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What is ERP?

See the industry-leading enterprise resource planning (ERP) cloud solution, serving as your integrated management of business processes and applications, to gain resilience and real-time agility, to position yourself for growth.

Enterprise resource planning—Overview

Definition of enterprise resource planning (ERP)

What’s the difference between erp and financials, erp fundamentals, the business value of erp, a brief history of erp, erp deployment models: from on-premises to the cloud, cloud erp—a new erp delivery model, 7 reasons to move to an erp cloud solution.

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Enterprise resource planning (ERP) refers to a type of software that organizations use to manage day-to-day business activities such as accounting , procurement , project management , risk management and compliance , and supply chain operations . A complete ERP suite also includes enterprise performance management , software that helps plan, budget, predict, and report on an organization’s financial results.

ERP systems tie together a multitude of business processes and enable the flow of data between them. By collecting an organization’s shared transactional data from multiple sources, ERP systems eliminate data duplication and provide data integrity with a single source of truth.

Today, ERP systems are critical for managing thousands of businesses of all sizes and in all industries. To these companies, ERP is as indispensable as the electricity that keeps the lights on.

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What is an ERP system?

How can these solutions manage organizations day-to-day business activities, such as accounting, finance, procurement, project management, supply chain, and manufacturing.

Enterprise resource planning systems are complete, integrated platforms, either on-premises or in the cloud, managing all aspects of a production-based or distribution business. Furthermore, ERP systems support all aspects of financial management, human resources, supply chain management, and manufacturing with your core accounting function.

ERP systems will also provide transparency into your complete business process by tracking all aspects of production, logistics, and financials. These integrated systems act as a business's central hub for end-to-end workflow and data, allowing a variety of departments to access.

ERP Systems and software support multiple functions across the enterprise, mid-sized, or small businesses, including customizations for your industry.

Although the term “financials” is often used when describing ERP software, financials and ERP are not the same thing. Financials refers to a subset of modules within ERP.

Financials are the business functions relating to the finance department of an organization and includes modules for financial accounting, subledger accounting, accounting hub, payables and receivables, revenue management, billing, grants, expense management, project management, asset management, joint venture accounting, and collections.

Financials software uses reporting and analytical capabilities to comply with the reporting requirements of governing bodies, such as the International Financial Reporting Standards Foundation ( IFRS ), Financial Accounting Standards Board (FASB) for Generally Accepted Accounting Principles in the United States (GAAP), as well as for other countries (HGB in Germany and PCG in France, for example).

For public organizations, financials software has to be able to produce periodic financial statements for governing regulators, such as the US Securities and Exchange Commission ( SEC ) (with reports such as quarterly 10-Q and annual 10-K), European Securities and Markets Authority ( ESMA ), and others. For these types of financial reports, a narrative reporting tool is used. The person who is ultimately responsible for financials is the CFO.

While financials handles one area of the business, ERP encompasses a wide range of business processes—including financials. ERP software can include capabilities for procurement , supply chain management , inventory, manufacturing, maintenance, order management, project management, logistics, product lifecycle management, risk management , enterprise performance management (EPM), human resources/human capital management .

ERP also integrates with front-office applications to build holistic views of customers, including customer relationship management ( CRM ) solutions. Additionally, cloud-based ERP applications are often embedded with next-generation technologies, such as the internet of things (IoT), blockchain, AI, machine learning, and digital assistants. These advanced technologies deliver data and capabilities that not only enhance many traditional ERP functions; they create new opportunities for increased efficiencies, new services, and deeper insight across an enterprise. Since ERP systems are comprehensive across an enterprise, their management often involves a partnership with the CFO as well as the CIO, COO, and other key executive leaders.

Cloud-based ERP applications are often embedded with next-generation technologies, such as the internet of things ( IoT ), blockchain , AI, machine learning, and digital assistants.

ERP systems are designed around a single, defined data structure (schema) that typically has a common database. This helps ensure that the information used across the enterprise is normalized and based on common definitions and user experiences. These core constructs are then interconnected with business processes driven by workflows across business departments (e.g. finance, human resources, engineering, marketing, and operations), connecting systems and the people who use them. Simply put, ERP is the vehicle for integrating people, processes, and technologies across a modern enterprise.

