Business

Five Best ERP Software for Your Business

Enterprise resource planning (ERP) is no longer a fancy buzzword used by Silicon Valley MNCs. With technology becoming the driver of innovation, every company using software solutions should think of integrating them into an ERP system.

With cloud capabilities and consistent innovations, ERP software helps businesses reduce costs, increase profits, and become more efficient.

But to leverage the benefits of ERP, it’s essential to pick the right ERP software. In this guide, we’ll walk you through the five best ERP software solutions available in the market.

1. Oracle NetSuite

NetSuite, by Oracle is one of the widely used cloud-based ERP software solutions. It was founded in 1999 as a business process management software for small businesses. In 2016, Oracle acquired NetSuite, hence the name, Oracle NetSuite.

Best suited for enterprises, Oracle NetSuite is a comprehensive solution that offers 4 key usage capabilities: ERP, General Ledger (GL), Inventory Management, and Customer Relationship Management (CRM).

As a GL and CRM platform, Oracle NetSuite functions like other systems in the league, such as Sage and Salesforce. But it outshines almost every platform when it comes to ERP capabilities.

NetSuite is available as a subscription-based service starting at $999 per month for base access. You can add more users, with an additional monthly fee of $99 per user.

Also, NetSuite is sold mainly through reseller or partner channels. So, you will likely incur additional reseller service costs and training expenses.

Oracle NetSuite has versions for specific types of businesses and nonprofits. It also offers integration capabilities that allow you to add new features like CRM, HR, and accounting.

Key Features:

  • Accounting intelligent capabilities for detailed visibility into integrated financials
  • Accept and process online payments in a secure manner
  • Track, manage and report your company’s fixed assets
  • Configure and administer workflows and business processes
  • Audit trail visibility with robust security and compliance
  • Customized reports for visibility into financial performance

Pros:

  • Complete ERP suite
  • Increases employee productivity
  • Improves accounting and other financial operations
  • Boosts profitability

Cons:

  • Not ideal for small businesses
  • Integration bugs with third-party tools
  • Expensive plans

USP

Oracle NetSuite is an excellent pick for enterprises and growing medium-sized businesses. It offers an exhaustive range of features and capabilities that can streamline and optimize your business processes.

2. Microsoft Dynamics 365

Microsoft Dynamics 365 is a suite of best ERP software solutions that help you automate field services, track leads, and drive sales. This cloud-based business solution offers enterprise-ready, cloud-powered business apps accessible from a wide range of devices.

Some essential capabilities of Dynamics 365 include sales & marketing, project management, business process automation (BPA), CRM, and financial tracking.

Besides its comprehensive suite of apps for desktop devices, Microsoft Dynamics 365 also provides supporting apps for mobile devices. Most of the apps can work offline, allowing you to work in the absence of a stable internet connection. Once an internet connection is established, the data syncs automatically to ensure you don’t lose progress.

You can either deploy Dynamics 365 as a complete package or install specific applications. This is ideal for smaller businesses that don’t need an entire suite of enterprise solutions.

Microsoft Dynamics 365 also integrates seamlessly with other Microsoft apps, like OneNote, Azure, SharePoint, Azure, and Teams.

The CRM capabilities of Dynamics 365 are par excellence. It offers in-depth customer insights, along with personalization and interaction tracking features. The customer service platform includes scripting tools and smart assisted technology to help you better serve your customers.

Key Features:

  • Detailed Customer Insights
  • Management of product properties
  • Activity sorting control
  • Cortana integration
  • Access permission for modular business applications

Pros:

  • Offers familiar user experience of traditional Microsoft Products
  • Works well for both cloud and on-premise storage
  • Allows purchasing CRM capabilities individually
  • Ideal for non-technical users

Cons:

  • Compatibility issues with non-Microsoft products
  • Lacks some advanced CRM features
  • No scope for server code adjustments

USP

If you’re looking for a powerful, beginner-friendly CRM solution, Microsoft Dynamics 365 can be an ideal pick. It offers a feature-rich suite of business applications that work like bacon and eggs with other Microsoft products.

3. IFS Applications

IFS Applications is a comprehensive solution for enterprises and medium-sized businesses that manufacture, distribute, or supply assets, goods, and service operations. Powered by cutting-edge ERP software and EAM technology, IFS Applications helps you enable digital transformation, individualization, and servitization in your company.

It also offers last-mile delivery capabilities to improve your distribution operations and offer your customers and partners a superior experience.

