Enterprise resource planning (ERP) is a software solution used to integrate and automate key business processes, such as finance and accounting, manufacturing, supply chain management, project management, human resources, procurement, customer relationship management (CRM), and other processes.
The goal of implementing an ERP system is to streamline business processes through the use of one unified software solution.
Many ERP systems are designed to meet the needs of specific industries or types of businesses. Some ERP systems cater to specific industries such as manufacturing or retail, while others are more general purpose and can be used by a wide range of businesses.
The best ERP software will help your business improve efficiency by removing inefficiencies and improving the flow of information throughout your organization. If you’re looking for an ERP system for your business but not sure where to start looking, we’ve got you covered.
Here is our list of the best ERP software providers on the market today:
Best ERP Software
What Are ERP Software
Most organizations have their own unique business processes, which are different from those of competitors and different from the processes that have been successful for other companies in the past.
This is why it’s so important to have a system that will allow your organization to work efficiently, effectively, and within a budget.
The Best ERP Software Introduction
In order to make sure that you get the most out of your ERP system, you need to ensure that it is compatible with all of your other systems.
This means that all information should be able to flow seamlessly between them as well as between all of your suppliers and customers.
ERP Software – Introduction
ERP stands for Enterprise Resource Planning and is a software system used to run the whole business. It is also known as an Enterprise Resource Management (ERM) system.
The ERP software market is large, with many players providing products in different niches and segments. ERP systems did evolve from MRP (Manufacturing Resource Planning) systems in the early 1990s.
These early systems were focused on manufacturing processes, but today’s ERP systems cover all functional areas of a business, including sales, services, HR, finance etc. The main purpose of ERP software is to integrate all departments of the company under one system.
This will give management the visibility to look at any part of the company through a single interface and drill down into the details if needed. The ERP software is a central repository for all corporate information, so instead of having separate data stores for each department or project, you have one common data store that can be queried by management at any time to get real-time information about anything in their organization.
This also makes it easier to implement new functionality in future or add new departments or other entities that need to be supported by your system.
What is the Best ERP Software?
A common question that comes up when implementing ERP software is “What is the best ERP system?” Because ERP is such a broad topic, there are many different ERP systems available on the market.
This includes industry-specific applications like manufacturing ERP, project management ERP and retail ERP.
The best enterprise resource planning (ERP) software for a company depends on its specific needs and goals. Some companies may prioritize integration with their accounting software or supply chain management system, while others will focus on modules for human resources or customer relationship management.
If you’re looking for a starting point to find out what type of ERP system may be right for your business, you’ve come to the right place. We’ve compiled information about more than 60 different ERPs across 17 criteria that are important in deciding which application is right for your business. Our goal is to give you an overview of what’s available and help you narrow down your choices.
The world is changing fast. Today’s customers are better informed, more demanding, and less loyal than ever before.
If you want to win their business, it’s not enough to just be good at what you do anymore. You have to be great at what you do, and you have to be able to prove it.
Knowing that, how can you compete? How can you beat the competition on quality and price?
How can you attract and retain the best customers? The answer is Oracle NetSuite ERP — the leading cloud ERP system.
Oracle NetSuite gives your company everything it needs to attract the best customers, keep them happy and deliver better customer experiences than anyone else in your industry. It integrates with other solutions so that all of your data is accessible in one place — wherever and whenever you need it — giving you a single source of truth for your customer relationships.
And it’s all delivered over the web through a secure online platform with any device so that everyone who needs access can stay connected no matter where they are or when they need it.
- Financial management. This module lets you organize your financial data in real time to get a clear picture of your company’s performance at any given moment.
- NetSuite’s accounting features let you manage revenue recognition, allocations and intercompany transactions. It also helps you handle financial close procedures, billing and invoicing.
- Customer relationship management (CRM). This module helps you automate marketing processes such as lead tracking and campaign management.
- The CRM tool offers a built-in search engine to help you find relevant customers when you’re planning your next campaign. It also supports multiple sales models including B2C.
