Enterprise resource planning (ERP) systems are becoming increasingly popular due to the many benefits they offer businesses. However, there are a variety of ERP systems on the market, and it can be difficult to decide which one is right for your company. When getting started on your search, be sure to ask for an SAP Business ByDesign demo.
What Is an ERP?
The term “ERP” refers to a type of business software that helps companies manage their core business processes, including accounting, human resources, inventory management, customer relationship management, and supply chain management. These systems are designed to provide a centralized view of an organization's data and processes, and they can be deployed either on-premises or in the cloud. They offer several benefits to businesses, including:
- Improved decision-making: With a centralized view of an organization's data, businesses can make more informed decisions about their operations.
- Greater efficiency: ERP systems can automate and streamline business processes, leading to increased efficiency and productivity.
- Improved customer service: ERP systems can help businesses manage their customer relationships more effectively, leading to improved customer satisfaction.
- Reduced costs: By automating and streamlining business processes, ERP systems can help businesses save money on labor and other costs.
The Four Most Common ERP Systems Used Today
With so many ERP systems on the market today, it’s a good idea to know which ones are the most popular and why.
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SAP Business ByDesign
SAP Business ByDesign is a cloud-based ERP system that offers businesses a complete suite of ERP applications, including financial, human resources, customer relationship management, and supply chain management.
SAP Business ByDesign is a scalable ERP system that can be tailored to the specific needs of your business. Plus, it's specifically designed for small to mid-sized companies with annual revenue between $25 million and $500 million.
If you're a small to midsize business looking to get started, this is a solution you should consider. Also, be sure to learn how to ensure successful ERP implementation in a midsize business before undertaking this project.
Pros:
- Offers a complete suite of ERP applications
- Can be set up within a few days to weeks
- With forty-three localized versions, you can operate in multiple countries with the same system
Cons:
- May be too complex for businesses with simple needs
1. Oracle NetSuite
With more than 32,000 customers in 217 countries, NetSuite is another popular choice when it comes to ERP. It offers financial, order, inventory, warehouse, and supply chain management as part of its ERP service.
Pros:
- Highly scalable, so it can grow with your business
- Supports multiple currencies
- Offers helpful visual analytics
Cons
- Complex to set up
2. Acumatica
Like SAP Business ByDesign, Acumatica is a cloud-based ERP tool that provides a wide range of modules such as:
- Financial management
- Warehouse management
- Order management
- Customer relationship management
- Payroll
- Project accounting
- Inventory management
- Service management
What's more, the tool offers personalized, role-based dashboards for different members of your organization. For example, your sales team lead might have a dashboard that focuses on the sales pipeline and customer data, while your warehouse team lead might have a dashboard that highlights information on inventory levels and shipping schedules.
Pros:
- Offers a wide range of modules
- Offers personalized, role-based dashboards
- Is highly customizable
Cons:
- No free trial
3. Microsoft Dynamics 365
Developed by Microsoft, Dynamics 365 is another cloud-based ERP system. What makes this platform different is that it can be easily integrated with other Microsoft products such as MS Project Server. In addition, Microsoft is known for its excellent customer support, which can be helpful if you're new to ERP or have any questions about using its system.
Pros:
- Cloud-based
- Developed by a highly credible company
- Uses AI and machine learning to provide excellent insights into your business
Cons:
- Pricing is at the higher end of the scale
How to Choose the Best ERP for You
There is no one-size-fits-all answer to this question. The best ERP system for your business will depend on several factors, including the size of your business, your budget, and your specific needs.
If you're a small to midsize business looking for a complete ERP solution, then SAP Business ByDesign might be a good fit–you can check out our recent SAP Business ByDesign review.
Ultimately, the best way to figure out which ERP system is right for you is to talk to an ERP consultant who can help you assess your specific needs and recommend a solution that's a good fit for your business–contact NBS today!