See how industry analysts compare Oracle Cloud ERP against other financial management software providers.

For example: consider a company that builds cars by procuring parts and components from multiple suppliers. It could use an ERP system to track the requisition and purchase of these goods and ensure that each component across the entire procure-to-pay process uses uniform and clean data connected to enterprise workflows, business processes, reporting, and analytics.

When ERP is properly deployed at this automotive manufacturing company, a component, for example, “front brake pads,” is uniformly identified by part name, size, material, source, lot number, supplier part number, serial number, cost, and specification, along with a plethora of other descriptive and data-driven items.

Since data is the lifeblood of every modern company, ERP makes it easier to collect, organize, analyze, and distribute this information to every individual and system that needs it to best fulfill their role and responsibility.

ERP also ensures that these data fields and attributes roll up to the correct account in the company’s general ledger so that all costs are properly tracked and represented. If the front brake pads were called “front brakes” in one software system (or maybe a set of spreadsheets), “brake pads” in another, and “front pads” in a third, it would be tough for the automotive manufacturing company to figure out how much is spent annually on front brake pads, and whether it should switch suppliers or negotiate for better pricing.

A key ERP principle is the central collection of data for wide distribution. Instead of several standalone databases with an endless inventory of disconnected spreadsheets, ERP systems bring order to chaos so that all users—from the CEO to accounts payable clerks—can create, store, and use the same data derived through common processes. With a secure and centralized data repository, everyone in the organization can be confident that data is correct, up-to-date, and complete. Data integrity is assured for every task performed throughout the organization, from a quarterly financial statement to a single outstanding receivables report, without relying on error-prone spreadsheets.

Trending in modern finance

The ERP landscape has shifted with the rapid evolution of software as a service (SaaS) cloud applications. Because of the mobile platforms and decentralized workforce–work anywhere and anytime–ERP systems can no longer be tied to yesterday’s on-premises back-office applications. The next-generation, cloud-based, and modern ERP solutions support the new industry dynamics while providing the ability to reduce support time to enable organizations to respond quickly to volatile markets and industry trends.

It’s impossible to ignore the impact of ERP in today’s business world. As enterprise data and processes are corralled into ERP systems, businesses can align separate departments and improve workflows, resulting in significant bottom-line savings. Examples of specific business benefits include:

From paper cards to mobile devices The history of ERP goes back more than 100 years. In 1913, engineer Ford Whitman Harris developed what became known as the economic order quantity (EOQ) model, a paper-based manufacturing system for production scheduling. For decades, EOQ was the standard for manufacturing. Toolmaker Black and Decker changed the game in 1964 when it became the first company to adopt a material requirements planning (MRP) solution that combined EOQ concepts with a mainframe computer.

MRP remained the manufacturing standard until manufacturing resource planning (called MRP II) was developed in 1983. MRP II featured “modules” as a key software architectural component, and integrated core manufacturing components including purchasing, bills of materials, scheduling, and contract management. For the first time, different manufacturing tasks were integrated into a common system. MRP II also provided a compelling vision of how organizations could leverage software to share and integrate enterprise data and boost operational efficiency with better production planning, reduced inventory, and less waste (scrap). As computer technology evolved through the 1970s and 1980s, concepts similar to MRP II were developed to handle business activities beyond manufacturing, incorporating finance, customer relationship management, and human resources data. By 1990, technology analysts had a name for this new category of business management software—enterprise resource planning.

ERP's past: 1990s to the new millennium From the 1990s until the beginning of the twenty-first century, ERP adoption grew rapidly . At the same time, the costs of implementing an ERP system began to climb. The hardware required to run the software was typically on company premises, with big machines in a server room. Both the hardware and the software licenses required capital investments and depreciated over 5 to 10 years. In addition, organizations nearly always wanted to customize their ERP systems to fit their specific needs, entailing an additional expense of software consultants and training.

Meanwhile, ERP technology was evolving to embrace the internet, with new features and functionality such as embedded analytics. As time went on, many organizations discovered that their on-premises ERP systems couldn’t keep up with modern security demands or emerging technologies such as smartphones.