Global footprint: Oracle has international offices, which means that you can access local support wherever you are.
Elastic scalability: NetSuite can be scaled up or down with your business requirements. Multi-tenant architecture: Since the core platform is hosted in their data centers, it gets upgraded automatically for all customers and at no extra cost.
Robust security features: Oracle has a dedicated global team that monitors the platform 24×7.
Increased value of proprietary products: If your business uses any other product from the Oracle portfolio (like JD Edwards), then integration with NetSuite will be smoother due to a shared common base.
Microsoft Dynamics is a line of enterprise resource planning (ERP) and customer relationship management (CRM) software applications. The Microsoft Dynamics suite includes solutions for small and midsize organizations, as well as large global enterprises.
Microsoft Dynamics is designed to provide integrated solutions for accounting, customer relationship management (CRM), supply chain management (SCM), human capital management (HCM), project management, field service, retail, and social responsibility. The solutions integrate with products like Microsoft Office, Microsoft SharePoint and the Microsoft Azure cloud platform.
In addition to its own Dynamics product line, which was launched in 2001, Microsoft also acquired several ERP solution providers over the years. In 2002, it bought Great Plains Software along with its Navision ERP application; two years later the company acquired Solomon Software and its Solomon IV ERP application.
In 2005, Microsoft purchased Axapta or AX ERP solution from Danish firm Damgaard Data A/S. AX was designed for mid-sized businesses and global enterprises.
The main feature of Microsoft Dynamics is the ability to integrate with other MS products such as MS Outlook and MS Office. In addition, its integration with Xero makes Microsoft Dynamics a popular choice among many companies
Microsoft Dynamics is also very user-friendly. The interactive interface allows employees to share information easily and quickly.
This makes it especially useful for ecommerce businesses where information must be shared between back office employees and front office customers
Microsoft Dynamics is not just for small businesses either. The system has been used by major corporations such as McDonalds, Walgreens and even General Electric.
3. Sage 300
Sage 300 (formerly Sage ERP Accpac) is an on-premises business management solution. It offers a wide range of functionality including financials, distribution, manufacturing and human resources.
Sage 300 is available in the following editions:
Standard Edition: This edition is suitable for small businesses that need core business management functions such as accounting, purchasing, sales order processing and inventory.
Advanced Edition: Also suitable for small businesses but includes advanced features that help you more easily manage your operations such as project accounting and multiple locations/warehouses/bin tracking.
Premium Edition: This edition is designed for medium sized businesses and includes all the features in Advanced Edition plus distribution management capabilities such as multi-currency support and intercompany transactions. Premium Edition also offers additional modules including CRM, HRMS and Fixed Assets.
Sage 300 provides you and your business with the software and tools to manage your finances, inventory, human resources and much more. It allows you to meet the demands of today’s business environment and offers the flexibility to scale up or down as your business requirements change.
Sage 300 gives you a secure solution that helps you lower IT costs while improving productivity.
Customize your solution. You can customize your system in a number of different areas to meet the needs of your business, including roles and permissions, reports, and more.
Get help when you need it. With Sage 300 you get access to our award-winning support team who are ready to assist you with getting started and keeping your system up and running smoothly.
Take advantage of the latest technology innovations.
The cloud solutions include automatic upgrades so you’re always using the latest version of our software (without having to worry about IT resources or downtime). Be ready for whatever comes next.
You can easily track sales, manage inventory costs, process orders, analyze financial data and much more. The robust functionality of Sage 300 ERP makes it easy to automate complex processes and ensure your business information is accurate and up to date.
Sage 300 offers a broad range of modules that cover many areas of your business. There are modules for accounting, inventory management, order management, service management, warehouse management and more.
If there’s a specific area of your business that needs help, chances are there’s a Sage 300 module for it. Sage 300 runs on Microsoft SQL Server which is one of the most popular database platforms in the world.
It’s also very easy to connect with other third-party applications.
Odoo is a suite of open-source business apps that cover all your company needs: CRM, eCommerce, accounting, inventory, point of sale, project management, etc. Its unique value proposition is to be at the same time very easy to use and fully integrated.
