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Best ERP Software Solutions For Your Business

Finding the best ERP Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.

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Every business is centered around multiple processes like inventory management, human resources, accounting, customer relationship management, supply chain, product lifecycle, etc. All of these processes are essential for the business to run. ERP system integrates all of these processes under one umbrella so that they can be streamlined and there will be a proper flow of information across the organization.

What is ERP Software?

ERP is an abbreviation for Enterprise Resource Planning and is a very powerful business tool. Enterprise management software encompasses several processes through a shared database. This database supports multiple functions that different business units use. In other words, different departments in the organization can rely on the same information (that can be accessed through the central database) for their specific needs. It eliminates the need to maintain separate spreadsheets and use of manual processes for generating reports. Everything can be accessed from a single dashboard. Cloud ERP software makes use of sophisticated technology to create a leaner, more efficient, automated business. 

Must-Have Enterprise Resource Planning Software Features

At the end of the day, Enterprise Resource Planning Systems are after all an investment. Although different businesses have different requirements, there are some basic features that any Best ERP software solutions must have so that your investment is worthwhile. Here are the six must-have features for any Best Enterprise Resource Planning software:

Ease of Integration: When you decide to switch to a top ERP system software, you will be migrating a lot of data between different systems and may also be using third-party software. There is a good chance that integration issues might arise. Hence, before you purchase Cloud ERP software, make sure it is compatible with your existing systems for proper deployment. 

Customization: It must be easily customizable to suit the needs of the company. Your web based ERP software might have several advanced features, but if they are of no use to your business operations, it doesn’t make sense. It must be flexible enough to customize its functionality to fit the operational requirements of your business model. 

Customer Relationship Management (CRM): A CRM module is a must for any business for the proper management of leads, customer service tracking, and marketing automation. It’s important that the enterprise resource software you choose must have an integrated CRM module, else it leads to double data entry and having to look up details in both systems. Top ERP software solutions with an integrated CRM module helps a great deal in sending running marketing campaigns or sending emails that generate business. It helps in addressing customer needs in a better manner, and identification of their buying patterns and preferences. It also eliminates the need for bearing the cost of two different systems.
  
HRM (Human Resource Management): An HRM system deals with the most important resource of the business – its employees. Over time, HRM modules have evolved to expand their capabilities beyond basic reporting, payroll, and employee management and include features for attendance management, performance tracking, scheduling, etc. Hence, it is important that the top

Top ERP software must have these functionalities. With a cloud ERP system software that has an HRM module, it becomes easier to analyze HR processes and generate reports.

Financial Management: Financial filings undergo a great deal of scrutiny with the ever-changing regulatory requirements. An ERP system with a financial management suite makes it easier for companies to comply with the standards of financial reporting and requirements of tax, all within a single system that takes care of accounting, banking as well as payments. Without these features, there is a good chance that companies will miss payments or overlook important details in the accounting books. Best ERP software with financial management modules can not only lower costs but also help improve cash flows and increase profits. It gives way to transparent, accurate, and timely reporting.

Ease of Use: No matter how much functionality the ERP enterprise software brings in, it is very important that the features are easy to use and come with an easily navigable dashboard. If the system is complicated, employees might fail to use it which beats the entire purpose to make their jobs easier and more efficient. It should be easy to track changes and manage data.

Benefits of Using Enterprise Resource Planning Software

Best ERP software adds a lot of value to the business. At its core, Top ERP software essentially solves the problem of ‘silos’ in an Enterprise. Some of its benefits are:

  • Increases the efficiency with which employees do their jobs.
  • Eliminates barriers between different business units by facilitating departmental collaboration.
  • It drives improvements by allowing for global and real-time viewing of data so that issues can be proactively addressed.
  • It improves quality control and reduces risk by improving compliance with financial and regulatory standards.
  • It brings automation in business processes.
  • It improves customer service.
  • Lower business costs by eliminating processes and systems that are redundant.
  • It improves design making by helping businesses in managing and connecting information that is generated from different core areas of the organization.

Top ERP Software Trends to Watch in 2020

Web based ERP software is certainly the latest buzzword in the corporate world, and companies all over the world have adopted various kinds of top ERP software that can help their organization accrue various advantages. There are diverse options available in the market space, and any small-medium size business can streamline operational efficiency and task flow management by investing in top ERP systems.