Software-as-a-service (SaaS) Enter the cloud—specifically, the software-as-a-service (SaaS) delivery model for ERP. When ERP software is delivered as a service in the cloud, it runs on a network of remote servers instead of inside a company’s server room. The cloud provider patches, manages, and updates the software several times a year—rather than an expensive upgrade every 5 to 10 years with an on-premises system. The cloud can reduce both operational expenses (OpEx) and capital expenses (CapEx) because it eliminates the need for companies to purchase software and hardware, or hire additional IT staff. These resources can instead be invested in new business opportunities, and the organization is always up-to-date on the most recent ERP software. Employees can shift their focus from managing IT to more value-added tasks such as innovation and growth.

For businesses of all sizes, including enterprise and small to midsize , retiring on-premises systems and moving entirely to the cloud all at once isn’t possible. Or, at the very least, it’s not something they’re comfortable doing within a short development window. Meanwhile, staying the course with an on-premises ERP, ignoring all the advantages of enterprise resource planning as a cloud solution, is no longer an ideal path, either. Why should you consider using cloud applications to replace or augment your on-premises system?

1. Readily adopt new and evolving SaaS technologies

Next-generation technologies, like artificial intelligence (AI), help cloud-based systems rapidly improve their capabilities with no need for periodic updates, unlike your legacy system. Now, with no additional or new input from the end-user, ERP systems continually become significantly easier to manage and use.

2. Extend the value of your existing ERP System

Augmenting and integrating legacy software with cloud applications can complement, enhance, and supplement important tasks. This approach can breathe new life into legacy ERP systems, giving businesses a great opportunity to start adopting cloud capabilities.

3. Access new technologies

Finding cloud applications that complement your legacy ERP software modules lets you immediately take advantage of rapidly advancing new technologies and improving user paradigms. These provide complimentary systems that deliver immediate business capabilities and value without a fundamental change in your operations.

4. Reduce third-party dependencies

Reporting and analytics for legacy systems typically require involvement from a third-party vendor to generate operational business intelligence. Using cloud applications from your legacy ERP vendor often produces the same or better intelligence without needing an additional vendor relationship.

5. Evolve your financial systems

Legacy systems were never meant to be modern reporting engines. Cloud-based technology was born in the last decade and developed, as a core principle, with an entirely different mindset and understanding of not only what was possible but what was needed to be successful for ERP platforms.

6. More robust security resources

Cloud solution service providers have large, full-time teams that are exclusively dedicated to proactively monitoring and staying current with cloud security issues and threats, 24 hours a day.

7. Attract in-demand talent

The next generation of young workers have grown up with seamless technology that is mobile, easy to use, and always-on. No company that continues to rely purely with on-premises technology will be able to recruit top talent, regardless of age.

Get started with Oracle ERP

Organizations have always struggled to balance traditional ERP’s high costs and complexity against the need for customized features and flexibility, all while meeting the demands of the business. Watch and learn how Oracle ERP Cloud delivers connected teams, unified data, and real-time insights to help you and your finance team ensure that the best business decisions are made. With ERP delivered as a service in the cloud, your organization can be future-ready and outpace change.

One of the benefits of the SaaS model is that the software is kept up-to-date with the latest features, functions, and best practices. Cloud ERP providers roll out updates regularly (as often as monthly, in Oracle’s case). This means that the latest new and revolutionary emerging technologies—such as AI, digital assistants, machine learning, blockchain, augmented reality, and the Internet of Things (IoT)—become available to subscribers on a regular cadence.

With access to these new technologies, organizations can quickly improve their business best practices as the ERP software evolves. They can automate processes that used to require heavy manual intervention, such as reconciling financial accounts. In addition, users gain a comprehensive, real-time understanding of enterprise business activities not only in the front office, but also in warehouses, on factory floors, and everywhere else across the enterprise. This knowledge is then readily available to every appropriate employee on their mobile devices, including smartphones and tablets.

Built for the digital age, today’s ERP cloud embraces mobile, social, analytics, and the latest emerging technologies. Anything less won’t move an organization forward.

Learn more about Oracle Cloud ERP

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Why you need an ERP system

Enterprise resource planning ( ERP ) systems help organizations manage their businesses with efficiency and flexibility—bringing together finance, manufacturing, retail, supply chain, warehouse, and inventory.

What can enterprise resource planning systems do?

Automate routine tasks.