Odoo apps are perfectly integrated with each other, allowing you to fully automate your business processes. Every app in the Odoo Apps store integrates seamlessly with the others.
And because you can install apps in seconds without having to restart Odoo, you save a ton of time. Odoo has more than 1.500 modules created by the community (and counting).
There’s an app for every job, from accounting and inventory management to 3D printing and website building. The community is constantly growing, so it’s easy to find new solutions and new people who can help you develop your business even further!
- Website Builder: Odoo Website builder is a powerful and easy-to-use tool to create business websites. It allows you to build your own site either from scratch or by using one of the included templates.
- Accounting: Odoo Accounting is highly effective with simple, yet detailed accounting options that enable users to manage their finances efficiently. Odoo Accounting provides high visibility across all financial activities, allowing you to make sound and timely decisions based on accurate reporting, journal entries, bookkeeping, balance sheets, assets and liabilities tracking, expenses and invoicing, inventory management and more.
- Sales: Odoo Sales enables sales teams and managers to track leads, close opportunities and manage the entire sales cycle efficiently and in real time. It includes features such as a customer relationship management (CRM) system, quotation templates, product configurator, invoicing and reporting tools among others.
- Able to work from anywhere with a good connection, requires no relocation and not tied to any specific timetable or location. Able to communicate fluently in English and love helping businesses grow by using open source technologies.
Infor builds beautiful business applications with last mile functionality and scientific insights for select industries delivered as a cloud service. With 13,000 employees and customers in more than 200 countries and territories, Infor automates critical processes for industries including healthcare, manufacturing, fashion, wholesale distribution, hospitality, retail, and public sector.
Infor offers deep industry-specific applications and suites that are engineered for speed. They have the functionality you need to accelerate business growth with a rapid return on investment.
With best-in-class suite performance and rapid-deployment capabilities, Infor’s cloud solutions are designed to get you up and running quickly so your teams can increase efficiency, reduce costs, and drive growth.
SYSPRO is an established provider of ERP solutions to small and medium enterprises across multiple industries. With over 16,000 licensed companies in more than 60 countries, SYSPRO has forged an impressive reputation for Application excellence, customer loyalty and partner relationships.
Syspro’s ERP software suite includes features like financial management, customer relationship management (CRM), human resources (HR) and payroll, supply chain management (SCM) and inventory management, distribution, manufacturing and project management. The company also offers an API that third-party developers can use to create their own modules for Syspro.
Syspro has among the most comprehensive sets of features for manufacturing and distribution businesses. It is built for the cloud, offers a modern user interface, and supports a variety of deployment options including on-premises, hosted, and cloud.
Syspro provides manufacturing and distribution businesses with a wealth of tools to manage their finances, customers, inventory, production scheduling, quality control, and more.
SAP Business One, version for SAP HANA is the in-memory version of SAP Business One powered by the SAP HANA platform. As one of the first business applications developed on SAP HANA, it offers a simple-to-use, affordable solution that helps small businesses run their core business processes with greater speed and insight.
SAP Business One is designed specifically to meet the needs of small and midsize businesses (SMBs). It provides complete visibility into your entire business in one integrated solution that is easy to use and maintain.
With this customizable, easy-to-use solution, you can work more productively and profitably by:
- Saving time by conducting all business transactions on one system
- Gaining deep insight into customers and suppliers with robust analytics
- Increasing sales by better managing inventory levels
- Cutting costs with improved operational efficiency
- Growing your business with a flexible, scalable application that supports future growth and innovation
SAP Business One is flexible enough to accommodate the needs of small and medium-sized businesses in a variety of industries. This cloud-based solution can scale with you as your business grows, and it integrates well with other solutions.
If your company already uses SAP’s enterprise resource planning (ERP) software suite, SAP Business One offers the same user interface and feature set as the larger software packages. As a result, you can easily transition between platforms if your company outgrows SAP Business One.
