As organizations grapple with managing huge amounts of information, the need for efficient and integrated systems has become more important than ever.
ERP software is a key centralized system designed to manage and integrate key business processes.
It serves as a single source of truth for data across departments, including finance, HR, inventory, and production. By automating repetitive tasks, providing real-time insights, and improving collaboration, ERP systems streamline operations, enhance decision-making, and drive overall business efficiency.
What is ERP?
Enterprise Resource Planning (ERP) is a business management system that helps organizations manage and automate their core business processes. It acts as a central hub for all of a company's data, streamlining information flow between different departments.
ERP is focused on the localization and management of key business functionalities including finance, accounting, human resources, inventory, manufacturing, supply chain, and customer relationship management. It unifies activities, improving communication and enhancing collaboration between departments. As a result, efficiency rises, error rates decrease, and there is better decision-making based on real-time data.
An ERP system is a single source of truth for all organizational data. This means that there are no longer silos of separate information in different departments, and everybody possesses the correct data. With all the data now centralized, an ERP brings increased transparency into the goings-on within a business. This empowers better decision-making from top to bottom and proactive problem-solving.
How does ERP work?
ERP systems work by acting as a central hub for all of a company's data and core business processes. They use a single database to store information from various departments like finance, inventory, HR, and manufacturing. This eliminates data silos and ensures everyone has access to the same accurate data.
ERP systems are built with different modules that cater to specific functionalities. These modules communicate with each other within the central database. They are also able to automate repetitive tasks across departments. For example, an order placed in the sales module might automatically trigger updates in inventory and generate a production order in the manufacturing module.
By centralizing data, ERP provides real-time visibility into various aspects of the business. This allows for better decision-making based on up-to-date information. With a shared platform, departments can easily communicate and collaborate. For instance, the sales team can see real-time inventory levels before promising a delivery date to a customer.
ERP vs CRM
Businesses rely on two key software systems to manage their enterprise data.: ERP and CRM. While both are crucial, they solve different problems. ERP serves as an internal backbone that provides integration among various departments, such as finance and inventory CRM, on the other hand, focuses on the customer experience, managing interactions and fostering stronger relationships.
CRM also primarily deals with customer data, including contact information, purchase history, communication records, and support interactions, and focuses on improving customer service, maximising sales efficiency, personalizing marketing campaigns, and building closer relationships with customers.
ERP, however, manages a broad range of data across various departments, including financial data, inventory levels, production schedules, and HR information. This improves operational efficiency, streamlines workflows, provides real-time data for better decision-making and eliminates data silos.
While they are different systems, ERP and CRM may be integrated to share the data and provide a 360-degree view of the customer; this will allow sales teams to see the purchase history of customers within the ERP. For customer service reps, this shows a history of previous interactions with that customer.
The best ERP systems for 2024
Businesses thrive on efficiency, and a robust ERP system is the key to reliably unlocking it.
We're we’re counting the best ERP software systems for 2024. We’ll compare their stand-out features so you can choose the best ERP for your needs.
Acumatica
Acumatica Cloud ERP stands out as a leading name in the enterprise resource planning landscape. It offers a comprehensive suite of features designed to streamline and centralize all your core business processes. Unlike traditional on-premise solutions, Acumatica is entirely cloud-based, providing scalability, accessibility, and reduced IT burden. This allows businesses of all sizes, from growing startups to established enterprises, to leverage its power without massive upfront investments.
Acumatica's key strength lies in its modular design. You can choose the specific functionalities your business needs, whether it's financial management, inventory control, customer relationship management, or industry-specific features like manufacturing or construction tools. This flexibility ensures you're not paying for functionalities you don't require, while still having the ability to integrate additional modules seamlessly as your business grows. With its user-friendly interface, robust reporting capabilities, and commitment to security, Acumatica Cloud ERP empowers businesses to gain real-time insights, optimize operations, and make data-driven decisions for sustainable success.