Spend your time on what matters most by automating tasks that once took time, effort, and resources. Automate reports, set triggers and alerts, and assign tasks to the right team members. Enterprise resource planning systems are a critical tool in unifying operations across the many departments businesses must manage. Instead of disparate processes, communication challenges between departments, and outdated systems, enterprise resource planning systems provide insight and visibility across your business.

Provide a single source of intelligence

Regardless of the needs of your customers and partners, enterprise resource planning systems help you stay aligned across your assets, employees, and goals—which means your team can work better together.

Unify operations

Connect your warehouses, suppliers, subsidiaries, and teams through a unified system, giving you total visibility of your supply chain all throughout the globe.

Identify areas needing support

Full visibility into your business operations lets you quickly spot trends, downturns, or operational challenges that need your attention, helping you keep your business running at optimal capacity.

The benefits of enterprise resource planning systems

In addition to driving improved visibility and insight, here are additional benefits that enterprise resource planning systems can bring your business:

More efficient operations.

Real-time insights and predictive intelligence come together to help you easily and efficiently identify and resolve anything that hinders optimal operations.

Lower costs.

Improved efficiencies, budget control, and financial process automation let you keep a close watch on your costs and help identify areas for improvement.

Shared best practices.

Connected departments make knowledge-sharing easier than ever, helping elevate all departments to their best performance.

Improved team productivity.

Smoother operations and a central source of information boost productivity by bringing together people, data, and processes.

Smarter strategies.

Connected data takes you beyond outdated spreadsheets, helping you plan growth using dynamic views of future strategic opportunities.

Features you should look for in an enterprise resource planning system

As you explore different tools for resource planning or cloud ERP, make sure you find a system with the following features:

Multi-department integration

Look for a system that allows you to integrate a wide range of data and functions across your business, such as finance, manufacturing, human resources, inventory, and sales.

Built-in intelligence

Machine learning and artificial intelligence can provide insights that help transform your products and customer interactions, guiding your teams to the right business outcomes.

Adaptable platform

Customize, extend, and integrate your solution with other apps, offering confidence your enterprise resource planning system will meet your needs as your business grows.

Integration with other systems

Invest in a system that offers a unified experience, letting you connect and share data across different apps.

Global capabilities

Multi-national organizations must monitor country-specific compliance and tax guidelines. If your business operates throughout the globe, look for a global ERP solution.

Cloud ERP: Flexible, fast, and cost-effective

In the past, enterprise resource planning implementations were mostly on-premises. But with the convenience of accessing data in the cloud, cloud ERP implementations are more and more common.

Cloud ERP systems are flexible, giving you anywhere access to your information, boosting productivity, and keeping teams connected throughout the globe. Being able to access data when on-the-go, or on-location with customers, partners, and suppliers offers a level of convenience that moves business forward.

The straightforward implementation of cloud ERP systems can save time, resources, and the headaches that may occur from complicated, on-premise implementations.

Operating on a monthly subscription, cloud ERP systems often do not require a high, up-front investment, which can make a big difference for smaller businesses.

Bring enterprise resource planning into your business

Transform your business with Microsoft Dynamics 365—intelligent business solutions that seamlessly integrate ERP capabilities. Based in the cloud, Dynamics 365 apps help break down silos across your business by giving your team a unified view of operations.

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What Is ERP? (Enterprise Resource Planning)

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Published: Feb 1, 2023, 2:00pm

What Is ERP? (Enterprise Resource Planning)

Definition of erp, top erp providers, frequently asked questions (faqs).

ERP stands for enterprise resource planning. It is a tool that helps businesses manage information and core business processes. Imagine combining systems for manufacturing, supply chain, project management, accounting, procurement and many others into one centralized software—this is what ERP is all about.

In this article, we’ll teach you everything you need to know about how ERPs work, their main advantages and the top ERPs that should be on your radar.

ERP refers to the type of software organizations use to streamline and centralize the flow of information from core business processes. It helps consolidate information for accounting, inventory management, supply chain services and manufacturing into a single hub. Imagine having a customer relationship management (CRM) for managing sales pipelines, a digitized record of financial transactions, a customer service platform for offering customer support and more.

A business without an ERP could manage its operations using separate and isolated systems and tools. While there’s nothing wrong with using different software for organizations, there’s no single source of truth for your business. Separate sources for data and management processes hurt efficiency. You may spend thousands of dollars because of complex basic operations across different systems.

