent professionals or an external consulting firm.

What are the 3 types of internal audits?

The three major types of internal audits are:

• Operational Audit: An operational audit covers the assessment of control weaknesses existing in an entity’s operational functions like Sales, Purchases, Inventory & Warehouse Management, Manufacturing etc.
• Financial Audit: Focuses majorly on an entity’s accounting and financial management areas. 
• Compliance Audit: This covers an organisation’s entire spectrum of functions; however, a compliance audit is more focused on ensuring that the functions and processes adhere to a set of rules and regulations, either internally established or enforced by regulatory bodies.

Is internal audit an assurance service?

Yes, an internal audit is an assurance service that ensures that all control weaknesses existing in an organization are identified and appropriate mitigation functions are implemented and working.

What is a feasibility study of a project?

A feasibility study is an assessment conducted to ascertain the viability of a project including but not limited to market, technical/operational and financial areas. A feasibility study is conducted on the assumptions that consider specific parameters, what would be the market, technical/operational and financial requirements and returns anticipated from a project.

 What are the 3 parts of a feasibility study?

The three major parts of a feasibility study are:

• Market Feasibility: This segment evaluates the market for the products and/or services that are offered including the market size, growth, key trends, key challenges & drivers and the competition. The objective is to assess the market viability for the product and/or service including demand-supply gap analysis.
• Technical/Operational Feasibility: As the name denotes, this assesses the operational or technical viability of the planned product and/or service. These areas are evaluated by experts from the industry and the end result would be to know whether the product or service would work given the current market, and technical and operational factors considered.
• Financial Feasibility: The financial feasibility assesses the overall financial benefit that could be derived from the project. This includes the expected Revenues, Profitability and Returns from the project. A financial feasibility assessment provides the investors/promoters with a fair idea of the initial and future investment requirements and expected returns, in order for them to decide whether the project is worth investing in.

What are the 5 aspects of a feasibility study?

The five key aspects of a detailed feasibility study include market, technical, economic, legal and operational.

How do you develop and implement standard operating procedures?

Standard operating procedures are developed in a four-step process that includes:

• Analysing the current processes 
• Developing the policy document based on the “To-be” processes
• Reviewing & Revising the draft policies with key stakeholders 
• Releasing the final SOP document after acceptance from all concerned stakeholders

Implementation of SOP’s are done through continuous training and monitoring along with the process owners and stakeholders.

How do you structure a standard operating procedure?

An SOP is mainly comprised of four parts:

• Policy scope and objective
• Procedures to be performed covering step-by-step details along with the Delegation of Authority and Approval Matrix
• Documents, forms and reports required
• Key performance indicators and monitoring mechanisms

Why are SOPs developed?

Developing SOPs is all about systemizing business processes and documenting them clearly and concisely. A well-documented SOP defines the boundaries and the steps to every business process, identifying the controls to be exercised and giving you peace of mind in terms of responsibility and accountability for each business process.

Who is responsible for developing SOPs?

The entity’s management, key stakeholders, and process owners of each department are responsible for developing the SOP’s.

What are the 7 phases of business process reengineering?

The 7 phases of business process re-engineering include:

• Define your goal and develop a plan
• Assess your current process
• Identify the GAP’s in the current process
• Redesign the process to bridge the GAP’s
• Test the redesigned process
• Review the results and revise, if required
• Repeat until the process is normalised

What is corporate finance advisory?

Corporate finance advisory is the consulting service that focuses on advising corporations on their financial structures including funding sources (debt & equity), capital structuring, investment options, and decisions. 

What are the three main areas of corporate finance?

The three main areas of corporate finance are:

• Capital & debt sourcing 
• Capital & debt restructuring
• Working capital management

What is the role of corporate finance?

Corporate finance helps organizations ensure funds are sourced, available, and managed correctly by proper structuring and/or restructuring. 

What is a transaction advisory service?

A transaction advisory service provides guidance to businesses planning for divestments, outright sales of a division or the entire business, and also planning for mergers or acquisitions as part of their strategic growth plan.