SAP Business One is a fully integrated ERP system that covers most of your business processes in one platform, including financials, sales, customer relationship management (CRM), purchasing, inventory and operations.
Integration is also extended to third-party products via an SDK that allows developers to build tailored add-ons for specific business functions.
The software also supports multiple languages and currencies. This makes it ideal for companies that have local subsidiaries or that do business globally.
This solution comes with several predefined reports and dashboards that let you quickly get insights into your sales metrics, customer information and top products. You can create custom reports too, but this requires some SQL knowledge.
Workday solutions include Financial Management, Human Capital Management, Payroll, Learning Management, Procurement, and Analytics. The company also offers a number of products in the areas of Planning and Budgeting, Compensation, Analytics and Integration.
Workday solutions help you manage all aspects of your financials (GL), spend (procurement), customers (CRM), suppliers (SRM), projects and resources, inventory, orders and more. With Workday you can manage your organization’s people including employee data management (HRIS), benefits enrollment, absence management, time sheets/time off tracking, payroll administration and more.
Your employees can request time off from anywhere using their mobile device or computer without needing to fill out a paper form! Workday mobile apps help your employees access their HR information from anywhere from any device.
If they need to update their contact information or find employee benefits information they can do so on the fly with Workday.
Human Resources Management
Deliver HR services that are aligned with your business strategy and help you grow your talent edge.
Analytics & Planning
Get the real-time insight into your business performance that you need to act swiftly and make better decisions.
- The user interface is very intuitive and easy to use for all employees, regardless of experience with the system.
- A lot of the basic tools are already built-in, so you don’t have to build them from scratch or custom develop them.
- The availability of pre-built integrations with other products/systems is incredible, and it’s still growing. You can take advantage of these integrations in a variety of ways (e.g., real-time reporting in Excel).
- The ability to quickly make changes and updates when needed, without having to go through hours/weeks of development work or IT involvement.
Deltek is the leading global provider of enterprise software and information solutions for government contractors, professional services firms and other project- and people-based businesses. For decades, we have delivered actionable insight that empowers our customers to unlock their business potential.
More than 20,000 organizations and millions of users in over 80 countries around the world rely on Deltek to research and identify opportunities, win new business, recruit and develop talent, optimize resources, streamline operations and deliver more profitable projects.
Award-Winning: Deltek provides award-winning software solutions that allow you to focus on what matters most — achieving your goals. Our solutions are backed by a team of experts and proven to deliver results.
Solutions for Every Phase: Deltek provides the tools you need to achieve project success, from estimating and budgeting to accounting and collaboration, Deltek has the solution for you.
Industry: Expertise Deltek has over 20 years of experience in providing industry-specific solutions.
- Extremely user friendly, easy to learn and use. It is very simple to set up new users and make sure they have the correct permissions.
- The management of tasks is very good and makes it easy for managers to see what their employees are working on and how much time has been recorded. Deltek Vision has a lot of features that make it easy for us to manage our work and keep track of the time we spend on various projects, tasks, clients, etc
- It is easy to create reports from Deltek Vision, although at times some reports can take a long time to run if there are a lot of variables or you have chosen too many different fields for your report. I like that you can use Outlook with Deltek Vision as well as the ability to sync your Outlook calendar with your Deltek calendar so you can get notifications when it is time to start working on something or when a meeting will occur.
- The reminders are helpful when you need to remember certain things but they do not go away until you click the box telling them you want them dismissed which can be irritating if there are multiple reminders coming at once because then you have multiple pop ups each taking up
Epicor Software Corporation is a global leader delivering inspired business software solutions to the manufacturing, distribution, retail and services industries. With over 45 years of experience serving small, midmarket and larger enterprises, Epicor has more than 20,000 customers in over 150 countries.
Epicor enterprise resource planning (ERP), retail management software, supply chain management (SCM), and human capital management (HCM) enable companies to drive increased efficiency and improve profitability.
With a history of innovation, industry expertise and passion for excellence, Epicor provides the single point of accountability that local, regional and global businesses demand. The Company’s headquarters are located in Austin, Texas, with offices and affiliates worldwide. For more information, visit www.epicor.com.