Syspro
Syspro ERP is a specialized solution tailored to the unique demands of manufacturing and distribution businesses. Unlike generic ERP systems, Syspro delves deep into the intricacies of these industries, offering a comprehensive suite of features designed to optimize operations, enhance productivity, and drive profitability. From production planning and inventory management to supply chain optimization and financial control, Syspro provides a robust foundation for businesses seeking to streamline processes and gain a competitive edge.
Beyond its industry-specific focus, Syspro distinguishes itself with its flexibility and adaptability. It can accommodate businesses of various sizes and complexities, offering scalable solutions to meet evolving needs. Furthermore, Syspro's commitment to user experience and continuous innovation ensures that it remains a leading choice for manufacturers and distributors seeking to harness the power of technology to drive growth and success
Sage
Sage ERP stands out as a broad and adaptable suite catering to businesses of various sizes and industries. Unlike some ERP systems with a one-size-fits-all approach, Sage offers a range of solutions, from Sage Business Cloud for growing businesses to Sage X3 for established mid-sized and larger enterprises. This flexibility allows companies to choose the specific functionalities they need, whether it's core accounting and finance, robust inventory management, or industry-specific features for construction or professional services.
Sage's strength lies in its focus on user experience and affordability. They prioritize building user-friendly interfaces that streamline complex processes and minimize training needs. Additionally, Sage offers various deployment options, including cloud-based solutions and on-premise installations. This caters to businesses with diverse IT infrastructure preferences and budget constraints. With its focus on affordability, strong functionality, and user-friendliness, Sage ERP empowers businesses to centralize data, improve operational efficiency, and gain valuable insights to drive informed decision-making.
IFS
IFS stands out as a major player in the ERP market with its unique approach. Unlike traditional ERP systems focused solely on internal operations, IFS goes beyond by incorporating Enterprise Asset Management and Service Management functionalities within a single platform. This integrated approach is ideal for businesses that not only manufacture or distribute products but also rely heavily on maintaining assets and delivering services.
Its core strength lies in its unified platform, allowing companies to manage their entire value chain – from sourcing materials to after-sales service. This fosters better collaboration between departments, eliminates data silos, and provides valuable insights into asset performance and service delivery. Additionally, IFS caters to various industries, with specific features for aerospace & defense, oil & gas, and utilities, making it a versatile solution for asset-intensive businesses.
Epicor
Epicor's Industry ERP Cloud stands out as a leader in cloud-based, industry-specific ERP solutions. Unlike generic cloud ERPs, Epicor tailors functionalities to the unique needs of various industries like manufacturing, distribution, and retail. This industry-specific focus translates into features that directly address common pain points in each sector. Epicor offers robust production planning tools and shop floor control functionalities. DIstributors benefit from features that optimize warehouse management and supply chain visibility.
However, Epicor's strength goes beyond its industry focus. The cloud-based nature of Epicor Industry ERP Cloud offers several advantages. It eliminates the need for expensive on-premise hardware and IT maintenance, making it accessible to businesses of all sizes. Additionally, the cloud provides automatic updates and ensures real-time data access from anywhere with an internet connection. This scalability and accessibility, coupled with its industry-specific functionalities, make Epicor Industry ERP Cloud a powerful tool for businesses seeking to streamline operations, improve efficiency, and gain a competitive edge.
Infor
Infor CloudSuite ERP carves its niche as a multi-tenant, cloud-based ERP solution designed to cater to a wide range of industries. Unlike some on-premise ERP systems that require significant customization, Infor CloudSuite offers pre-configured industry-specific functionality. This means manufacturers can leverage features built for production planning and inventory management, while distributors benefit from functionalities that optimize warehouse operations and order fulfillment. This industry-specific focus ensures businesses get the tools they need without extensive modifications.
