ERP Software is designed to overcome business challenges lack of collaboration, low business flexibility, and loss of precious time. Moreover, Enterprise resource planning (ERP) is a form of business process management that streamlines your software and systems.
Plus, an online ERP software merges various processes, departments, and business units by unifying them on a single platform. Additionally, it provides real-time access to information for all team members.
The best ERP system software integrates business processes like business analytics, project management, HR, enterprise CRM software, and CMMS software to prevent excess spending, reduce errors, and increase efficiencies.
There are many new ERP systems on the market and selecting one of them can be a bit confusing. However, to make your decision easy, I have reviewed and ranked the best ERP software based on product features, implementation timelines, integrations, pricing, security, support, and more.
So let’s get started.
What is the Best ERP Software?
Here is my list of the best cloud ERP software solutions to use this year.
1. Oracle NetSuite
NetSuite is an all-in-one business management suite that encompasses ERP applications, CRM, e-commerce, and financials for more than 18,000 satisfied customers. Furthermore, it’s a world-class and reliable organization that provides organization-wide automation using seamless integrations in the cloud.
It is known to be one of the best saas ERP software vendors for businesses looking to outsource work efficiently and effectively.
Key Features of Oracle NetSuite:
- Human Capital Management – Helps you assign the right person for the right job ensuring that you make the most out of your investment in human capital.
- Order Management – Combines the process of finance, fulfillment, and sales o take care of sales order management and pricing.
- Financial Management and Planning – Helps you combine instant business intelligence with your financial information to drive quicker decision-making. Plus, It also helps in capacity, scheduling, forecasting, and aggregate planning decisions.
- Production Management – Allows complete control over production processes and schedules and helps in efficient product management.
Pros of Oracle Netsuite:
- High scalability and robust functionality
- A comprehensive digital dashboard is available
- Offers a high level of automation
- Nearly 100% uptime
- Efficient security protocols in place
- The software is upgraded twice a year
- In-built data analytics module to generate actionable insights
- Supports multiple currencies and multiple languages
- Excellent PRM (Partner relationship module)
- Highly flexible and customizable
- Suitable for all types of businesses, whether it is a medium, small, or large business
- Provides excellent customer support
- Provides remote accessibility for enhanced business unit collaboration
Cons of Oracle Netsuite:
- Doesn’t offer an on-premise version
- Customer support has many complaints
- Product upgrades are a bit challenging
The plans are both quote-based and tailor-made for individual requirements. Pricing depends on the add-ons available, integrations needed, etc. However, the base license costs $999 per month and the access cost is $99 per user per month.
2. Sage 300
Sage 300 is the best ERP software for small businesses that has over 2 million global users made specifically for small and medium businesses. Moreover, It is a Windows-based ERP system powered by Microsoft SQL in the backend.
Key Features of Sage 300:
- Automate Finances – Provides monthly bank statement reconciliation and automated other financial processes involved in the organization.
- Manage Multiple Companies – The saas ERP solutions for small business makes it easy to manage multiple accounts and companies. Plus, It also makes it easier to report results by the company and consolidated company.
- Inventory Management – Inventory management tools take care of essential steps like returns, adjustments, and shipments. Additionally, Sage 300 also offers multi-location inventory tracking.
- International Access – International business can be complicated with a lot of hassles. Thus, Sage 300 makes it easier by maintaining an unlimited number of exchange rates, and currencies, and automates any loss or gain fluctuations occurring in the market.
Pros of Sage 300:
- Visualizes KPI dashboards
- Provides intelligent reporting
- Displays and helps track accounts payable
- 24/7 access to the latest updates, production documentation, support articles, and more
- Provides forums to share your tips, reviews, and suggestions
- Offers customer support via live chat or phone call
- Provides instant access to information to key stakeholders to make informed decision-making faster.
- Wide range of integrations with applications like Magento, Amazon, Shopify, Salesforce, and more.
- The platform is multi-lingual with support for languages like Spanish, Italian, French, English, and more.
Cons of Sage 300:
- Comes with a hefty price tag
- Doesn’t offer a free trial
The pricing is quote-based and personalized. It depends on a wide range of factors like functionalities, support needs, user count, and more.
3. Microsoft Dynamics
Microsoft Dynamics is a Customer Relationship Management (CRM) software and one of the top ERP software companies that cater to different industry verticals like manufacturing, retail, and finance, among others. Moreover, it’s trusted by more than 200,000 people worldwide.
Key Features of Microsoft Dynamics:
- Third-party Integrations – Provides integrations with multiple platforms like Lync, Word, Outlook, and Sharepoint, among others.
- Advanced Marketing – Through its Dynamics 365 and Adobe Marketing Cloud, you can analyze the results of your marketing campaigns, and facilitates the entire closed-loop marketing system for you.
- Predictive Analytics – Generates robust reports and actionable insights using its in-built analytics module.
- Industry-Specific – Focuses on multiple industries, including service, finance, retail, manufacturing, and the public sector.
- Hybrid Reality – Provides layout to design physical spaces virtually and remote assistance using HoloLens for collaboration.
Pros of Microsoft Dynamics:
- Extensive automation available
- Highly scalable and customizable
- Gives server-to-server authentication to enhance data security
- Compatible with operating systems like iOS and Android
- Provides extensive customer support using live chat and phones
- Improves visibility of Key Performance Indicators (KPIs), like underlying issues, revenues, and turnover
- Provides Yammer with a highly collaborative environment for the users
Cons of Microsoft Dynamics:
- Doesn’t offer a free trial period
- Doesn’t provide 24/7 customer support
Microsoft Dynamics offers four pricing plans.