- Secure and reliable mobile solution that offers simplicity and ease of use for your employees and customers alike
- Designed to ensure the highest level of data security with 256-bit SSL encryption and GeoTrust certificate P
- Provides role-based access control to manage user access rights
- Supports multiple security layers such as 2FA, IP white listing, password expiration etc.
- Provides global access from any location in the world at any time through multiple devices
- Conducts scheduled backups to protect your data
- Epicor.n can be easily customized to match your company’s theme and logo;
- Easy to deploy and maintain.
- Remote Tech Support
- On-Site Tech Support
- Social Media Management
- Website Development
Make it easy for your managers and employees to access the most commonly used applications. Kronos® InTouch® clocks, Workforce Mobile™, and MyView™ allow users to clock in, view schedules, request time off and more – all from one user-friendly interface.
Automate key processes such as employee onboarding, time-off requests, employee transfers and other workforce changes with Kronos® Workforce Dimensions™ on-demand workflow automation.
Make smarter scheduling decisions using real-time visibility into labor demand, employee availability and skills with our advanced predictive analytics software, Kronos® Forecast Manager™.
What is ERP Software?
Enterprise resource planning (ERP) software is a tool that businesses use to manage and automate functions across their organization. An ERP system can automate business functions like accounting, procurement and human resources while also supporting manufacturing and distribution processes.
An ERP system provides a unified view of the entire organization, connecting all departments, employees, locations and business functions into a single system. Small businesses may use an ERP system to connect accounting and inventory systems, while larger enterprises can extend the scope of their ERP implementation to cover additional departments like HR and customer relationship management (CRM).
Many vendors offer ERP software platforms designed for different industries or types of organizations. For example, an automotive manufacturer might purchase an industry-specific solution designed to meet the requirements of its particular industry.
Alternatively, a small business might look for a modular tool that integrates with its existing systems and expands to fit changing needs over time. How does ERP software work? At a high level, an ERP solution connects business processes from across the organization under one system. This includes key business processes like manufacturing, inventory management, accounting, order fulfillment and more.
A typical ERP suite includes multiple applications that focus on specific aspects of operations — such as human capital management (HCM)
What Are the Benefits of ERP Software?
ERP software is designed to integrate all aspects of a business into a single, seamless system. It tackles the whole spectrum of business processes, from accounting and human resources to sales and fulfillment.
ERP software is often used to manage business relationships and customer data. While ERP software may initially seem like a big investment, it can pay off in big ways.
Here are some of the benefits of using ERP software:
Efficiency and collaboration: By streamlining a wide range of processes, ERP software can improve efficiency by reducing duplication and speeding up decision-making. It also offers improved collaboration across departments, giving everyone access to the same information at the same time.
Data accuracy: Since ERP software integrates data across all departments, it avoids duplicate entries and provides more accurate reports. This can increase productivity as well as cut down on errors that can cost you time and money.
Improved security: Businesses manage massive amounts of sensitive data — from financial records to personal information about customers, employees and vendors. By creating a single repository for this data, you can limit access so that only authorized users are able to view confidential information. This can reduce the risk of data loss or theft.
What Should You Look for in an ERP Software?
ERP Software is a bit like the Wild West. You can choose to go with a big established vendor that’s been around for decades and has hundreds of thousands of clients, or you can choose to go with one of the many small vendors who are trying to market their ERP software as something special and new.
What should you do? That depends on your business. If you have a large enterprise, you’re probably going to want to go with an established vendor.
On the other hand, if you have a small business, then it may make more sense for you to go with one of the smaller vendors. The problem is that when you buy an off-the-shelf ERP software package, it’s not going to be able to do everything that your business needs it to do.
That’s why it’s important to find an ERP consultant who can help you customize your software so that it works exactly how you want it to work.
1. ERP Software – Lower Onboarding Time
Onboarding new employees is a time-consuming and costly process. Your HR team has to create employee files, print off paperwork, enroll new hires in benefits and payroll programs and schedule training.
