Revolutionize Your Business with Advanced ERP Solutions

Every company wants to grow. Some businesses experience slow growth over long periods of time, while others may experience rapid growth.

Rapid growth can create additional complexities that basic systems and manual processes cannot manage. As the company struggles with increasing demand, it can lead to poor company health and customer satisfaction. A robust Enterprise Resource Planning (ERP), however, can support both rapid or gradual business growth due to its flexibility, scalability, and mobility.

Many SaaS vendors now offer ERP solutions for various industries and businesses. ERP software can be purchased by any company according to their needs.

You can choose to implement ERP software or have custom development done for your business. Read on to find out the main features and benefits of ERP systems.

These Are The Signs Your Business Needs ERP Solutions

Modern solutions are required for the rapidly changing business environment and new working methods, including remote work.

Many businesses continue to use the same basic accounting software or a patchwork solution, resulting in lost productivity, opportunities and customers.

You might be able to transform your business with ERP.

1. Data entry manuals can take up valuable time for your employees and lead to errors.
2. Manual processes for purchasing goods from suppliers, monitoring and tracking inventory, and managing increasing numbers of transactions have become complicated, confusing, and frustrating.
3. You are noticing that the multiple solutions you have tried so far do not work together, or they make data migration and analysis complicated and time-consuming.
4. You do not have confidence in the accuracy, integrity and security of company information.
5. Employees have trouble finding accurate and relevant information.
6. Multiple sources of information can cause bottlenecks in workflows. Incorrect, incomplete or outdated information can also lead to delays and other problems.
7. It is becoming increasingly difficult to keep up with the complexity and number of business processes.
8. Your current solution, or manual workflows, are not able to accommodate the needs of your customers and staff.
9. Multiple physical locations can be a challenge for your expanding business.
10. Your current system is not robust enough or flexible enough for global growth, market expansion or innovation.
11. Your current solutions cannot address new challenges and leverage opportunities.
12. If your business is unable to keep up with customer demand or fails to meet customers expectations, it will fail.
13. Due to the long time it takes for customers to pay, your business will experience a decrease in cash flow.
14. Your companys reputation is at stake if you delay or disrupt your business operations.
15. Insufficient integration exists between departments, and the information they provide is not sufficient to allow for informed decision-making.
16. Leadership feels they are losing visibility in certain departments, operations, or control of the whole business process.
17. Back-office tasks take time away from the core business activities and generate revenue.

ERP Systems Most Important Features

ERP software solutions can combine vertical and horizontal attributes with meeting clients requirements.

The typical modular system design allows companies to choose the modules that best suit their needs. ERP applications should be able to stand alone, work together or be integrated with the larger suite.

These are the key horizontal features that any company can use to its advantage:

Human Resource Management (HRM)

An ERP systems HRM component should be capable of handling all aspects of employee management. It might include:

1. Time tracker
2. Timesheet
3. Payroll Management
4. Database for employee records
5. Job profiles
6. Skills matrix
7. Performance reviews
8. Learning management system
9. News and surveys for employees
10. Online community for employee collaboration
11. Policies and procedures of a company, etc.

The greatest asset is payroll software. It integrates seamlessly with the financial management module, allowing for travel expense reimbursements, wages, tax and benefits deductions to be handled.

This functionality automates payments and eliminates the need to have a payroll department (or, at the very least, saves them time).

Financial Management

This module stores, monitors and analyzes company capital inflows and outflows and facilitates payroll, billing and banking operations.

These tools could include:

1. Standard accounting and finance transactions such as expenditures, balance sheet reconciliation, tax management, payments, and general ledger.
2. Cost analyses, budgets, forecasts.
3. Financial reports for departments and business units.

ERP software has a strong financial feature that allows companies to automate and streamline most of their accounting processes.

They can fulfill their tax reporting and financial reporting requirements using a single accounting, bank, and payment system.