There are numerous emerging movements in the current ERP system – it is a good idea to research the available options and take an ERP software demo from a credible vendor before making a final decision. Here are some major trends to watch out before you get a cloud ERP solution for your company:

  • Mobile ERP Platforms
    One of the biggest changes in web based ERP software is that it is adapting to mobile devices to boost productivity and usability. This allows salespersons, professionals and team members to access information on the move, no matter where they are – all that is required is a high-speed internet connection.
    Most leading best ERP solution vendors are adding add-on modules to increase mobility as it greatly pushes up the utility of top ERP systems in the present technological scenario.
  • Cloud-based ERP Solutions
    The prominence of SaaS and cloud based ERP software packages is increasing, and most companies are going to great lengths to invest in them. Cloud-based ERP software systems have a number of additional benefits such as a voluminous database, automated updates, heightened security features, and universal geographical accessibility.
    Adoption of IoT (Internet of Things) along with cloud technology has opened up a world of possibilities for organizations and made workflow more flexible and agile.
  • The rise of Artificial Intelligence
    Web-based ERP software is now increasingly automated and there is a massive rise in the inclusion of artificial intelligence. This helps in better business forecasts, predictions and helps senior executives to take smarter corporate decisions.
    Most generic modules of ERP software now are powered by business intelligence features that reduce the manual workload, administrative paperwork and are highly cost-effective. Artificial intelligence ERP system software is a complete necessity in the current fast-paced times and can help any company pump up existing profit levels.
  • Better Integration Architecture
    One upcoming trend in the top ERP systems software market is the rise of highly scalable, customizable and integrated software packages. Top ERP systems are not always standalone platforms, rather they often need to function along with a host of other vital business applications.
    Better and more sophisticated integration architecture facilitates the seamless functioning of different organizational applications such as accounts, human resources or billing systems – placing top ERP systems as a holistic and competitive business weapon for any kind of firm.

There are many changing trends in the ERP system software market and it is a dynamic revolutionary field. It is important to keep up-to-date and know about emerging patterns in the industry by taking regular ERP software demos, so as to invest in the best ERP solutions for your organization.

Important Enterprise Resource Planning System Modules

Here are some common and useful ERP software solutions modules that are embedded in most recent ERP application software systems:

  • Financial management
  • Customer Relationship Management (CRM)
  • Sales & Marketing
  • Human Resource Management (HRM)
  • Manufacturing
  • Supply Chain Management (SCM)
  • Inventory
  • Purchasing

Financial management

  • Automation and Management of End-to-End General Accounting Procedures

  • Support for Worldwide Financial Processes

  • Planning and Forecasting

  • Cash Flow Management and Tracking

CRM

  • Contact management

  • Reporting and dashboards

  • Lead management

  • Deals and Tasks & More

Sales & Marketing

  • Email Marketing & Marketing Automation Tools

  • Measure your success

  • Mailing List for every purpose

  • Reporting

Human Resource Management

  • Performance evaluation

  • Employee scheduling

  • Time tracking & Attendance management

  • Payroll management & More

Manufacturing

  • Customer Relationship Management

  • Manufacturing Execution System

  • Quality Management System

  • Supply Chain Management

Supply Chain Management

  • Inventory management

  • Order management

  • Logistics and shipping status

  • Return management

Inventory Management

  • Inventory Counts

  • Lot Tracking

  • Backorder Management

  • Multiple Warehouses & Inventory Locations

Purchasing Management

  • Approval Routing

  • User Role Controls

  • Expense Tracking

  • Cost Allocation

Enterprise resource planning software has a number of advanced and developed functions that can augment the inter-departmental functioning of any organization.

It is very essential to review ERP software modules in detail before getting cloud ERP management software for your company to ensure that it blends smoothly with your business processes.

  • Financial Management
    This dedicated module allows users to manage capital inflows and outflows – making it a prized feature of most ERP enterprise software platforms. It covers a number of diverse accounting functions such as ledger management, bank reconciliation, tax management, and balance sheet development.
    Financial management module in cloud ERP application software can also generate reports and analyze past historical trends, making it a useful tool to prepare budgets or financial plans.
  • Customer Relationship Management(CRM)
    Modern ERP management software contains customer relationship management modules that greatly boost customer service and have the ability to store vast repositories of client information. They can manage leads, potential opportunities, and existing long-term customer data in a streamlined manner.
    Customer relationship modules in top ERP systems is a real asset as they boost up the sales pipeline, track prior customer interactions and manage social media marketing activities, thereby increasing profit per capita.
  • Human Resource Management
    ERP application software suites have a specialized human resource management module that features general HRMS Software utility tools such as time tracking, employee database, skills matrix, and job profile records.
    One of the best aspects of human resource features in ERP software is that it handles tedious and time-consuming manual functions such as attendance and payroll in an automated manner –thereby enhancing the overall speed and swiftness of the organization to great heights.
  • Supply Chain Management
    The supply chain management ERP module is a massive help for manufacturing and production companies, as it covers all the functions of the supply chain such as inventory, distribution, transportation, and purchase order management.
    It ensures completely structured process automation that involves the structured product flow from the manufacturer to the customer. There is no doubt that the supply chain management feature in ERP systems can streamline the supply chain of any company and make it adaptive to sudden market transitions or shifts.
  • Inventory Management
    This export module in ERP application software works in tandem with supply chain management so that managers always know the amount of stock left and can replenish it adequately in time to avoid any delays.
    Inventory management modules are crucial in ERP management software as it interacts with many other functional areas to extend seamless invoicing, purchasing and transportation of material.