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What Is an ERP System?

ERP systems are the systems that organizations use to manage data and core business operations.

ERPs aggregate, store and interpret data to provide instant insights for small and medium-sized organizations. They provide easy access to data across departments or teams—like finance, marketing or sales—making it faster to get everyone on the same page.

Every ERP solution is unique. It may involve a single system, integrated platforms on the cloud or on-premise or disconnected systems. The features and processes that ERPs manage will depend on the techniques and features within your organization.

Key Components of ERP

Here’s a look at some of the critical components of an ERP system.

Human Resources (HR)

Employees are the lifeblood of any organization. Thus, managing employees from recruitment to final severance is one of the main components of an ERP system. Essentially, this component must cover essential features, such as recruitment, payroll, benefits administration and talent management.

Customer Relationship Management (CRM)

Managing communications and relationships with leads and customers is a crucial component of an ERP.

A CRM allows organizations to collect and analyze data across customer touchpoints from initial contact to post-purchase. This information enables businesses to consolidate customer information, such as account information, past purchases, the status of their orders and customer service issues.

For sales teams, a CRM enables tracking leads across the sales pipeline, identifying up-selling opportunities and generating accurate sales forecasts. Marketing teams use this solution to manage marketing campaigns and funnel the information toward the most effective marketing channel for conversions.

Business Intelligence (BI)

BI is another component of ERP systems. BI allows organizations to aggregate data to gain deeper insights that inform business decisions.

A BI component enables organizations to interpret raw data. Some offer comprehensive reports with tables and numbers. However, more modern solutions are packed with customizable dashboards and other visualizations so stakeholders can understand complex insights.

When BI is not a feature, business data may be stored in separate silos. Data belonging to another department needs to be visible to other departments or teams, complicating collaboration, data analysis and data sharing.

Supply Chain Management (SCM)

SCM involves producing goods and services from raw materials to final products. As an ERP component, SCM allows stakeholders to oversee the entire manufacturing process, from raw material procurement to product delivery.

Best-in-class SCM systems should be able to optimize the manufacturing process for spread and efficiency. For example, a supervisor can track orders, get a real-time overview of raw materials and access all shipping documents in one centralized hub. They can also utilize demand forecasting to evaluate the speed of production and optimize shipping processes.

Inventory management

Inventory management software lets businesses automate inventory processes. That way, they have appropriate stock for products to meet customer demand.

Most inventory management solutions can cast aside manual inventory processes. They can sync inventory data with sales, provide detailed stock reporting and offer multilevel serial number tracking and multiple units of measure per product ID or stock keeping unit (SKU). They also come packed with seamless integration options for accounting systems, vendors, shippers and retail point-of-sale (POS) systems.

Centralized inventory makes it easy to ship products to international customers and sell various products on online and offline sales channels. For example, entrepreneurs can display the number of stocks left on the product page.

Accounting or Financial Management

The last main component of an ERP is accounting and financial management.

Accounting capabilities let users track accounts receivable (A/R), accounts payable (A/P) and other financial information. It’s also vital to producing reports, such as income statements, quarterly revenue and balance sheets—crucial to purchasing raw materials or closing deals with suppliers or contractors.

Revenue is the lifeblood of any organization. Thus, an ERP that provides complete visibility of financial data will help stakeholders make informed decisions.

Types of ERP

There are three main ERP categories: custom, cloud-based and hybrid. Here’s an in-depth look at each type.

On-premise ERP software is installed on computers and servers within the organization’s offices or physical locations. It is paid upfront via a one-time perpetual license but costs will vary depending on the size of the business. You’ll also need to consider maintenance fees, software updates and periodic training.

If your organization is dealing with confidential information, this solution is ideal. Not only will you be able to keep information in-house, but you can also customize the module to suit your unique business processes.

Famous examples of on-premise solutions include Epicor and SAP ERP Central Component.

Cloud-Based

Cloud-based ERP software adopts the software-as-a-service (SaaS) model for ERPs. Unlike on-premise ERP, this type of software runs on a network of remote servers—instead of an office-based server.