Read More: How to Build an ERP System from Scratch

Customer Relationship Management (CRM)

This component tracks leads, opportunities, and issues and consolidates customer purchase history, interactions and social media activity.

It allows salespeople and marketers to better address customer preferences and buy patterns and suggests additional purchases. Companies can make the most of real-time data to create better proposals, monitor contracts, and manage invoices. This improves customer service and ultimately, profit per capita.

Sales And Marketing

This component manages sales inquiries, orders, quotes, orders, and invoicing. Advanced ERP applications include shipping tracker and taxation rules.

These applications allow businesses to automate tracking sales margins and access synchronized reports on key business metrics. ERP systems have many features that can be used to cater to all types of businesses. But, educational institutions have different needs than retailers.

ERP software can offer advanced vertical features to different sectors. You will find more information in the next chapter.

Different Types Of ERP Business Software

There are two types of deployment methods: cloud ERP and on-premise. The first requires that physical software is purchased and installed on company computers and servers.

A SaaS provider will be fully responsible for all off-site software. ERP applications can also be grouped according to functional levels and business size.

#1. Generalist ERP

These ERP systems include many cloud-based solutions. These ERP systems can be customized and integrated to meet varying needs and adapt to different processes.

Oracle NetSuite, for example, offers modules and accounting capabilities that can be tailored to specific industry needs.

#2. Vertical/Special ERP

These vendors do not usually have large user bases and are not well-known beyond their specific niche. They can satisfy users specific needs and provide support for new technologies.

Customers are usually SMBs.Many ERP solutions for the food industry. It has special features that are critical to the industry and promotes accuracy and automation.

#3. ERP For Small Businesses/Lightweight

Many of these off-the-shelf or on-premise ERP software applications have very limited features and only cover a few business processes.

NetSuite was originally designed as an accounting system.

#4. Open-Source ERP

Open-source gives business developers the freedom to create and integrate apps into the system. This increases usability and user acceptance.

Odoo is an open-source option.

ERP solutions are often grouped by cost/tier.

1. Tier I: Traditional Fortune 1000 companies have been served by platforms such as SAP and Oracle.
2. Tier II: This category includes many vertical ERP vendors. These vendors cater to companies with sales between $20 and 200 million and less than 100 users.
3. Tier III: These systems are typically less expensive for companies with 5-30 employees and under $40 million.

We have already given some examples of ERP systems. Let us look at some of the most well-known solutions. If you are looking for a solution, this could be the starting point.

These exemplary apps can help you get started if you are interested in creating your own system.

Top ERP Software Examples

Many companies use ERP software to achieve different goals and get different results. These industries seem to reap the greatest benefits:

1. Manufacturing
2. Ecommerce and retail
3. Services of a professional
4. Construction
5. Industrial services
6. Healthcare

These are just a few examples of companies that have successfully implemented ERP solutions in their business processes.

Here are some erp software examples.

Microsoft Dynamics 365

Microsoft Dynamics 365 has been used by wide range companies as well as many smaller businesses. The following products are covered by the bundles:

1. Human resources
2. Management of projects
3. Customer data platform
4. Sales
5. Marketing
6. Service
7. Commerce
8. Supply chain
9. Finance
10. Medium and small businesses

A product suite may include several products. Commerce products have fraud protection features that help protect customer accounts.

They also protect businesses from bot attacks, payment, discount, or return fraud. Artificial intelligence (AI), which continuously learns to spot anomalies, empowers companies to quickly reduce their revenue impact.

Microsofts ERP system is transparent in its pricing: The prices for each app in a specific category are listed on Microsofts website.

Get a Free Estimation or Talk to Our Business Manager!

SAP

SAP S/4HANA Cloud, a modular cloud ERP system that uses AI and analytics as its core, is fully modular. The public edition of the cloud ERP public edition is ready to use and provides industry best practices as well as continuous innovation.

