Comparing Types of ERP Systems for Your Organization
In today’s world, managing your own business is a daunting task, regardless of its type. Business owners tend to spend a lot of time and […]
In today’s world, managing your own business is a daunting task, regardless of its type. Business owners tend to spend a lot of time and money searching for resources to help take their business to the next level. With modern technology integrating into the business industry, utilizing its potential is key to surviving in this competitive environment.
Thankfully, ERP systems can give you an edge over your business rivals by managing your business workflow efficiently and effectively. ERP software is tailor-made to automate business processes and can streamline operations without human intervention. Most importantly, it significantly reduces potential risks by minimizing human errors while increasing organizational productivity.
In this article, we will compare numerous types of ERP systems that you can consider using for your organization.
Attributes Of ERP Systems
ERP systems are the go-to option for business owners who wish to cope with their business workflows. In the earlier days, supervising business processes was difficult, time-consuming, and prone to human errors. However, with ERP software, all these challenges diminish almost instantly.
From managing warehouse inventory for your online eCommerce store to overseeing business projects and clients, they are your best bet. Not to mention their ability to arrange your entire business workflow in one place while being accessible from everywhere.
Be mindful that ERP systems encompass many attributes that help streamline business processes while working in real-time. They are the primary source of business info covering financials, logistics, supply chain, procurement, project management, human resources, and other business activities.
Modern ERP systems are designed to automate business processes and eliminate security risks, human errors, and data duplication. They significantly enhance collaboration among various departments and employees through a common user interface. On top of that, businesses can easily handle data security and storage via cloud-based solutions.
The Best ERP Vendors
Although integrating ERP systems is the best way to handle your business processes, only some will work for you. Other than price, multiple factors define their compatibility. To help you find the right one, we have categorized ERP software based on organization size, cloud-based, and industry.
Organization Size – Small Business, Mid-sized, Large Business
Unlike large enterprises, small businesses must focus on managing their routine business operations to function properly. Rather than implementing comprehensive software, they need a simple solution to oversee their daily business functions.
Acumatica is a cloud-based ERP software tailor-made for supervising business functions for all business sizes. However, its Small Business Edition is ideal for small businesses looking to cope with basic accounting requirements. This software edition works perfectly for businesses with less than 10 users while allowing them to expand their operations.
The Oracle NetSuite is an affordable ERP software for small and mid-sized businesses that give them more control over their business processes. It helps them manage their financials, inventory, human capital, and projects in real-time. NetSuite promises a long-term solution for small businesses since it scales as the business grows.
Sage offers an all-in-one solution for small businesses to handle their workflows more effectively. Small businesses can easily manage their finances using this ERP software. They can also automate their business functions to minimize the time consumption of administrative assignments. Sage handles accounts payable, accounts receivable, payrolls, and inventory data.
Mid-sized businesses require a full-service solution that would help them automate their business activities. They need an ERP system connecting users via a common user interface while centralizing business data.
Microsoft Dynamics teaches a series of business applications that help mid-sized enterprises with enterprise resource planning and customer relationship management. It is compatible with other Microsoft products such as Azure, Outlook, and Office 365 to enhance its functionality.
Oracle JD Edwards
This is a versatile ERP solution that is ideal for mid-sized businesses. Oracle JD Edwards is known for its flexibility and compatibility with other applications. It is fully configurable to help meet your current and future business needs.
With multiple product lines and services to manage, Microsoft Dynamics is a great addition to any large enterprise. It allows businesses to group their Microsoft applications in one place rather than developing self-made ERP tools. Consequently, it reduces the time consumed for accomplishing administrative tasks while offering room for customizations.
Oracle ERP Cloud
The Oracle ERP Cloud is a full-fledged ERP software that can benefit businesses of various sizes. However, small businesses might find it relatively expensive due to its high price tag. It is suitable for handling business operations, business expansion, and facilitating mergers.
The SAP ERP software can accommodate the complexity and expansion of large enterprises. It promises real-time visibility with the ability to process loads of data in a limited time.
Cloud-based ERP solutions are storming the market due to their added versatility. Buyers can decide how much control the vendor has over the software. Likewise, they can choose whether their business data will be stored on-site, in the cloud, or both. Because you must pay monthly to acquire cloud-based services, it has low upfront costs.
Infor Cloud Suite
This ERP software was created for the cloud. Being a partner of Amazon Web Services, Infor Cloud Suite uses its services to safeguard business data. It uses optimized tools to help businesses manage their workflows for web use. Plus, the deployment of upgrades is automatic, ensuring your system stays up to date.
Some ERP systems work better in specific industries. They are better suited to meet the needs of certain industries. For instance, Infor Cloud Suite, Microsoft Dynamics, and Oracle JD Edwards are optimized for manufacturing. Meanwhile, Oracle NetSuite and Sage are suitable for use in the distribution industry.
QAD is a complex ERP software suitable for use in the manufacturing industry. It is handy when complying with regulations and fulfilling customer demands. It has multiple modules to help you manage various aspects of your business processes to track product details and offer data visibility.
Undoubtedly, ERP systems promise a modern solution to optimize business workflows. They are ideal for handling and automating business processes while reducing potential risks associated with business functions. However, it would be best to choose the right ERP software by keeping your business size and industry in mind.