ERP helps you manage your business more efficiently by integrating key internal systems and processes. Most business data sources are disconnected. But with the help of ERP software, it is possible to have them linked to a single platform. This platform is the ERP interface, with the help of which, you can run your transactional data sets using data analytics. And by running your data sets with the aid of both the ERP interface as well as data analytics, you can discover newer insights about the patterns that help you in strategic planning or problem-solving. When the business begins, everything has to be managed manually. However, as it progresses, you can take the help of ERP software solutions to manage all aspects of the business. If you find yourself in a tight spot running a small business, then getting an ERP software will definitely help.
Components of a typical ERP software system
Most ERP software comprises of major business processes and functions including accounting, finance, HR, CRM, sales, marketing, and inventory. Back in the day, ERP used to be limited only to large enterprises. However, that isn’t the case today, where even small and medium-sized companies have access to cloud ERP solutions. Conversely, today, even a small ERP software development company in Bangalore is able to harness the power of the legacy ERP systems, which were once sold and patented by IT giants like SAP or Oracle.
Why should companies implement ERP software?
Today, most companies use ERP software solutions to counter fraudulent practices by centralizing accounts and utilize AI and machine learning in making smarter payment decisions. Although, implementing ERP solutions isn’t an easy task. And nearly 50 percent of all ERP implementations fail around the first time according to a study. But in general, most companies implement ERP software for their business operations as it gives a plethora of benefits including cost reduction, improvement in supervision of management, reduction of IT costs, achieving that price/cost leadership, improving customer services, increasing the ability to interact or respond, standardization of the IT landscape, resource management improvement, information management improvement, decision support improvement, quality improvements and reduction of cycle times among others.
SAP Business One – The SAP Business One, developed by SAP Labs is one of the mid-market ERP software solutions.The SAP Business One helps integrate and automate finance, operations and human resources, thus smoothening and increasing the efficiency of the business. This ERP software system consists of 17 different components managing different processes and aspects of the business, all in synchronization. Besides these 17 components, the SAP Business One also contains other modules including supply chain management, production planning, inventory management, project management and inventory management. And the system also offers mobile and cloud tools with the help of which, flexibility can be achieved.
Microsoft Dynamics 365 – Microsoft Dyanamic 365 is one of the most trusted and reliable brands, offering cloud ERP and CRM solutions that are rich in features. It’s scalable and an ideal platform for small and medium-sized as well as large enterprises. ERP is a central hub for key business processes, integrating things like revenue management, inventory management, financial management, fixed assets and order management, and billing. The Microsoft Dynamics 365 is an excellent ERP software for managing, tracking and controlling expenses. The system is adept at eliminating bottlenecks with regards to order-to-cash workflows and integrates sales, finance as well as fulfillment, thus ensuring that your business hums on smoothly and efficiently.
Oracle Business Intelligence – The Oracle Business Intelligence or OBI is one of Oracle’s best set of business intelligence tools which consists of the former Siebel Systems and Hyperlon Solutions and supports access, analyses as well as information delivery options, fully integrated into one web environment. Each component of this Business Intelligence Suite caters to different people who require the same underlying data, but in varied forms. All the components of this suite are integrated into a single architecture, allowing for a seamless and intuitive user experience.
The Brightpearl ERP solution enables you to focus on the more important aspects of your business, thus allowing its expansion, by streamlining your back-office workflows and integrating key business elements including inventory, accounting, CRM, supply chain, fulfillment, reporting and POS and analytics among others. It comes with a comprehensive feature set that can be used to consolidate the various outputs and business processes like sales, purchases, marketing, finance, and e-commerce.
Odoo ERP – Odoo is an open-source ERP solution featuring different modules for various business functions including accounting, project management, human resources, inventory purchase and manufacturing among others. Odoo, as an open-source ERP platform has a rich set of business applications and is free to use for up to 50 users. This ERP solution is suitable for both small and large businesses.
This is one of the most affordable Odoo ERP solutions for businesses, covering management of your inventory, production, sales, purchasing, accounting, and payroll. It’s cost-effective as it is a cloud-hosted ERP software solution. It’s the ideal ERP solution for all small and medium enterprises looking to get themselves a comprehensive one. It comes with an accounting module, providing core accounting features like account payable or receivable, cost accounting and cash flow management.
Peoplesoft ERP – Peoplesoft’s ERP system is a human-resource-focused one that collaborates different business systems into a single application. Human Capital Management is its pilot module. But besides this, the ERP also includes other modules like financial management, supply chain management, and enterprise automation among others. Oracle has brought to this ERP software system, more sophisticated solutions for the increasingly complex business requirements. Throughout the years though, Peoplesoft ERP has become more of an end-to-end ERP solution, incorporating asset lifecycle, credit-to-cash as well as procure-to-pay processes.
Sage 100 ERP – The Sage 100 ERP gives both small as well as medium-sized enterprises a set of features that comprise of different types of modules including accounting, distribution, CRM, HRM, inventory and time tracking among others. It also includes those industry-specific features like manufacturing and business intelligence tools. The Sage 100 ERP has been upgraded to the Sage 100c and is built on the same management platform.
Financial Force ERP – This ERP consolidates data related to sales, service, finance, and Human Resources around the customer. This is because the customer is the only thing that keeps your business systems going. With diverse data connected and efficiency achieved in your processes, you can give your customers better products as well as better services. Although the Financial Force ERP system targets medium-sized corporations, it is still scalable enough to cater to both smaller as well as large enterprises. This ERP system ensures that all targeted data from every department including sales, marketing, support, HR and accounting are accessible to every authorized party across the organization. This way, data related to the above fields are streamlined, enabling a smoother and efficient business process.
Ixcerpt Standard – The Ixcerpt Standard comprises of a comprehensive dashboard and is built for both small and medium-sized businesses. It allows for the centralization of both internal as well as external resources, enabling easy management of everyday business processes. Besides these, it also comes automated cross-functional financial management tools for effective tracking and managing of your business, on any modern device.
Thus, the best ERP for small business India employ some of the best modules that can help these businesses thrive. Some best ERP software like Odoo ERP or SAP Business One can help organizations go a long way in meeting their business requirements and achieving their business goals. A year ago, legacy ERP systems accounted for more than 26 percent, which is quite a significant fall from the 36 percent from five years ago. The ERP systems discussed above come coupled with business indicators and data-driven insights, which help you make the right decisions in moving your business forward.