The various customized cloud ERP software modules make it a necessity to invest in pioneering ERP application software – make sure to get this miraculous platform for your organization to witness a dramatic increase in all key performance parameters.

Important Things to Consider While Buying ERP Tools for Your Business

ERP accounting software serves as an indispensable solution that can bring about efficiency and enhance final output levels in an industrial company. However, investing in the right ERP business software is certainly not an easy task – there are many important challenges and aspects to look into before making a final decision.

Here are some key considerations that decision-makers must investigate and keep in mind before getting top-class ERP tools that will surely boost up productivity and engagement levels:

  1. User-Friendly
    Complicated or difficult ERP software is a definite recipe for business disaster and your employee base will reject any such complex system instantly.ERP accounting software needs to be extremely user-friendly and simple for maximum people in your organization to accept the new system.
    Your ERP tools should not require any kind of expertise or technical training – a simple demonstration should be enough for your workers to understand the features and adopt the new ERP business software.
  2. Client References
    Positive software references are a big confidence enhancer and help to buy in executive support for getting ERP tools for your company.
    It is essential to check the reviews of satisfied clients before investing in ERP accounting software systems. Reviews and references often bring to light valid loopholes and problem areas in cloud ERP tools that can be rectified or avoided by your organization.
    Look out for credible and genuine references from companies that are similar to your own to make sure that you do not get any unexpected surprises from your ERP business software.
  3. Security
    Data safety and protection is a vital consideration that has to be kept in mind before deciding to go in for ERP accounting software. Best ERP tools handle huge amounts of sensitive and conferential information that needs authorized user access or control – it is very important to choose ERP tools that do not compromise on data security.
    Most modern ERP business software contains sophisticated security features such as password protection, encryption, and firewalls to protect data from fraudulent users, theft or misappropriation. It is wise to check the safety features in detail before deciding on an excellent ERP accounting software platform for your startup or small business.
  4. Vendor Support
    Investing in ERP software is surely not a short-term decision and should be able to yield a good return on investment for your organization in the long run. It is necessary to choose a reliable software vendor who provides long-term support and maintenance even after the initial installation period.
    ERP accounting software needs regular maintenance checks and updates so as to avoid any technical glitches – make sure your contract includes these terms and conditions for superior vendor support and service.

Implementing ERP tools takes a considerable amount of time, energy and resources – make sure that your managers check these key critical aspects before choosing ERP business software. It is sure to have a far-reaching positive impact on your overall profitability and productivity.

How Manufacturing and Distribution ERP Software Function?

Manufacturing and distribution ERP solutions are the latest buzzword and are a necessity for any kind of business that manufactures stocks or distributes its own products. Process manufacturing organizations utilize manufacturing ERP software solutions for a number of diverse tasks such as tracking highly controlled procedures, managing batches of finished goods and recording complex dealings through the countless stages of industrial manufacturing.

Distribution ERP software is an amazing business asset as it provides a steady flow of real-time accurate information across multiple departments, thus facilitating the smooth transfer of materials across retailers, manufacturers and distributors.

Manufacturing ERP software is the need of the hour and it can help companies to produce a diverse variety of products at cost-effective rates in a lean and highly automated business environment.

Another huge advantage of distribution ERP software packages is that it assists in providing superior customer satisfaction while meeting the expected delivery deadlines, quality specifications, and product design – boosting operational efficiency in the manufacturing industry to great heights!

There is no doubt that manufacturing ERP software brings about a host of benefits; here are why all kinds of small and medium manufacturing companies need to get distribution ERP software platforms:

  • It has industry-specific modules and features that are specifically designed and developed to build productivity into manufacturing processes or practices.
  • The constant flow of real-time information through manufacturing ERP software helps decision-makers take intelligent and smarter decisions that help in the rapid achievement of corporate long-term goals.
  • One great advantage of manufacturing ERP solutions is that is it focuses on maintaining optimum inventory levels, facilitates the quick movement or transportation of goods and augments strong front desk functionality.
  • Advanced reporting analytics and visual dashboards allow for quick access to important manufacturing data/information at a glance.
  • Manufacturing ERP software develops a robust multi-warehouse channel that streamlines merchandise storage, assembly, and distribution to final retailers.
  • Manufacturing ERP software platforms measure and monitors continual production activity or projects against projected goals/targets, thereby enhancing any kind of undesirable variances in delivery schedules.

The manufacturing industry has recognized the immense potential advantages of ERP software packages – it plays a vital role in combating manufacturing waste, reducing time delays, and ensures that workers direct their energy in a better manner.