One of the best qualities of a cloud-based solution is that updates are delivered several times per year. By contrast, on-premise software offers them every five to 10 years. A cloud-based ERP does not need hardware, software or specialized information technology (IT) personnel to manage servers. Moreover, it’s cost-effective, easier to maintain and faster to set up than an on-premise ERP.

Despite these advantages, some cloud-based solutions offer less personalization and customizability than on-premise solutions. Rather than owning the software, you must rely on a cloud provider as long as your business depends on it. In hindsight, it seems cheaper. Still, you could spend more money based on the length of your subscription and the size of your business.

Some examples of cloud-based ERPs are Wrike, NetSuite ERP, Wrike, Rossum, Sage Intact and Odoo.

Those seeking the best of both worlds can opt for a hybrid ERP, which offers a mix of cloud-based and on-premise ERP solutions.

This approach often includes two tiers: an on-premise ERP system for corporate functions (tier 1) and another system to support business units or locations (tier 2). These two tiers combined allow businesses to reduce costs and meet an organization’s specific needs.

Historically, most businesses deployed one ERP system for the entire organization. However, extending an ERP’s functionality to accommodate all business units and multiple locations took a lot of work.

Adopting a hybrid solution allows businesses to browse from a stack of cloud ERP solutions and pick those that will meet their local requirements. It’s also much faster than waiting for corporations to implement a company-wide ERP solution.

3 Examples of ERP

Organizations use ERPs to manage company resources, supplier relationships, financial data and sales. There are many use cases, and each organization and different organizations may use ERP differently based on their needs. Let’s look at some examples.

Example 1. Amazon

Amazon is a tech giant specializing in artificial intelligence, retail, cloud computing and online streaming. Since 2008, the company has shifted its focus and used SAP software to manage several aspects of its business, from accounting to sales and HR management to order management.

The ERP allows vendors to track revenue, customer analytics and customer loyalty. Based on the data collected, they can improve the experience of their customers to increase sales.

Example 2. Fulton & Roark

Fulton & Roark―a retailer of men’s care products―implemented NetSuite ERP. Historically, the company used spreadsheets and accounting software to track changing inventory costs or workflows to monitor the cost of goods sold (COGS). Thus, they performed manual double data entry, which was inefficient and unmanageable because the company doubled their sales year over year.

NetSuite ERP helped the team pinpoint inventory-related bookkeeping errors with greater accuracy. They could minimize their reliance on accounts and monitor profit margins. Also, they increased production and sales volume significantly while maintaining employee headcount.

Example 3. Cadbury

Cadbury struggled to meet their production and distribution targets because of the high demand for chocolates and confections. A SAP implementation helped the organization redesign warehousing and distribution systems and automated entire processes.

Some notable achievements include:

Benefits of ERP

Let’s look at some of the advantages ERPs can bring to your business.

Decrease duplicates and errors in data entry

An ERP system can help minimize redundant information and poor data quality. Think of duplicated payments to contractors, poorly labeled information and duplicate data entries which skew insights. Poor data quality is problematic because it threatens data integrity, limits visibility, fosters misunderstandings and conflicts and wastes valuable company resources. An ERP system can catch duplicate data errors quickly and duplicate sources of information stored in separate siloes.

Manage finances

Manually recording payroll payments and delivering direct deposits is cumbersome and time-consuming. Thus, payroll and managing finances are one of the most crucial features of an ERP. An ERP can automate payroll and be less prone to human error than manual data entries. Also, it should provide you with a complete record of tax obligations and legal obligations for income-related taxation to ensure compliance with state, local and federal laws.

Streamline information and operations

The best ERP systems provide a complete overview of business operations via common databases. It can track business resources, financials, raw materials and finished products— along with essential processes, such as sales orders, payroll, reporting, purchase orders and work orders. While these solutions are commonly critical for large corporations, it also brings some advantages for small and medium-sized businesses (SMBs).

Improve collaboration and productivity

ERP offers a software structure that links different elements of a company. Since the systems are connected and the interfaces are the same, it’s easy to share information across departments and see what’s happening in different company sectors.

Some ERPs are more well-suited than others based on the organization’s type, size or niche. Here’s a look at some of the top ERP providers.

