There was a time when people thought only large businesses used ERP systems. Today, ERP solutions are accessible to small businesses, and provide tools for growth and success.
Not sure what ERP software is? Keep reading to find out, and learn what the best ERP software companies have to offer.
What is an ERP software system?
ERP stands for enterprise resource planning. An ERP software system is a suite of integrated apps that help organizations manage their operations.
ERP software companies facilitate efficient data management with solutions that keep information in one central location. This improves the way you operate your business and gives you control over your workflows.
ERP platforms include applications for various areas of your business, such as:
- Reporting and analytics.
- Project management.
- Inventory management.
- Scheduling.
- Payroll.
Let’s take a look at the benefits of ERP software.
Benefits of ERP software for businesses
ERP software companies streamline business processes through the various benefits their products deliver. Here are some of the top benefits of ERP software for enterprises.
Enhancing security through ERP software
ERP software companies implement advanced security measures to ensure that your data is always safe. These measures may include:
- Two-factor authentication.
- Data encryption.
- Access controls.
- Backup recovery plans.
What’s more, ERP software companies evaluate system performance regularly and monitor their products for bugs and fixes.
Beyond that, ERP software companies ensure regulatory compliance and enhance security through regular updates to ensure everything is working as it should be.
Support for remote work from ERP systems
Some ERP software companies support remote work arrangements through their products. They provide employees with access to essential data from anywhere with an internet connection.
ERP software companies maintain system integrity and uptime to ensure that no matter where your employees are, they can get their jobs done without system interruptions.
Simplified forecasting and planning with ERP software
ERP software companies simplify forecasting and planning through advanced reporting capabilities.
Many platforms let you pull data and analyze it for an accurate picture of the state of your business. As a result, ERP software companies help in strategic decision making.
How ERP software boosts productivity
ERP software companies optimize resource allocation to ensure that everyone is productive and that your business runs efficiently.
What’s more for a business to thrive today, you need to take advantage of workflow automation. With advanced functionalities and machine learning, ERP software companies automate repetitive tasks such as:
- Manual data entry.
- Invoicing.
- Accounting.
- Inventory management.
Elevating customer service via ERP software
Your customers are the heart of your business. Improve the customer experience with ERP software.
ERP software provides visibility into your customers through dashboards and reports. This lets you provide personalized services and effective support.
With these benefits in mind, let’s consider the advantages of partnering with ERP companies.
Advantages of partnering with ERP software companies
Partnering with ERP companies provides many advantages if you’re looking to implement or upgrade your ERP systems.
To start, ERP companies provide valuable expertise that you can utilize to improve your business. This is especially useful for the initial implementation.
In general, you don’t have to worry about dedicating significant time towards learning a new tool. ERP software companies design user-friendly interfaces so that you can get familiar with the solutions quickly.
ERP software companies standardize business operations. This is thanks to a number of tailored features that allow for consistency throughout your organization (more on this later).
Finally, ERP software companies offer scalable solutions to accommodate growth.
Let’s check out the different types of ERP companies to help you find the best one for your business.
Different types of ERP software companies
There are various ways of categorizing ERP software, but we’ve narrowed it down to three:
- Open-source ERP software.
- Commercial ERP software.
- Cloud-based ERP software.
Open-source ERP software companies
Open-source ERP software is a system whose source code is accessible to the public. This means that users have the right to view, modify, and distribute the software according to the terms of the open-source license.
Open-source ERP is a great option if you want to customize your software. To use an open-source ERP, you must learn how to configure the solution to suit your business needs. This may require consulting an expert for help.
Commercial ERP software companies
Commercial ERP software is a system that is sold by software companies for a licensing fee or subscription.
Unlike open-source ERP software, the source code for commercial ERP solutions is not freely available to the public. Users typically receive a compiled version of the software.
This option is easier to implement than open-source ERP software, and there are often many integration options available.
Cloud-based ERP software companies
With cloud-based ERP software, vendors run the system on their platforms as opposed to on-premise local servers. Users then access the ERP through web browsers or apps.
Cloud-based ERP solutions are considered the most accessible and scalable option for businesses of all sizes. Popular cloud-based ERP options include:
- Microsoft.
- Oracle.
- SAP.
Essential features offered by ERP software companies
ERP software companies integrate multiple business functions into their solutions to provide you with one centralized system. Here are the most common features found in ERP solutions.
Financial management solutions
Finance is one of the most important aspects of your business. ERP software companies improve financial management by keeping track of opportunities and sales.
What’s more, ERP software companies enable real-time tracking and reporting of your financials so that you always know where your business stands.
Business intelligence solutions
ERP software companies contribute to business intelligence efforts by providing data and analytics tools.
Advanced business intelligence features provide valuable insights into your business. Analyzing this data lets you identify bottlenecks and areas that can use further development.
Supply chain management solutions
Some ERP software companies coordinate supply chain management (SCM) as an integrated tool.
This integration lets you manage supply chain processes seamlessly alongside other critical business processes like sales and marketing.
The main benefit of SCM is end-to-end visibility of the supply chain, allowing you to keep track and plan accordingly.
Customer relationship management (CRM) solutions
While CRMs systems and ERP systems are two distinct tools, ERP software companies boost customer relationship management by integrating CRM functionality into their solutions.
CRM features that can be found in ERP software include:
- Tools to track customer engagement.
- The ability to consolidate data.
