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Benefits of ERP Software: Examples of Top Solutions Explained

Category: B2B News

What are the benefits of ERP software? ERP streamlines, consolidates and automates your business processes, so the immediate impacts include increased productivity and efficiency, reduced operational costs and more accurate reporting. All these make your business poised for sustained growth. We’ve outlined this article in a way that’ll help you learn more of ERP’s advantages, then you get an overview of the top ERP systems in the market today to guide your purchase decision.

  1. What is ERP software?
  2. Benefits of ERP software
  3. Examples of ERP software

In today’s global business landscape, retaining your edge means being able to carry out your operations faster and better than your competitors. To do this, you need to keep up with the rapid innovations in technology and upgrade your processes according to the demands of the changing economy. One way of kick-starting your company’s shift to becoming a multifaceted business would be the implementation of an Enterprise Resource Planning (ERP) program.

The purpose of ERP software is to combine all the programs you need for different business processes in one convenient platform. With its user-friendly interface, integrated applications, and highly customizable setup, an ERP platform can help you in developing a new business foundation that extends across traditional boundaries and optimizes a company’s operational capabilities.

Early ERP software providers mostly targeted large corporations. However, a study presented by Rubina Adam, Paula Kotzé, and Alta van der Merwe in the 13th International Conference on Enterprise Information Systems reveals that a growing number of small businesses are utilizing ERP in order to improve operational performance and be more competitive and responsive to the changing requirements of the industry. Other reasons why companies are opting for ERP include easing the work-related burden of employees and ensuring compliance with industry regulations.

Source: Panorama Consulting Solutions

Do you think your business is ready to invest in an ERP program? Here are the lowdown on what it can do to your business over the short- and long-term.

ERP Software Explained

Before we discuss the many benefits of ERP software, let us first talk about what it is. ERP or Enterprise Resource Planning programs are comprehensive systems that optimize core business processes. They allow you to make use of integrated applications that can collect, store, manage, and analyze data according to the requirements of your company.

Whether you want to keep track of business resources, monitor the status of your business’ commitments, or review employee information; ERP programs can provide you with the tools needed to automate, accelerate, and improve these tasks. These also have capabilities that support a variety of other business functions.

Among the key features of ERP software are:

  1. Inventory Management
  2. Financial Management
  3. Customer Relationship Management (CRM)
  4. Human Resource Management (HRM)
  5. Supply Chain Management (SCM)
  6. Compliance Monitoring
  7. Customization and Integration Capabilities
  8. Intelligent Data Analysis
  9. Automated Reporting
  10. Project Management
  11. IT Optimization
  12. Business Intelligence

Benefits of ERP Software

ERP software solutions were created to integrate all the tools necessary in managing a business’ external and internal operations. Without it, executives and business owners will have to rely on multiple programs for different processes, making data migration and analysis too complex and time-consuming.

The rise of AI and machine learning is adding a new layer of functionality, too, to accounts payables  never before seen in older ERP systems. IDC Program Vice President Mickey North Rizza provided a case in a 2018 CIO article, “Deciding when to take an early payment discount on an invoice payment is [one] area where AI impacts ERP.” With ERP your organization gets to optimize your processes and reap the following benefits:

Increased Productivity and Efficiency

Back-office duties take your time and attention away from actually running your business. The purpose of ERP software is to help you quickly accomplish these responsibilities to increase your operation’s productivity and efficiency. With this technology, you can automate tedious tasks such as compiling reports, updating inventory information, and monitoring your sales while reducing the risk of human error. On top of that, all these information are recorded and compiled in your dashboard, so you can get a glance of your business’ performance with just a few clicks.

Reduced Operational Costs

Delays and disruptions in your business operations can compromise your company’s reputation as well as result in losses in the long-run. Through an ERP system, you can merge processes across departments, making it easier to anticipate and identify problems as well as come up with ways to resolve them quickly.

Faster and More Accurate Reporting

Data integrity is an essential part of any business operation. To help you ensure the accuracy and consistency of all the information you store in your database, ERP systems are geared with business intelligence tools and machine learning capabilities. These allow you to use advanced filters and real-time analytics to sift data for inconsistencies, analyze information, and generate insights on performance, so you can make the necessary adjustments to your operations efficiently and effectively.

Integrated Information Repository

Accessible on-premise or via the cloud, these platforms often serve as an integrated information repository for many companies. It stores data coming from different devices and organizes them according to the requirements of the users. From inventory details and sales reports to employee information and customer files, all the documents that you need for your operations can be housed within this system and can be accessed whenever you wish. This saves you and your employees time whenever you need to pull files for specific purposes, especially when you are coordinating with different departments.

Flexible Business Operations

ERP software is not a one-size-fits-all solution. It is a highly configurable system that supports multiple integrations and third-party applications. This way, you can easily tailor it to the unique needs of your company and even have it adapt to the changing requirements of your growing business.