IFS Applications is one of the few business solutions that offer in-built finance and HR modules. It also simplifies financial operations, making it easy to create invoices and statements. Besides, IFS comes with powerful reporting and analytics capabilities to help you make better business decisions.

But where IFS really shines is user experience. It has a live, intuitive dashboard that enables you to oversee all your business operations from one place. The dashboard also offers several customization and personalization features.

Key Features:

  • Accounting tools like general ledger, fixed assets, and accounts receivable & payable
  • Human capital and payroll management
  • Design elements, facilities, and products
  • Project management, project reporting, and risk management
  • Manufacturing, supply chain, and sales & service management

Pros:

  • A powerful solution can fit any business environment
  • Excellent customer support
  • Comprehensive integration options
  • Friendly user interface

Cons:

  • CRM features need improvement
  • Common error messages
  • Some bugs that require repairing

USP

IFS applications can be an ideal pick for supply chain and manufacturing businesses, thanks to its impressive manufacturing and service management capabilities. The tool is also suitable for service-based operations as it integrates well with almost all enterprise solutions.

4. Sage 300

Sage 300, previously known as Sage Accpac, is one of the best ERP software and business management solutions. Aimed to serve small and medium-sized businesses, Sage 300 allows you to streamline your service delivery, finances, supply chain, and inventory management.

It enables multinational operations with multi-location and multi-currency support. Therefore, you can manage different companies and track their gains, losses, fluctuations, and other processes.

Sage 300 provides an integrated management platform that helps you increase cross-departmental collaboration. It also provides a real-time view of business finances and enables you to overcome inefficiencies.

The software allows you to detect errors, differences, and unrecorded transactions to increase your productivity and enable better decision-making.

Sage 300 comes in two variants: the legacy Sage 300 and Sage 300c. The legacy Sage 300 is an on-premise system that is installed on your system. Sage 300c is a cloud-powered, subscription-based product that allows you to exercise the same Sage capabilities via a web browser.

 Key Features:

  • Accounting and financial management
  • Customer relationship management (CRM)
  • Fixed asset tracking and management
  • Business intelligence reporting and analytics
  • Human resource and payroll management

Pros:

  • Superior security features
  • Support for multiple currencies, locations, and languages
  • Support for different platforms, along with integration capabilities
  • Impressive customer support

Cons:

  • Expensive compared to similar solutions
  • Not easy to use and adapt to
  • The reports lack intricate data

USP

Sage 300 is a fantastic ERP solution for small and medium-sized companies. It offers all business management capabilities required to run and manage an organization successfully.

5. SAP S/4HANA

SAP S/4 HANA is a robust ERP software solution aimed at serving companies of all sizes and types. Its integrated ERP suite helps address businesses’ operational challenges across various industries, like manufacturing, service, distribution, and retail.

The software provides impressive financial management capabilities to manage journal entries, general ledger, budget management, and cost accounting. For distributors and warehousing businesses, SAP offers features like delivery tracking, compliance management, and analytics and reporting.

SAP ERP is an on-premise system available only for Windows and is ideal for deployment among 1-30 users. SAP also offers a remote support platform that lets you conduct maintenance operations and health checks.

Additionally, SAP S/4 HANA also comes with a software development kit that enables programmers to add custom functionality or interface third-party apps.

Key Features:

  • Co-deployed ERP, CRM, PLM, HRM, and SCM
  • Various data formats, such as social, geo, text, and graph
  • Available in three deployment options: on-premise, cloud, and managed-cloud
  • Uncapped workload capacity
  • Faster, accurate reporting and analytics

Pros:

  • Quick and efficient data processing and transactions
  • Real-time analysis for improved decision-making
  • Parallel processing of operations
  • Powerful data integration and aggregation capabilities

Cons:

  • Runs only on SAP or SUSE Linux certified hardware
  • Unique business architecture; don’t support all ERP products
  • Server shutdown instances, with calculation load and heavy data processing

USP

SAP S/4 HANA is a powerful ERP system that offers a lot of business management capabilities. If you’re looking for a single solution that helps you control all your business operations, SAP S/4 HANA can be an excellent pick.

Conclusion

Businesses have different objectives and challenges. You could be looking to optimize your financial operations, or you might want to improve your supply chain efficiency. ERP is a one-stop solution to all business management challenges. However, with so many ERP tools available, it’s crucial to determine your budget and requirements before making the final choice.

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