Infor's strength lies in its combination of scalability and industry-specific features. The cloud-based nature of Infor CloudSuite ERP eliminates the need for hefty upfront investments in hardware and IT infrastructure. This allows businesses of all sizes, from growing startups to established enterprises, to access its functionalities with a flexible subscription model. Additionally, Infor offers a wide range of modules that can be integrated seamlessly as a business grows or its needs evolve. This scalability and industry-specific approach make Infor CloudSuite ERP a compelling solution for businesses seeking to streamline operations, improve efficiency, and achieve their strategic goals.
Workday
Workday stands out in the ERP landscape by offering a unique cloud-based solution focused on human capital management and financial management. Unlike traditional ERP systems that encompass a vast array of functionalities, Workday takes a more specialized approach, excelling in managing the core aspects of your workforce and finances. This focus translates into robust features for payroll processing, benefits administration, talent management, and financial reporting. Furthermore, Workday prioritizes user experience with a modern, intuitive interface that empowers both HR professionals and finance teams to leverage its functionalities effectively.
Workday's strength lies in its focus on user experience, cloud-based deployment, and tight integration between HCM and finance. The clean interface minimizes training needs and streamlines complex processes, while the cloud-based nature ensures accessibility, real-time data, and automatic updates. Most importantly, Workday seamlessly integrates HR and financial data, providing a holistic view of your workforce's impact on the bottom line. This focus on people and financial management, combined with its user-centric design and cloud deployment, makes Workday a compelling solution for businesses seeking to optimize human capital, improve financial processes, and gain valuable insights for data-driven decision-making.
SAP
SAP S/4HANA offers a powerful and comprehensive suite designed to manage all core business functions. This includes functionalities for finance, accounting, human resources, inventory management, production planning, and customer relationship management. This broad range of features makes it suitable for large enterprises with complex operational needs across various departments.
SAP S/4HANA's strength lies not just in its comprehensive functionality, but also in its scalability and global reach. The system can be adapted to the specific needs of a multinational corporation, with support for multiple languages and currencies. Additionally, SAP boasts a vast network of partners that offer implementation and support services, ensuring businesses receive the expertise needed to navigate the complexities of such a comprehensive system. This combination of powerful features, scalability, and global support makes SAP S/4HANA one of the best ERP’s on the market and is a trusted choice for large enterprises seeking a robust and reliable ERP solution to manage their entire business landscape.
Microsoft
Microsoft Dynamics 365 stands as a leading ERP system solution, supported by its integration within the Microsoft ecosystem. It goes beyond traditional ERP functionalities by seamlessly blending enterprise resource planning with customer relationship management. This holistic approach allows businesses to manage not only their internal operations but also their customer interactions from a single platform.
Leveraging Microsoft's cloud infrastructure and technology, Dynamics 365 offers a scalable and adaptable solution for businesses of all sizes. Its key strength lies in its ability to connect various departments, from finance and operations to sales and customer service. This unified view of the business empowers organizations to make informed decisions, improve collaboration, and enhance overall efficiency. Additionally, Dynamics 365's integration with familiar Microsoft tools like Office 365 and Power BI makes it a user-friendly and accessible choice for businesses seeking a modern and robust ERP solution.
Oracle ERP
Oracle ERP stands out as one of the best ERP software systems for 2024, renowned for its comprehensive suite of applications and industry focus. It offers a holistic solution encompassing finance, human capital management, supply chain management, manufacturing, and customer experience. This breadth equips organizations with a unified platform to streamline operations, gain real-time insights, and make data-driven decisions.
Oracle ERP's major strength lies in its scalability, adaptability, and global reach. It caters to businesses of all sizes, from mid-sized enterprises to massive corporations, with solutions tailored to specific industries like manufacturing, retail, and financial services. This industry-specific focus ensures that Oracle ERP addresses the unique challenges and opportunities within each sector. Furthermore, Oracle's huge partner ecosystem provides organizations with a wealth of expertise and support to implement and optimize their ERP solution, making it a trusted choice for businesses seeking a robust and scalable platform to drive growth and innovation.