The private edition is tailored for each entitys specific transformation. Both editions include management applications:

1. Finance
2. sales
3. Sourcing and procurement
4. Manufacturing
5. Supply chain
6. customer service
7. Asset management
8. Engineering and R&D

Gartner has identified SAP S/4HANA Cloud as a top solution for service-centric, product-centric enterprises, while Forrester is recognized as a leader in ERP for manufacturing, distribution, and services.

The R&D module and engineering module allow for highly customized products to be developed from conception through post-sale service. This allows visibility and facilitates management throughout the products lifecycle. This module provides comprehensive financial and logistic controls, as well as demand and capacity management for each product.

Odoo

Odoos open-source development model (business model) leveraged thousands upon thousands of developers (such as software developers) and business professionals to create the largest ecosystem of thousands of seamlessly integrated apps.

These apps work seamlessly together to improve finance, HR and CRM sales and marketing, as well as inventory management for 7,000,000 users. Odoos unique value proposition lies in its ease of use and full integration. This framework allows Odoo, its community and users to offer top-quality usability.

All integrated apps are automatically updated with any Odoo improvements. The platforms rapid development is promoted by annual releases. A single application can be used by unlimited users and includes complete support, hosting, maintenance, and support.

The monthly or annual fees for Standard, Custom, or Standard packages will vary depending on how many users are using the app.

Oracle Fusion Cloud ERP

Gartner ranked Oracle as a top cloud ERP solution for service-centric and product-centric businesses. DropBox, FedEx and Mazda are just a few of the ERPs more than 9,000+ customers in 116 countries.

Oracle Fusion Cloud ERP, a cloud ERP suite that caters to all industries, is an integrated cloud ERP product suite.

1. financials
2. Project management
3. Procurement
4. Compliance and risk management
5. enterprise performance management
6. Manufacturing and supply chain
7. Analytics

AI built-in automates manual processes, allowing clients to predict, detect and respond faster to new situations.

The Risk Management and Compliance app, for example, uses AI and machine learning to prevent cash leakage, enforce audits and protect against new risks.

Oracle NetSuite

NetSuite provides ERP/financials and CRM solutions for over 32K customers in 200+ countries. ERP is a suite of integrated applications that automate inventory, order, supply chain, warehouse management, finance, and global business operations.

The software simplifies the management and operation of multiple business units and subsidiaries. It also provides real-time visibility of the standard business activity at the local, regional and headquarters levels.

It supports almost 30 languages and nearly 190 currencies. The software supports custom dashboards, visual analytics, and reports that provide a detailed overview of activities.

This allows for informed decision-making.

NetSuite is a great choice for small- and medium-sized businesses that expect to grow soon. However, it also offers solutions for all business sizes and business goals.

The number of users and optional modules activated by the company determines the annual subscription/license fees. Customers can discuss their requirements with the Netsuite sales staff to receive a quote.

Read More: How Can ERP Software Benefit Your Enterprise?

Amazon

This multinational technology company is a leader in ecommerce and cloud computing. After its previous system was not able to support its long-term strategy of development, Amazon implemented SAP software suites in several departments.

SAPs tools for managing procurement and logistical requirements identification, customer experience automation during the order-fulfillment processes, and financial reporting were able to accommodate Amazons complex operations as well as its global audience.

This ERP can manage dual third-party fulfillment and direct-order fulfillment. It also tracks stock levels and initiates automatic replenishment orders.

The ERP handles millions of customer interactions and sales every day. Amazon sellers can track their sales, retain customers, analyze profit margins and more with ERP solutions.

LG Electronics

LG Electronics is one of the largest consumer electronics companies. It currently employs 83K people in 128 locations around the world.

The company installed Oracle E-Business Suite ERP at its headquarters, subsidiaries and production plants worldwide in the early 2000s. The Chief HR Officer stated that the Oracle dedicated team provided a system that allowed them to connect HR strategies and business objectives."This was critical because we wanted our employees to strive for business objectives."