SYSPRO ERP: Best for Manufacturing

SYSPRO ERP specializes in manufacturing and distribution. The company excels at streamlining the supply chain, providing an integrated view of all operations and offering critical insights and real-time trends. Specifically, it can manage operating budgets, predict sales quotas and monitor progress across distribution centers, warehouses and the shop floor.

SYSPRO’s characteristics make it ideal for automotive, electronics, medical devices, industrial machinery—or any business in the manufacturing and distribution industry.

Microsoft Dynamics 365 for Finance: Best for Microsoft Integration

Microsoft Dynamics 365 consists of seamless business solutions with ERP capabilities. As with its competitors, it can provide a unified view of financials and operations, optimize repetitive tasks and bolster growth for organizations.

What makes it apart? This solution offers close integration with Microsoft cloud applications and Office 365, making it ideal for companies utilizing Microsoft products.

Oodoo: Best for Sales and CRM

Oodoo is an open-source CRM software for tracking leads and opportunities. The open-source software is highly customizable, so you can squeeze in functions and functionalities based on your business needs. Best of all, it combines accounting, CRM, e-commerce, inventory, POS and project management in a centralized platform. Other than customization, Oodoo offers tutorials and training per package, which makes it easy for salespeople to identify what they need to do to attract leads, engage customers and increase customer interactions.

Oodoo utilizes an open-source model, which supports seamless integration with popular solutions, such as Shopify, Amazon, Magento, PayPal, Salesforce, Office 365 and Google Workspace.

Oracle NetSuite: Best Cloud-Based ERP for Small Enterprises

The cloud-based ERP system from Oracle is a popular solution used by more than 33,000 customers. Its popularity is backed by its suite of tools for accounting, inventory management, order processing, production, SCM and warehouse operations.

Oracle NetSuite stands out because it is a global solution with global capabilities for enterprises seeking an overview at a local, headquarters or regional level. It is also used in more than 200 countries and supports 190 currencies and 27 languages.

monday.com: Best for Small Businesses

monday.com is ideal for small and medium-sized businesses. As with most ERP solutions, the tool covers everything you need for project management, sales and CRM, creative design and task management. Moreover, it has an easy-to-use and seamless interface for project timelines, milestones and tracking progress.

monday.com’s basic plan covers prioritized customer support, data-driven dashboards and unlimited items. However, they have enterprise-level plans with top-notch automation, integrations, security, reporting and onboarding.

For further insight, check out more ERP system examples .

Bottom Line

ERP helps businesses streamline the flow of information and consolidate business processes. It can help businesses of all sizes manage finances, simplify communication, improve collaboration and minimize errors in data entry. While many ERPs are available in the market, here’s hoping this list helped you narrow your search.

What is ERP?

ERP refers to the software businesses use to centralize and streamline the flow of information for their data and business processes. They help manage several aspects of the industry, such as HR, CRMt, BI, SCM, inventory management and financial management.

What are the three types of ERP?

The three most common ERPs are on-premise, cloud-based and hybrid. On-premise ERPs are installed in an organization’s physical locations, while cloud-based ERPs run on the cloud. By contrast, a hybrid is an ERP that combines the characteristics of cloud-based and on-premise solutions.

What is the most common ERP software?

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2 Modules of enterprise resource planning (ERP) information systems
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The Challenges an Organization face during implementation of Enterprise Resource Planning(ERP)

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ENTERPRISE RESOURCE PLANNING SYSTEM_BSMA 2-7
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What Is Enterprise Resource Planning (ERP)?—Microsoft
Enterprise resource planning (ERP) is an important software system that helps organizations automate and manage core business processes for optimal performance. Skip to main content Dynamics 365 Products Customer data platform Customer Insights
Enterprise Resource Planning System
Enterprise resource planning ( ERP) systems help organizations manage their businesses with efficiency and flexibility—bringing together finance, manufacturing, retail, supply chain, warehouse, and inventory. What can enterprise resource planning systems do? Automate routine tasks
Enterprise resource planning
ERP is usually referred to as a category of business management software —typically a suite of integrated applications —that an organization can use to collect, store, manage and interpret data from many business activities. ERP systems can be local based or cloud-based.
What Is ERP? (Enterprise Resource Planning)
ERP stands for enterprise resource planning. It is a tool that helps businesses manage information and core business processes. Imagine combining systems for manufacturing, supply chain,...