It is definitely in the best interest of any company to invest in manufacturing ERP software, as this futuristic platform increases bottom line profits to the highest levels instantly!

ERP Software for Small and Medium Enterprises (SME’s)

Small and medium enterprises have evolved a long way due to ERP for small businesses – it is definitely a great way to grow, expand and diversify any company. ERP for small businesses to help them manage all their different departmental activities in a unified manner and also maintain a centralized database of all important company information.

Technology is the backbone for efficiency in the small and medium enterprise sector, so it is sensible to undertake a detailed market survey, check different software offerings and choose the best ERP software for small businesses. Here is why you need to invest in ERP for small businesses:

  • Streamlined Business Processes
    Cloud ERP solutions for small business firms provide complete transparency and visibility across all business processes across the whole organization. This ensures that there is the complete availability of information between all company stakeholders and they can take better, quicker and superior business decisions for the benefit of the organization.
    So, if you want your small-medium sized startup to climb up the ladder of success, get a well-developed ERP for small business.
  • Customer Service
    It is necessary to provide supreme levels of customer service in this ultra-competitive business era, and the best ERP solutions for small business models are the best way to boost your client satisfaction.
    It has the ability to store customer details, handle customer relationship management, facilitate client communication and enable sales order processing. It helps to know your customer needs better and track prior interaction with them, thereby pumping up customer delight to the highest levels possible!
  • Cost-Savings
    ERP for small business companies is a corporate necessity as it dramatically cuts down on expenses and costs, thereby building up profitability and overall company output.
    It is advisable to invest in the best ERP software for small business models as it lifts productivity by managing customers, inventory, finances, bills, invoices and materials in a seamless manner, thereby reducing unnecessary wastages or expenses.
  • Business Intelligence
    If any small business needs to ensure that it has top quality reports and analytics, the best thing to do is buy ERP solutions for small business firms. Your team members and managers can benefit from gainful insights, and it has a different type of standard or customized reporting abilities.
    Reports can be viewed through visual dashboards, and just a quick glance can give a comprehensive account of key performance indicators. Data is presented through easily comprehensible graphs, charts, and tables, which make it possible for rapid assessment and visibility.
  • Customizable and Scalable
    Small and medium enterprises all have unique business requirements, and the best ERP software for small business enterprises is highly customizable – meaning it can be completely molded or personalized to suit your company’s corporate needs.
    Also, as your business expands and grows, it is possible to include new business modules so as to accommodate your organizational growth. Most ERP solutions are highly flexible, and hence can adapt or upgrade to your growth quickly, making sure that there is the smooth end-to-end integration of the system.

Best ERP for small business organizations can augment operational improvement and build up a high level of productivity instantly – it is truly a miraculous platform that should be harness by all growing startups and small business firms!

A modular and holistic ERP software system – it handles all diverse requirements of small-medium enterprises such as customer management, inventory, supply chain, production, and billing. It is highly cost-effective and is sure to push up the bottom line results of any organization by helping it accrue a competitive advantage in the dynamic business landscape!

Drawbacks of Enterprise Resource Planning Software

  • It takes at least 1-3 years for complete deployment and use of their full functionality.
  • Plus, there is the initial cost and the indirect costs involved.
  • The realization of its paybacks isn’t immediate.
  • It may also be difficult to migrate data from existing systems to the new Cloud ERP system.
  • For decentralized organizations that have multiple and different business processes, it could get very difficult to implement ERP software.

It is very important to properly evaluate and analyze the ERP system software in line with the needs of the company so that the interests of the company are not violated and it starts paying back even if it takes some time.

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Frequently Asked Questions (FAQs)

    • Infor ERP
    • Sage 300 Cloud
    • Blue Link ERP
    • Priority ERP
    • Aptean ERP
    • Oracle ERP
    • Microsoft Dynamics ERP
    • TCS iON
    • Marg ERP 9+ Software
    • Infor ERP
  • Postmodern ERP refers to the selective adoption of standalone software integrations to form a unified system rather than a single piece of ERP software.
  • Cloud-based software is hosted on a vendor's server, and you can access it via a web browser. On-Premise software is installed on a company's servers and computers.
  • ERP software modules work on a centralized system that showcases a dashboard to where you upload real-time data gathered from various departments. Such an outline helps you measure the overall productivity and profitability of the organization.
  • ERP software is useful for companies that are looking for effective management of various organizational functions with a centralized and integrated system in place.
  • The cost will vary based on various factors, but usually, a small-to-midsize company will require an investment of about $60,000 - $600,000 to implement ERP software successfully.
  • Multiple types of ERP software can be implemented in any organization. Some of them are listed below:
    • Generalist ERP
    • Vertical ERP
    • Open source ERP
    • Small business ERP

Priyanshi KhandelwalBy Priyanshi Khandelwal | Last Updated: October 19, 2020

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