The integrated Oracle system provided HR information from all over the globe in real-time, which allowed for a better understanding of LG's workforce and informed decisions around performance management and recruitment.

Employee retention was improved by online learning and self-service functions. This also helped LG to improve its reputation as an employer. These results were also attributed to higher efficiency and dramatic cost savings.

Starbucks

Starbucks, a multinational chain of coffeehouses and roastery reserves, also depends on Oracles ERP. Project Managers of the largest coffeehouse chain in the world need to have accurate and current information.

This includes information about customers, departments, products, suppliers, employees and prices. The ERP system implementations most positive features include the integration of data and the increased accessibility of managers and employees.

Starbucks employees also highlight improvements in customer service. This chapter should not give the impression that ERP implementation is only for multibillion-dollar companies.

Small- and medium-sized businesses can also reap the ERP benefits for competition, business scaling or creating an optimized, more efficient business environment.

The ERP System Implementations Primary Benefits

1. ERP software is well-known for providing complete visibility. The ERP software allows management to easily access data from any department. They may manage and regulate everything at a higher level by monitoring the inter-departmental procedure.
2. Companies can collect more data efficiently. ERP systems reduce data duplication and ensure data integrity by providing a single source for accurate, real-time data.
3. Many data tracking processes can be automated to reduce friction and errors.
4. One source of truth also refers to a single reporting system that can be used for all processes and allows for the easy creation of reports and analytics.Advanced analytics and filters are used by ERP reporting solutions to filter data and reduce duplicates and inconsistencies. Reporting is faster and easier to customize. Complex data requests can thus be handled very efficiently.
5. Managers can make critical decisions faster and more confidently if they have a complete view of their organizations processes. Decision-making is made easier by an intuitive interface for ERP software that includes charts, graphs, spreadsheets, and charts.
6. Managers can make better estimates and forecasts.
7. Many ERP systems allow the integration of third-party applications into one system. SaaS allows businesses to integrate existing apps and export ERP data to other business applications for a more efficient workflow.
8. ERP software can help companies reduce IT costs and increase efficiency. Companies can consolidate all costs of multiple systems, which would require dedicated staff and infrastructure. ERP vendors offer regular updates, patches and troubleshooting so that clients can save money on maintenance.
9. A unified system can reduce training expenditures as well as the accompanying training requirements.
10. Many software providers include business intelligence capabilities with their products. To probe into enormous amounts of data, advanced ERP solutions use machine learning and prediction algorithms. Deeper insights into corporate operations are possible thanks to real-time analytics as well as high-quality data. Leadership can spot operational weaknesses and problems, optimize processes and make better-informed business decisions based on trends and metrics. They can also predict demand and supply positions and gain a competitive advantage.
11. A deeper understanding of a companys spending allows for the discovery of profit trends, times of unusually high expenditure, cash flow improvement, cost reduction, and profitability.
12. ERP platforms enable communication between departments and allow for collaboration. They also link local workstations together. This streamlines the process by allowing all departments to have access to pertinent data and providing real-time updates on projects.
13. All business units can work together with real-time data to get a shared vision and the tools necessary for making proactive decisions. Processes that are optimized and closely monitored for critical metrics can help to prevent disruptions, delays and breakdowns and ensure that issues are resolved quickly and minimize damage.
14. ERP software helps users to navigate complicated processes and automate tasks. It also prevents data re-entry and improves functions such as order completion and delivery. This reduces business complexity while increasing efficiency and productivity.
15. Employee engagement, teamplay and innovation are all enhanced by the improved synergy.
16. ERP software makes it easier for employees to perform their daily tasks, such as invoice generation and report generation. Development Team members can focus on more pressing tasks and revenue-generating tasks by reducing repetitive or manual processes.
17. ERP applications help employees track their productivity and learn more.
18. Employees expect to be able to work from anywhere. Cloud ERP allows them to access the system from any web browser or mobile device. Cloud ERP also facilitates collaboration between headquarters and remote teams, which is especially valuable for offshore units.
19. ERP solutions can help you manage different languages, currencies, accounting standards, and other information. Multi-location businesses can use it to offer better customer ERP service and manage new processes and departments.
20. ERP systems are designed with industry-standard processes in mind. These best practices can be used to standardize processes and improve efficiency within businesses.
21. The benefits of moving physical inventory or production include reduced lead times, faster deliveries, better demand forecasting, inventory management and procurement. The supply chain management tools help to eliminate costly errors.
22. A single view of sales, production and delivery schedules allows stock optimization. This optimizes stock levels and reduces inventory overages. It also improves profitability.
23. The sales team can concentrate more on customer relations because all customer information has been centralized and simplified. ERP solutions provide insight and end-to-end tracking that can improve interactions from targeted marketing to late-phase customer support.
24. ERP software that supports ecommerce integration can help businesses manage web-based orders and customer interactions better. Consistent communication will be possible with marketing automation and contact center software.
25. ERP systems that are well-designed and flexible can be configured to suit your needs. They can be tailored to meet changing requirements based on how many users or employees they have. When the situation changes, you do not need to purchase a new solution.
26. The companys growth is supported and supported by optimally designed systems. As their business grows, clients add new modules. It does not matter if clients add new users or expand their customer base. They can also enter new markets or launch new products or departments. An ERP solution eliminates "fragmentation," which occurs when multiple software systems are used in order to manage a companys initial growth.
27. ERP software also offers data security as a major benefit. ERP software offers many benefits, including a single source of information and a central repository. This, in conjunction with firewalls, restriction controls and other security measures, can improve the companys data security, accuracy, consistency and security. The access points are closely monitored. Administrators are able to quickly remove employees from access, grant permission for new employees, lock in sensitive data and identify suspicious patterns or actions in the system.
28. Cloud-based ERP provides additional security as providers have 24/7 security specialists to protect their servers. Both cloud-based and on-premise ERP platforms offer centralized backups of sensitive and critical data.
29. ERP solutions ease the burden of complying with regulatory requirements in manufacturing industries, for example. Many ERP solutions include compliance reporting and process standards. They also subscribe to reporting protocols that cover financial accounting, product regulations and data security. Some ERP vendors consider specific regulations and keep track of industry regulations to monitor any changes in compliance.
30. ERP can automate compliance reports, which will reduce the cost of regular audits.