- Customer Engagement Plan – $115 per user per month.
- Unified Operations Plan – $190 per user per month.
- Dynamics 365 Plan – $210 per user per month.
- Applications & Offers Plan – $40 to $170 per user per month.
Now let’s cover the basics.
What is ERP Software?
Enterprise Resource Planning (ERP) software tools is a part of business process management software that allows a business to organize the multiple tasks involved and manage all of them in a single platform.
Also, It is a powerful software that allows you to perform ERP functions related to finance, human resources, services, and technology. Moreover, It includes numerous modules that cover the entire range of functions required for business operation. Plus, Each and every module is associated with a business function that handles the entire hassle of a range of specific functions.
A typical ERP software will consist of the following modules:
- Human Resources module – This caters to all the functionalities of HR.
- Production Module – Involves helping you to plan and optimize production capacity.
- Distribution Module – Take care of issues like supply, demand, and warehouse storage.
- Procurement Module – Follows the best procurement process possible to maximize cost savings.
- Accounting Module – Helps you to adhere to regulatory requirements along with managing your comprehensive financial functions.
- Sales Module – Performs activities like order placing, scheduling, forecasting, and more.
- CRM Software – Maintains your relationships with the customer
- Corporate governance and performance
Additionally, it allows businesses to see the various processes like human resources, finance, production, and more in a single platform with perfect sync. Today, ERP has come a long way from just providing a smooth flow of business information.
Furthermore, it now allows businesses to see the larger picture by harnessing the power of data analytics tools. This allows businesses to see everything as a single entity instead of broken pieces.
However, broadly they can be classified into the following types of ERP software:
- Web-based ERP – Popularly known as cloud-based ERP, they are accessible via web browsers. Moreover, they only need a fast internet connection to access it anytime, anywhere.
- Industry-specific – These are specifically designed to cater only to a single industry type. Before deployment, there is a requirement for a thorough understanding of the deliverables, KPIs, and business for the best possible outcome.
- Small-business ERP – The solution is focused on small and medium enterprises. Moreover, They are super cost-effective as they do not provide sophisticated functionality that is not required by SMEs.
What Are the Benefits of ERP Software?
ERP software offers a lot of benefits. Some of them are:
- Offers Scalability to business operations
- Allows high-level customization
- Improved accessibility to information
- Enhanced data security to ensure a smooth flow of data between all stakeholders
- Facilitates making better, data-driven decisions
- Better collaboration between business units
- Helps businesses make reliable and accurate forecasts
- Helps you reduce operational costs in the long run
- The efficiency of supply chain management is improved
- Generation of data analytics and insightful reports
- Ease of meeting regulatory business compliance
What Should You Look for in an ERP System?
When choosing an ERP system, you need to consider the below factors apart from the one included features.
1. Cloud ERP and User- Friendliness.
Ease of use of the ERP business software is a crucial aspect you need to consider before opting for any ERP program.
Additionally, to make most of the ERP enterprise resource planning system, you must be able to access it as a cloud ERP software solution. This ensures your business units stay connected, especially after the pandemic its importance has grown a lot.
Plus, If the cloud ERP solutions company is not user-friendly and simple to understand, your team will not be able to perform at optimum efficiency. Additionally, any training for them will be of limited value. Thus, it’s better to select an intuitive cloud ERP system offering a SaaS model that can be accessed via the Internet.
At the end of the day, online ERP system companies should aim at providing access to information, simplifying processes, and solving problems.
2. Lower Onboarding Time.
The onboarding process is a time-intensive activity yet mandatory and can take months if not weeks to complete. Additionally, the lead time can increase based on applications and features that need to be integrated.
Finally, it’s crucial that you identify your specific needs so you spend your time productively integrating necessary functions.
3. ERP vs MRP.
MRP stands for material requirements planning. Its primary task is to determine the need to increase production output for the materials manufacturing companies. Whereas MRP is a solo solution, an ERP is a more integrated solution that interacts with multiple systems. Therefore, make sure your ERP easily integrates with your tech stack.
4. ERP Pricing Plans.
Before making the final decision, carefully look at the recurring costs and upfront costs required for the plan. Moreover, look at your business operations and decide which features are crucial for your back-office team.
For example, if you need specific features like a general ledger, purchase orders, inventory control, manufacturing process, and accounting software like Quickbook. Plus, most ERPs provide a buyer’s guide that you can read to check their advanced features.
Every business has different requirements and the most costly is not always the best solution. Therefore, make sure you take only the best features at a particular price.
5. Hazard-Free ERP Software Solution.
It is very challenging to migrate to the new platform from the existing ERP products. Therefore, before importing your information into the system make sure it’s the perfect one you are looking for.
Zeroing in on business management software with a reasonably low number of pitfalls is the key.
ERP Enterprise Resource Planning Software – Final Summary
This wraps up my list of the best cloud-based ERP systems to use this year. I will keep updating the list with more relevant tools available in the market.
Choosing the right ERP software system can be a little tricky and put you in a dilemma. After all, every business is unique and has different requirements.
Remember, it is a long-term investment, so choose carefully. Moreover, it’s important to align the features of your ERP business systems with your business needs and interdepartmental goals.
Which top ERP platforms are you planning to use for your business? Let me know in the comment section below.