The full meaning of ERP is Enterprise Resource Planning used in a company or in a business organization to advice measure and plan on the binding site of business to allocate for decision making and problem-solving on the divergent areas of business such as accounting, project management, and manufacturing.
The actual work of ERP is to integrate and to get the software process together to release the flow of data information across the organization. It is planning the various features to streamline communication to create one complete system in the organization. The ERP software manages smell to medium organization resultant to bigger scale into different industries also.
The ERP has a system of integration of information processes firmly and strategically that facilitates information flow into various forms such as visibility, analytics, intelligence, and efficiency throughout the business process. In other words, it automates business processes.
Why do you need a ERP solution?
Apart from digitizing your business processes, ERP solutions also helps you with informed decision making. You will get to make decisions based on actionable insights like –
- Time spent on each task and project.
- Employee productivity & efficiency level.
- User activity.
- Details reports on projects, employee attendance, accounts, contacts, and more.
You might also like to read: Why SAP HANA is better than other ERP System?
Features of ERP solutions to look for
ERP does work efficiently, with integrity, collectiveness, and effectiveness. The ERP focuses on the data more powerfully and elaborately. The ERP has the following features such as:
- Customer relationship management companies track customer interaction and get insights needed for studying customer behavior better.
- Product and purchase planning involves generating the customer’s purchase order with data variables like customer number, product number, order size, and delivery dates.
- Sales order processing completes multiple business units getting information from a single source and system, making employees work quickly to track down, process orders, reduce times, and get out of too much communication.
- Project management involves identifying and meeting with the stakeholders, building up a comprehensive plan using risk management training, and educating.
- Manufacturing and delivery planning automate and streamline the business production, make the product, design, finish products, and meet the requirements or specifications.
- Invoicing and billing integrate and helps to business analyses their numbers better.
- Accounting and financial management in one place finance handling
- Supply chain management for a chain of the system under the control file and documenting organizing and advantaged reporting and analytics on the whole organization for meetings management and financial decision making.
What are some of the leading ERP Brands?
Some of the leading names of ERP software are:
Service provided by Oracle Net Suite Planning and Budgeting Cloud Service provided with Oracle Financial Statement Planning. This system frames areas such as:
- strategic modeling
- capital expenditure planning
- strategic modeling
- workforce planning
- project financial planning
- workforce management cloud service
- customer responsibilities
SAP Business One is the entry-level and most affordable ERP application within SAP’s portfolio of solutions and has proven successful for small businesses and subsidiaries of large organizations. SAP Business One is sold, implemented, and supported by our partner network.
Sage 300 is a easy to use mid-range accounting and enterprise resource planning (ERP) software solution with limited functionality and expansion modules. Soof there main features includes:
- financial management
- sales and customer management
- purchasing and inventory control
- business intelligence
- analytics and reporting
Syspro is a manufacturing ERP allows sales, order analysis, inventory control to supply chain management. The ERP of Syspro works in correlation with the internet of things (IoT), artificial intelligence (AI), and machine learning (ML). Syspro serves manufacturing and distribution sectors, organization and industry requirements, built for the industry, competitiveness from tailored made strategic models, and illustrations. From choosing a device to meet company demands, better web use, interface, and mobile platform.
Acumatica software enables users to centralize transactions and to view a company’s financial status in real-time. It calculates and reports general ledger, accounts payable, accounts receivable, and tax management to the managers for auditing purposes and forecasting purposes. It has the best use in increased productivity, centralized, multisite management, streamlines compliance. Acumatica uses complex business, an accounting application, contacts, opportunities, generates reports, analyzes trends, projects inventory, complex billing, project costs, and a revised budget.
Microsoft Dynamics of 365 improve rates and conversions, increase response rates, show how the customer interacts, unifies data, track contacts, personalize sales documents, reduce time spent on communication, steam line workflows, and promote accountability.
There are other options too with good ratings; however, less in rates achieved that are commonly used by most companies.
You might also like to read: How To Identify You Need To Upgrade Your ERP Software
Guide to choose the Best ERP Solution For Your Business
So is there a way to find the ERP solution? How can you choose a ERP solution that’s going to be the best fit for your organization? There is not one size fit all solution for it. But, here are seven steps to help you choose the right software for your organization:
- Conduct a through review and analysis of your shortlisted ERP solutions.
- Evaluate the solutions to find the best technical fit.
- Understand the total cost of adopting the ERP solution.
- Develop a realistic implementation plan for the ERP system.
- Evaluate the potential business benefits and drawbacks of the new system.
- Don’t just focus on the big brands, keep the option open for other new vendors too.
- Look for objective and independent advice.
By following these seven steps, chances are your organization will be much more likely to end up with the best ERP solution to meet your business needs.
Darrent is a digital marketer, tech enthusiast & blogger.