Get a Free Estimation or Talk to Our Business Manager!

Last Thoughts

While growth is the ultimate goal for any business, it also comes with challenges and risks. Modern ERP systems can help facilitate growth by providing governance and control, ensuring consistency and business efficiency, and empowering decision-makers to make quick decisions that are supported by data to minimize risk.

Rapid growth doesnt have to be overwhelming or stressful. An ERP system that is tailored to your businesss needs will be all you need to navigate this type of change.

While ERP software is gaining popularity, forward-looking entrepreneurs cannot ignore its importance. Although an ERP solution can be costly, the savings and other benefits that it brings will make it worth it.

ERP software increases efficiency, improves productivity, reduces human errors, and makes businesses more competitive. There are many quality ERP software solutions on the market you can also hire openerp developers.

Many SaaS providers offer modular packages that can be scaled to address key business areas. Small businesses can access cloud-based software at affordable monthly prices.

Developers. dev has experienced numerous advantages from deploying a custom-built system. Many companies have significantly improved the project management process, allowing the company to focus on clients needs while also allowing it to grow.

However, not all firms require full-fledged ERP software implementation. Sometimes, a project management system or professional services system is enough. We can help you with whatever you need.

We will assess your needs and provide a solution that will allow your company to grow.

References

1. 🔗 Google scholar
2. 🔗 Wikipedia
3. 🔗 NyTimes