A Comprehensive Understanding of ERP Software Solutions in 2024
TABLE OF CONTENT
What is an ERP software solution?
Benefits of ERP software
How to choose the right ERP software solutions
Best ERP Solutions You Should Know
Conclusion
What is an ERP software solution?
ERP (Enterprise Resource Planning) systems are comprehensive, integrated platforms both on-premises and in the cloud to manage all aspects of a production-based or distribution business. This system specializes in managing organizations’ day-to-day business activity including finance, human resources, supply chain, manufacturing, and accounting. Through ERP software solutions, you can gain an all-in-one platform to keep track of end-to-end workflow and data transparent instead of multiple softwares. Additionally, ERP software solutions are also suitable for all sizes company from enterprises to SMEs in various industries.
Several functions of ERP:
- Accounting and finance
- Inventory and warehousing
- Orders and fulfillment
- Supply chain
- Marketing and sales
Benefits of ERP software
Known as a business management solution, applying ERP software solutions is beneficial for start-ups to massive corporations. Here are several advantages of ERP systems for your business:
- Improve operational efficiency: ERP systems bring automated activities and synchronize data to allow enterprises to reduce manual tasks, streamline their operations, and enhance productivity.
- Streamline business processes: To the reduction of multiple systems, ERP software solutions integrate various departments. This results in creating workflows smoothly, and improving collaboration in organizations.
- Enhance data accuracy: Through automated tasks of ERP software solutions, you can reduce the error of human activities with centralized data making sure that data-driven organizations with transparent and real-time data.
- Achieve better inventory management: By providing an inventory management module, the ERP system will track precisely and control inventory levels quickly to limit overstocking and understocking issues.
- Optimize financial management: Support in automating tasks and reporting like accounting and payroll, you can streamline financial processes.
How to choose the right ERP software solutions
Step 1: Define your business needs and budget
Starting your ERP journey through accessing your unique needs is essential. You need to deeply find the challenges, pain points, and objectives that align with your industry. After that, understanding what you need allows you to optimize the modules to save money. Thus, your organization should set a realistic budget for your ERP to select the right ERP.
Step 2: Choose the deployment type
ERP software solutions are popular for cloud-based and on-premises deployment. Each type has different advantages. You should choose based on your existing IT infrastructure and your security prerequisites. While cloud ERP strengthens scalability, accessibility, and effective infrastructure costs, on-premises focus on greater control over data security and compliance.
Step 3: Research ERP options
In the market, there are a variety of ERP software solutions with unique features and functions. After listing, you need to consider elements like industry-specific functionality, scalability, interface, and reviews. Make sure that ERP systems align with your company size, industry and your specific requirements.
Step 4: Collaborate with the reliable vendor
Prioritize the vendor who provides particular ERP experiences in implementing ERP systems. To choose the vendor, you need to dive deep into the vendor’s portfolio with case studies, client references, and industry publications to gain a comprehensive view of the vendor’s track record. Especially, you also consider customer service to get valuable insights.
Step 5: Customize and integrate
The advanced capabilities of ERP are customization and integration. If not required, you might keep the original ERP system to operate your business to avoid unexpected issues and costs. However, nothing is a one-size-fits-all approach to your specific needs. As a result, you need to customize ERP software solutions to assess the ERP software’s proficiency and connect with your existing software like CRM systems, eCommerce platforms, etc…
Step 6: User training and support post-deployment
Your vendor will provide well-trained guides with an array of training resources like documentation, tutorials, etc…. The ERP software solution has a user-friendly interface and is easy to navigate, allowing users to access quickly. Most ERP providers keep in contact to deliver excellent customer services to generate enthusiasm and foster adoption. So, they also address technical issues on time, ensuring that the ERP system runs smoothly.
Best ERP Solutions You Should Know
Oracle NetSuite ERP
Famous for the best ERP software for enterprises, Oracle NetSuite provides an all-in-one business solutions for various industries like healthcare, financial services, consumables, etc…It handles accounting, procurement, supply chains, etc…Although Oracle NetSuite brings the powerful functionalities, it is not the cheapest and the best choice for SMEs with limited internal IT resources. Furthermore, one of the drawbacks of Oracle NetSuite is user-friendliness and complexity, it makes users difficulty to apply.
Odoo ERP
Odoo is an open-source solution used company-wide for the management of business processes. Also, Odoo ERP software delivers seamlessly integrated functional business apps for many business requirements and industries. Known as a reasonable ERP system for small businesses and some mid-sized companies, Odoo is available with SaaS subscription pricing as the Enterprise edition or the Odoo free Community version. Additionally, Odoo allows businesses seamlessly integrate Odoo and third-party apps like Microsoft Office, Google Drive, and QuickBooks to streamline your business processes.
SAP Business One
SAP Business One is one of the ERP software solutions for SMEs at a lower price. Like other ERPs, SAP offers packs of functionality and tools to handle business processes. SAP has over 500 extensions, real-time analytics, customization, flexible plans, and both on-premises and cloud deployment options. With the SAP system, businesses can build apps, automate tasks, customize dashboards as well as design the ERP ecosystem that aligns with their specific business and industry.
Microsoft Dynamics 365
Dynamics 365 ERP features AI integration that allows users to reduce repetitive tasks and human errors. This ERP system enables AI-driven email creation, intelligent work order filling, issue identification, inventory ordering, automated reporting, etc….Dynamics also seamlessly connects CRM tools and internal business processes to create robust operational tools. On the contrary, Dynamics also has disadvantages in terms of user experience because it requires large resources and top-notch hardware to run.
Acumatica Cloud ERP
Designed for SMEs, Acumatica is highly rated for its ease of use and intuitive interface. Unlike other complex ERP systems, Acumatica Cloud ERP allows users easy to onboard through easily customizable dashboard structure, no-frills data logging, clean reports, and a hybrid no-code or low-code ecosystem. Additionally, this ERP software solution can have decent AI and automation functionality, allowing businesses to create customized automated workflows. Besides, integrated AI also brings standout features like interactive customer support, guided reporting, etc…Acumatica Cloud ERP specializes in a variety of industries like manufacturing, construction, distribution, and much more. Especially, as mentioned above, it is suitable for small and medium enterprises, so it has a reasonable price with several plans.
Conclusion
ERP software solutions are essential for the growth and success of business operations. Through a comprehensive understanding of ERP, you can unlock the potential to operate efficiently, streamline processes, and enhance data accuracy. ERP systems dramatically affect your business, but some businesses don’t know how to choose the right ERP system and vendor to implement it. The lack of knowledge in making decisions leads to the damage of costs and time. As a result, you need to prepare cautiously to execute the best ERP software solutions. If you’re looking for one, you can refer to our article. AHT Tech provides the best ERP software solutions for all size companies in various industries. Get in touch with us!