Reinforced Data Security

ERP programs allow you to access information from anywhere and at any time you desire, but this doesn’t mean that you are compromising the security of your data. These software solutions are often equipped with firewalls, restriction controls, and ransomware prevention, so you can safeguard confidential data without limiting user access to other information. ERPs also have features that allow you to pinpoint unauthorized activity within your system and provides insights on how to proceed with these issues.

Simplified Regulatory Compliance

Regulatory compliance is an issue that businesses across many industries are extremely familiar with. Industry standards change from time to time, making it difficult to keep track of if you do not constantly monitor it. To help you stay up-to-date on various regulatory processes, most ERP software have compliance reporting features that monitor any changes in compliance protocols and notify users in real time.

Leading Examples of ERP Software

With the fundamentals of ERP software explained, we can now move on to helping you choose one for your company. Finding a program that suits your business is crucial to the success of its implementation, so bear in mind that you must first assess what your company needs before you start browsing for software solutions. To help you get a better perspective of about what this technology has to offer, we have listed down the some of the leading examples of ERP software available on the market:

1. NetSuite ERP

NetSuite ERP is an enterprise resource planning program for growing businesses, medium-sized companies, and large corporations. Completely scalable and fully equipped with robust features, this software solution automates different business operations. Among these processes include financial management, revenue management, billing, and inventory management. One of the many reasons why customers prefer NetSuite ERP is its warehouse administration tools, which allows users to manage their inventory end-to-end, with regularly updated fulfillment data.

Easily avail yourself of the software’s comprehensive features at no cost. Simply sign up for a NetSuite ERP free demo here.

NetSuite ERP

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2. Scoro

Scoro is a cloud-based business management software built for small to mid-sized companies. Catering to businesses in the advertising, consulting, and information technology industries, this program provides a multitude of tools that improve collaboration, work scheduling, project management, customer relations management, as well as data reporting. It also has multi-currency and multi-language support, so handling data for clients across the globe is easier. The vendor offers a great free trial you can try. You can easily sign up for Score free trial here.

3. Sage Intacct

Sage Intacct is a cloud-hosted financial management program built to boost company performance and productivity. The system is equipped with a full range of capabilities for accounting, cash management, purchasing, vendor management, and inventory management, among others. It can also generate customizable reports to help you analyze your data faster and easier. Recognized by the AICPA as a top provider of finance-related programs, Sage Intacct offers scalable cost and system requirements that is perfect for businesses of all sizes.

4. Brightpearl

An omnichannel ERP software solution, Brightpearl is a great platform for mid-sized companies and large enterprises. It has a wide range of features ranging from order and inventory handling to shipping and billing management. The software also provides real-time accounting and reporting on purchasing patterns, profitability, and cash flow to help you better keep track of your business. To make your business operations a whole lot easier, this application integrates smoothly with e-commerce sites, online marketplaces, and major logistics companies.

5. Infor SyteLine ERP

Infor SyteLine ERP is an online platform designed to accelerate business processes while retaining quality. Offering smart functionalities that require minimal customization, this system has tools for CRM, advanced planning and scheduling, production control, inventory management, financial analysis, document automation, and quality control.

6. VIEANNA Advantage

VIENNA Advantage is an integrated system that combines the power of enterprise resource planning, customer relationship management, and document management into one convenient platform. Am open API software, this system can be implemented on-premise or via cloud. It also supports multiple integrations to allow complete configurability of the software.

7. Awery Aviation ERP

Awery Aviation ERP is a web-based platform designed for the aviation industry that integrates internal and external management to simplify business operations. It assists in managing sales processes, finance operations, human resource services, and customer relations. The system also offers bank-grade security tools to help in protecting confidential information.

8. AcTouch

AcTouch is an ERP software that provides robust features for accounting, manufacturing, inventory management, invoice creation, billing, tax compliance, as well as data analysis. It is designed to help small businesses, medium-sized companies, large enterprises, and freelancers in ensuring that all cash flows are accounted for and all business operations are optimized at all times.

9. Kechie ERP

Kechie ERP is a fully integrated ERP solution designed to streamline all core processes, from contact management and inventory management to logistics and financial management. This cloud-based software was designed with ease-of-use in mind alongside automated synching of critical processes, thus allowing businesses to quickly solve their problems with ease while ensuring your business delivers exceptional products and services. With real-time information for data such as such as project progress and resource utilization, you can stay on top of your business operations and make smart decisions on the fly. Additionally, the software is highly configurable to suit your unique needs and specifications, which means businesses have no need to significantly alter their workflow as the software can be adapted to one’s work processes.

By Jenny Chang

Senior writer at FinancesOnline who writes about a wide range of SaaS and B2B products, including trends and issues on e-commerce, accounting and customer service software. She’s also covered a wide range of topics in business, science, and technology for websites in the U.S., Australia and Singapore, keeping tabs on edge tech like 3D printed health monitoring tattoos and SpaceX’s exploration plans.

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