Enterprise Resource Planning or ERP systems are applications that efficiently evaluate, interpret and perform the day-to-day activities of several departments of any organization. Using ERP systems, organizations can manage every business operation and process in a single system. It includes a multitude of modules like Sales and Marketing, Finance, Trade and Logistics, HR, and many more. All these ease out the business while streamlining processes and managing data.
Every enterprise has silos, and each unit works in a unique way so, seamless information transfer between departments becomes challenging. Without proper enterprise resource planning, there can be a loss of valuable time, a lack of collaboration, and less flexibility in business processes. However, ERP systems can overcome all these challenges. These software solutions merge various departments and business units so that all team members can obtain the information in real-time. By reading further, you learn about the benefits of ERP software solutions and what are the most popular ones out there.
Benefits of ERP Software Solution
ERP systems have common databases that allow data flow from one module to another, and thus, one solution is utilized throughout the organization. There are few key benefits that ERP software provides to businesses, and these are mentioned below.
- It enables improved business reporting by providing reporting tools having real-time information.
- ERP system provides enhanced customer service with faster response times, access to customer information, order accuracy, and on-time delivery.
- It is also helpful in improving inventory costs and in avoiding issues like more inventory or less inventory.
- The ERP software elevates cash flow through improved invoicing and several collection tools to bring money faster.
- With inventory planning, procurement management, improved customer service, and vendor relationship management, ERP systems save a huge amount of costs.
- Automation of routine tasks, a smarter workflow, and better efficiency of business processes are only possible with ERP software solutions.
People can leverage all these benefits after they implement the best ERP solution in their organization.
Best ERP Solutions to Implement in 2022
1. Microsoft Dynamics
It is an ERP as well as CRM software that is a perfect fit for industries such as retail, finance, manufacturing, etc. Over 200,000 people across the globe use the tool. One of the major features of Microsoft Dynamics is an in-built analytics module for generating reports and actionable insights. It includes third-party integrations with applications such as Lync, Outlook, Word, Sharepoint, etc. Along with Dynamics 365 and Marketing Cloud, it creates a closed-loop marketing system to analyze the marketing campaign results.
Microsoft Dynamics offer a collaborative environment, extensive customer support, server-to-server authentication for data security, and many more. It is also compatible with multiple platforms and also enhances the visibility of KPIs or key performance indicators.
2. Oracle NetSuite
It is a complete business management suite and ERP software solution that has over 18,000 satisfied customers. It is a highly reliable tool that enables automation throughout the organization with seamless integrations. The Oracle NetSuite helps in combining financial information with business intelligence for driving faster decision-making. It also provides the capability of forecasting, scheduling, and planning decisions.
NetSuite helps in order management and production management by allowing full control over production schedules. The platform enables you to leverage the most from your investment in human capital. This is done by ensuring the right person gets the correct job. It has robust functionality, great scalability, support of multiple languages and currencies, around 100% uptime, amazing PRM, and others.
It is a comprehensive ERP software solution that also has applications such as project management, CRM, warehouse, and inventory management. Through inventory management, one can track the whole product journey. The software automatically ensures quality checks. It has customer portals for storing data of customers in an organized manner. It includes a centralized database of employees, and the automatic stock adjustment feature helps in maintaining stocks. Odoo offers various hosting choices like on-premise hosting, cloud hosting, etc. Odoo Community is free, and the platform is highly customizable. It has automated invoicing procedures and provides a 15-day free trial too.
4. Sage 300
It is a window-based ERP software solution and has more than 2 million users worldwide. The platform makes managing several accounts and companies quite easy. With Sage 300, handling international businesses has become less complicated as here you can maintain numerous currencies, exchange rates, and gains or losses automation from fluctuations. The software is a great inventory management tool as it takes care of returns, shipments, and adjustments. It provides intelligent reporting, KPI dashboards, and customer support and includes an array of integrations like Salesforce, Amazon, etc. This ERP system offers forums for sharing reviews, suggestions, and tips.
Syspro emphasizes streamlining business processes such as financial, inventory, and warehouse management. It is used by more than 300,000 global users. The software adopts advanced technologies for facilitating integrations. It provides core accounting and financial functions to diminish financial risk. It is a scalable solution that maximizes ROI and offers security management. The platform delivers real-time analytics modules, an activity dashboard, an intuitive interface, and instant business insights.
It is a cloud-based enterprise resource planning software used by a plethora of industries like healthcare, manufacturing, and retail. It is created on a robust Infor Coleman AI platform. Infor includes a data analytics suite for providing actionable insights and handling multi-dimensional data. It enables workforce planning and scheduling so that the production requirements are met properly. With Infor, the hiring process becomes effortless as you can hire the right talent for the correct position.
Moreover, it helps in maximizing asset performance, predicting failure, carrying out preventing actions, and streamlining several business activities. It offers cloud and on-premise deployment. The solution is highly customizable and enables excellent collaboration between different departments.
ERP software solutions are an integrated set of apps that helps in business management. You can select any of these best ERP systems for your organization depending upon several factors like organization size, cost involved, etc. It is also imperative to consider software that fits your company goals and budget.