If onboarding goes poorly, it could lead to frustration, lack of productivity, inability to perform the job or even termination. Fortunately, enterprise resource planning (ERP) software makes it easy for HR teams to onboard new employees.
The best ERP systems have tools that can help HR teams keep track of every step of the process so that nobody falls through the cracks. In this blog post, we’ll discuss how ERP software can improve the employee onboarding process and make it easier for your company to bring in new talent.
ERP software is a great investment for constructions and engineering companies. It helps the business in streamlining their data, processes, and operations. If you have made up your mind to go for ERP software, then given below are some important points that will help you in selecting the right ERP solution for your business.
2. ERP Software – Pricing Plans Should Be Worth The Money
ERP software pricing plans are very important to business owners, especially those who have not yet implemented such a solution in their companies. When this is the case, they usually wonder: “What is the best ERP software?”.
Because of that, they try to find an answer to this question by evaluating different vendors, their offers and features. However, there’s one thing that they should never forget: ERP software – pricing plans should be worth the money.
This means that you should not only take into consideration the price of an ERP software solution.
You should also consider its functionalities and whether it is able to support your business processes or not. The best ERP system for small businesses will be able to implement a powerful financial management system that integrates with other business modules like inventory management, customer relationship management (CRM), human resources (HR) and so on.
The best ERP system for small businesses will be able to implement a powerful financial management system that integrates with other business modules like inventory management, customer relationship management (CRM), human resources (HR) and so on.
3. ERP Software – Your ERP Software System Shouldn’t Be Prone to Hazards
ERP software is no different than any other aspect of your business — it will always have its shortcomings, ups and downs, and problems that need to be addressed.
But the key is to make sure those shortcomings don’t take a toll on your business operations or your company’s bottom line. Here are a few of the most common concerns with ERP software that can be avoided if you choose the right system for your business:
- Customization Issues – Your ERP system should be fully customizable so that it fits with your business’s specific needs. Often, ERP systems are “one-size-fits-all,” which means they aren’t actually tailored to the specific needs of each individual company who uses them.
- When you go with an ERP system that has more options and flexibility, you can make sure it works exactly how it needs to in order to best benefit your company. Integration Problems – Your ERP system should be able to integrate with a variety of other applications and programs that you use every day at work. If you need certain programs to sync up with others in order for
4. ERP Software – Cloud ERP and Ease of Use
The cloud, cloud computing, and cloud software are terms that have crept into our everyday vernacular.
Companies now talk about how they can work in the cloud and use software as a service (SaaS). In this article, we’ll discuss the value of ERP software in the cloud and why ease of use is more critical than ever before.
Cloud ERP software enables companies to do business more efficiently and effectively. The technology also improves data security, lowers IT costs, provides a scalable platform for growth, and allows employees to access information from anywhere at any time.
Most ERP systems are available in a local version or in a cloud version. A local system means that the company has to install the software on their servers and manage it internally.
A local system requires an ongoing investment in hardware and software maintenance. A cloud system is managed by the vendor or by a third-party service provider on behalf of the vendor.
A provider manages all aspects of the system including hardware, software, updates, security, data storage and backups. Users only need an Internet connection to access their data and run their applications. The business doesn’t have to make an upfront investment in hardware
5. ERP Software – MRP vs. ERP
Manufacturing Resource Planning (MRP) software was the predecessor of modern Enterprise Resource Planning (ERP) software. The original MRP was designed to provide a way for manufacturing companies to track inventory, and plan materials procurement, work orders, and production schedules.
The primary goal of MRP was to help manufacturing companies improve their efficiency and productivity by providing advice on how many parts or components need to be manufactured so that enough finished products will be available at the right time.
Manufacturing Resource Planning (MRP) is a computer-based inventory management system designed to improve productivity for businesses. The MRP system integrates data from production schedules with data from inventories of raw materials and component parts, as well as data from inventories of finished products.
MRP systems are used by manufacturing companies and other businesses that make products from raw materials or component parts. These systems are also used in planning services such as construction projects or engineering projects that require procurement of parts and materials before the service can be delivered to customers.