- Sales order processing.
Production management solutions
Production management solutions within small manufacturing ERP systems focus on simplifying production processes.
This process lets you effectively plan, monitor, and control production activities. The result is:
- An efficient use of resources.
- Reduced lead times.
- Improved product quality.
Human resources solutions
Much of your business growth depends on your human resources. Within ERP systems, HR solutions manage several human resources workflows, including:
- Automating administrative tasks.
- Simplifying payroll.
- Optimizing recruitment efforts.
As a result, HR ERP solutions leverage the power of automation to improve overall efficiency.
Warehouse management solutions
Some ERP systems have warehouse management solutions designed to enhance overall operations. They do so by:
- Strengthening inventory control.
- Accelerating order fulfillment.
- Ensuring accurate delivery.
The ERP systems let you do this through features like:
- Warehouse layout optimization.
- Inventory traceability.
- Real-time reporting.
By now, you’re basically an expert in ERP systems. There’s nothing left to do but to pick the best system for your business needs.
Top best ERP software companies of 2023
Method
First on our list of the best ERP companies is Method.
Method is a top choice for a variety of industries, including:
- Manufacturing.
- Wholesale distribution.
- Construction.
Not all ERP software companies develop customized solutions, but Method does. With unlimited customization and a no-code platform, you can make Method your personalized solution in no-time.
With Method, you can consolidate your processes to create one smooth system. Method’s two-way sync allows you to synchronize your QuickBooks or Xero data into Method, letting data automatically flow between the two systems.
Other key Method features include:
- Custom reporting.
- Automated scheduling capabilities.
- Efficient invoicing.
- Third-party integrations.
NetSuite ERP
Image credit: NetSuite
NetSuite ERP is a solution offered by Oracle. Known for its scalability and flexibility, NetSuite improves all areas of your business, including:
- Financial management.
- Order management.
- Procurement.
NetSuite also supports ecommerce operations making it a great solution for expanding businesses.
Wrike
Image credit: Wrike
Wrike is project management software that focuses on planning and task management. It’s a great solution for encouraging collaboration, thanks to features like:
- Gantt Chart.
- Project templates.
- Time tracking.
Wrike also integrates with other tools such as Slack and Microsoft Office to form an even more powerful ERP system.
Epicor
Image credit: PC Mag
Epicor is an ERP solution made for industries such as retail and automotive. This software provides industry-specific solutions, guided by your business needs.
Key Epicor features include:
- Supply chain management from beginning to end.
- Custom reports and dashboards.
- The ability to create marketing campaigns.
Sage ERP Software
Image credit: Software Advice
Last on our list of the best ERP software companies is Sage.
Sage offers various ERP products for businesses of all sizes – from small business ERP systems to large enterprise solutions. These products include:
- Sage 100 ERP: Designed for small to medium businesses.
- Sage X3 ERP: Designed for medium businesses looking to scale.
- Safe Intacct: Designed for finance and accounting.
Depending on which version of Sage you choose, you get tools to manage all aspects of your business, from supply chain to human resources.
How to choose the best ERP software for your business
To choose the right ERP software for your business, there are a few things to consider.
Lean selection methodology for ERP software
Lean selection methodology involves simplifying the ERP selection process to focus on the most critical aspects while avoiding unnecessary complex features.
This is the best place to start when choosing a new ERP software. It forces you to prioritize your needs and assess where your business currently is.
If you choose this route, the next step is to define your requirements.
Defining your requirements for ERP software
You want to choose an ERP solution that aligns with your goals. Your goals mostly depend on the industry you’re in. For example, manufacturers have different needs than healthcare organizations.
Remember, most ERP software companies deliver continuous system improvements, so keep your eyes peeled for the latest technology.
Defining your requirements requires you to:
- Understand your business processes.
- Identify current challenges.
- Figure out your goals.
Key considerations when buying ERP software
Your main consideration in choosing an ERP software is what you want to get out of your software. A construction management business needs a different solution than a retailer. Unfortunately, you might not always find a solution that checks off all of your boxes.
Figure out which of the following are priority for your business:
- Functionality.
- Flexibility.
- Scalability.
- Integration capabilities.
What’s more, it’s important to consider the people that will be affected by new ERP software. Depending on the nature of your business, this could be:
- Employees.
- Customers.
- Business partners.
You should also consider implementation of your ERP solution. Some ERP software companies provide comprehensive training and support, while others don’t. If you need a little more guidance, it’s a good idea to go with the ones that have quality customer support.
Key takeaways
Choosing between the best ERP software companies can be difficult, as they all deliver value to improve your business processes.
However, choosing one becomes easier when you know what’s available and understand the current gaps in your business. Hopefully, you’ve found your next ERP solution in this article!
FAQs
Can small businesses benefit from ERP systems?
Yes, small businesses can benefit from ERP systems.
Today, ERP systems are no longer just for large companies. There are plenty of accessible ERP options that are cost-effective and powerful enough to transform small businesses.
What makes a great ERP software company?
The best ERP software companies enhance productivity and efficiency through their product.
You shouldn’t have to spend a ton of time learning the system. It should be intuitive and offer support along the way.
How does ERP software revolutionize business operations?
ERP software innovates your business with new ways to connect your processes and teams for efficiency.
Plus, the best ERP software companies deploy updates to improve performance, so they’ll only continue to get better.
Enter the world of ERP through Method. Start your free trial today!
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