ERP Software – Frequently Asked Questions
What is ERP?
Enterprise Resource Planning (ERP) software is a system that integrates all departments and functions across a company into one complete system to manage business.
By using a single integrated ERP solution, companies are able to automate and streamline business processes, gain real-time visibility into business operations and make timely decisions based on key performance indicators.
How much does an ERP system cost?
The total cost of an ERP implementation will vary by company depending on the size of the organization, number of users and complexity of the system being configured.
Additional costs may include training, data migration, third-party integrations, hardware upgrades or replacement, customizations and ongoing maintenance.
What is ERP software?
Enterprise resource planning (ERP) is business process management software that allows an organization to use a system of integrated applications to manage the business and automate many back-office functions related to technology, services and human resources. ERP software integrates all facets of an operation, including development, manufacturing, sales and marketing.
ERP systems track business resources — cash, raw materials, production capacity — and the status of business commitments: orders, purchase orders and payroll. The applications that make up the system share data across various departments (manufacturing, purchasing, sales, accounting, etc.) that provide the data.
ERP facilitates information flow between all business functions and manages connections to outside stakeholders. ERP software typically consists of multiple enterprise software modules that are individually purchased, based on what best meets the specific needs and technical capabilities of the organization.
Each module typically supports a specific aspect of business management such as product development or marketing. In addition to the standard ERP modules; however, there are industry-specific ERP solutions that support specific processes relevant to a particular business area such as distribution or retail.
What are the benefits of ERP software?
Software that can be used to support an entire enterprise is typically known as enterprise resource planning (ERP) software. This is a general term that encompasses a long list of specific ERP applications, including customer relationship management (CRM), financial management, human resources management and supply chain management.
The actual benefits of ERP depend on the specific applications in place and the needs of the business. However, there are some clear advantages that apply to most implementations:
An effective ERP system can reduce or eliminate duplicate data input and manual transactions. It also helps businesses streamline business processes so they become more efficient. With these improvements, businesses will be able to reduce costs.
In order to derive real benefit from ERP software, employees must understand how the system works and what their role is in using it effectively.
Employees who use ERP regularly will get better at doing their jobs, increasing productivity across the enterprise without increasing headcount.
Better decision making.
When all departments are using a single system for tracking things like sales opportunities, customer service cases and product inventory levels, it becomes easier for managers to identify opportunities for improvement and increase profitability. The unified view of business operations provided by ERP systems is a major
What are the typical features of ERP software?
ERP software can do everything from automating simple accounting processes to managing complex supply chains and manufacturing. The typical features of ERP software include: Accounting, financials and reporting.
These modules provide the basic functionality for financial management, including accounts payable and receivable, general ledger and budgets. Inventory management. This module tracks inventory levels and stock movements, which can be especially useful for businesses that hold a lot of stock.
It also ensures that stocks are traceable and compliant with regulations. Order management. These functions manage customers’ orders and process them through sales, production, shipping, invoicing and returns.
Manufacturing: This feature provides help with planning out production schedules, manufacturing costs and material requirements planning (MRP). Supply chain management (SCM).
Although not all ERP systems have SCM features, they are becoming more common in high-end suites. SCM allows companies to better manage their supply chains by providing tools for purchasing, warehouse management and logistics planning.
Human resources (HR): HR modules are usually added on to standard ERP systems as plug-ins or extensions. They allow companies to consolidate their HR information into one system, including employee data, payroll processing and benefits administration.
Is ERP software challenging to learn and use?
No, ERP is not an overly complex or challenging software to learn and use. It is built to be intuitive and straightforward, enabling non-technical users to easily find their way around the software. Here are some key reasons why ERP software is simple to learn and use:
1. The familiar look of ERP software. Most ERP software products follow a pretty similar design pattern in terms of navigation, making it easy for users to find their way around the system.
2. The menu structure is generally similar from one product to another and even within the same product. This means that once you have learned one part of the system, you can easily apply that knowledge to other areas.
3. The configurable nature of ERP systems. Users can configure an ERP system, so that it looks like they want it to look.
4. They can create reports and dashboards that meet their individual requirements and place them on the home page, so that when they log into the system, they see what they want to see right away.
5. They can also customize menus so that only relevant functions appear in each menu — again making it easier for users to find their way around the system.
6. Standardized business processes and best practices support user adoption. Many ERP systems follow standardized business processes as well as best
How much does ERP software cost?
A quick search on the internet for ERP software pricing will yield several results from vendors, software marketplaces and analysts. According to a recent Gartner report, the average cost of an ERP system is $10 per user per month (mm/user).
This is based on on-premise implementations with a user size between 201 and 1,000. The same report states that the average price of an ERP solution ranges from $70k to $150k for a small business with 10 employees to $450k to $1.5M for a medium-sized business with 100 employees.
Here are other factors that can affect your total cost of ownership (TCO):
Deployment method — Will you host the software yourself or use a third-party hosting service? For this article, we will assume that you are opting for cloud-based deployment.
In this case, your TCO will generally include your monthly subscription fee (as mentioned above), training, implementation and integration services as well as ongoing maintenance and upgrades in the form of patches and fixes.
Customization — This is one area where it’s easy to spend way more than you should.
Are there any free ERP software options available?
There are several free ERP software options available, but they may not be the right fit for your business. If you need more functionality than what’s offered in a free version, you may have to shell out some cash.
Free ERP software options Many popular ERP software systems have free versions that offer limited functionality. If you’re just starting out and don’t have many customers yet, a free version of an ERP system may work for you.
Some of the most popular ERP systems with free versions include NetSuite OneWorld, Oracle PeopleSoft Enterprise Financial Management, Microsoft Dynamics GP and SAP Business One. These systems provide core functionality, such as general ledger management and financial reporting.
They also typically include basic inventory management, payment processing and invoicing capabilities. However, these free ERP software options often lack advanced features such as payroll management, CRM and e-commerce capabilities.
Common reasons to upgrade People often choose to upgrade from free ERP software to a paid option because they begin to need more advanced features or have a greater number of employees using the system.
One reason people choose to upgrade from a free version is because their company has grown in size
What is the best ERP software for my business?
When you choose the best ERP system for your business, it can be like a new best friend. It will get to know you and your business better than anyone.
It’ll see you at your worst – late at night, when you’re stressed out and need answers fast, or after a long weekend of hard work and a big order came in, and your team needs to ship today. An ERP system is an enterprise resource planning software that lets small to mid-sized businesses manage everything from accounting to procurement to inventory and fulfillment in one place.
It can also provide insights into key performance indicators (KPI) such as gross profit margin and net income by account or product line. The best ERP systems do it all and more – they work with CRM software like Salesforce to provide a 360-degree view of customers as well as inventory, orders, invoices, payments, etc.
They also integrate with marketplace platforms like Amazon, so you have one place to manage all of your sales channels. Choosing an ERP system can seem overwhelming. There are hundreds of options available today with varying price points and feature sets.
Many companies offer free trials or demos that let you test-drive their software before signing up for a subscription
Best ERP Software – Summary
Enterprise Resource Planning (ERP) software is a suite of applications that manage core business processes, such as sales orders, purchasing, financials, inventory management and customer relationship management.
These systems combine all departments and functions across a company onto a single computer system that can serve all those different departments’ particular needs. ERP systems track business resources—cash, raw materials, production capacity—and the status of business commitments: orders, purchase orders, and payroll.
The applications that make up the system share data across various departments (manufacturing, purchasing, sales, accounting, etc.) that provide the data. ERP facilitates information flow between all business activities and manage connections to outside stakeholders.
Since we first published this piece in 2015, there has been a lot of change in the world of ERP software. Many top vendors have made substantial improvements to their systems while new challengers have risen to take on the incumbents — especially in mid-market systems.
As such we’ve updated this piece to include new developments in pricing and functionality at each vendor and new vendors into the mix.