Enterprise resource planning systems — or “ERP systems,” as they are often called — are designed to support a broad range of business functions. With the right ERP software solutions, you can access real-time data, streamline core business processes, and elevate organizational productivity.
Perhaps most importantly, ERP software provides you with a single source of truth, which you can leverage to guide your decision-making processes and capitalize on emerging opportunities.
However, before you can reap the benefits of enterprise resource planning technology, you need to choose the right platform for your business. With that in mind, we’ll examine these software solutions, along with seven examples of ERP systems, so that you can better understand the wide range of options available.
ERP systems provide a single source for managing a broad array of business operations. The best of these integrated solutions include tools to manage every data-driven process within your organization.
Due to their versatility, they can support a dynamic range of business models, such as manufacturing, retail, eCommerce, distribution, and construction, to name just a few.
ERP platforms store your data in a centralized, secure hub to ensure that all teams and departments can access critical information to guide decision-making and fulfill their responsibilities.
Regardless of what vertical you operate within, you can use your ERP system to manage multiple core business functions.
Leading ERP platforms include cutting-edge artificial intelligence and data analytics technologies. These systems gather organizational data and generate detailed reports so that you can better understand the health and performance of your organization.
The business intelligence features included in top ERP platforms can give you a definitive edge over your competitors. You can use these tools to track inventory levels, gain insights into shifting consumer demand trends, and capitalize on potentially fleeting opportunities to grow your business.
ERP systems consolidate all of your financial data so that you can effortlessly track revenue, manage expenses, and identify sources of waste. Managing all of your finances in a single location reduces the likelihood of input errors, saves you and your team time, and increases financial visibility.
Not only do ERP platforms consolidate data, but the best options also feature powerful automation tools. You can use these tools to reduce the need for manual data input, generate more detailed reports, and proactively manage your revenue cycles.
ERP platforms support your human resources department by consolidating employee data into a secure location. HR personnel will have the tools and data they need to collaborate with other departments, better manage the employee experience, ensure compliance, reduce errors, and streamline workflows.
With ERP technology in place, you can accelerate many critical HR functions as well, such as onboarding, hiring, and screening. Revamping your hiring and onboarding processes has become more important than ever amid the ongoing labor shortage. Therefore, it’s vital that you equip your HR team with tools to better manage the employee experience.
Managing inventory is a time-consuming and tedious balancing act. If you allow inventory to fall too low, you are in danger of stockouts and shortages, which will lead to unhappy customers and a tarnished brand reputation.
However, if you overstock your inventory, your business will suffer from poor liquidity and may lack the cash flow necessary to pursue growth opportunities.
Enterprise resource planning technology provides you with up-to-the-minute insights into your inventory. You can use this data to maintain the ideal amount of stock without risking business interruptions.
Enterprise resource planning systems go beyond inventory management and can actually provide better visibility into your entire supply chain. You can gain real-time insights about orders, vendors, warehouse operations, and more.
By providing timely and relevant data about your supply chain, ERP technology enables you to follow lean inventory practices, engage in demand forecasting, and reduce production bottlenecks.
Consider adopting enterprise resource planning technology if you’re dealing with any of the following concerns:
ERP systems can meet many of your organization’s needs and support your long-term growth goals. If expanding your business and bolstering revenue are at the top of your priority list, an ERP solution can propel you toward your objectives.
ERP systems provide a broad range of benefits, from reducing costs to streamlining compliance.
ERP technology provides several avenues to cost savings. First, you can replace multiple applications with a single source of truth. By ditching your suite of disparate applications, you can reduce the number of licensing fees that you pay and simplify the process of managing your technology stack.
Additionally, ERP software facilitates task automation, reducing labor expenses and making you less reliant on tedious manual processes. You can also use enterprise resource planning technology to spot inefficiencies, optimize your resource management strategies, and gain real-time visibility into the state of your business.
ERP solutions provide unparalleled visibility into your finances, HR processes, inventory, and supply chain. If you want to know what is going on behind the scenes of your business, you need ERP technology.
With an enterprise resource planning platform, you can access up-to-the-minute data in seconds and generate detailed performance reports in minutes.
Automating menial, redundant tasks with ERP allows your team members to focus their talents on more dynamic, productive work. They can better serve customers, tackle challenges, and help your business push toward its growth goals.
ERP technology also eliminates data silos, further elevating your team’s productivity. Instead of wasting hours searching for documents, they can locate files in seconds and effortlessly collaborate with other departments.
If you operate in a heavily regulated industry, you know firsthand that maintaining compliance can be exceptionally challenging. This is especially true if you are relying on a disparate suite of applications that don’t share data or communicate.
With enterprise resource planning technology, you can track the life cycle of every transaction and create auditable records for compliance and reporting purposes. You can implement custom rules that align with the unique requirements of your industry and make compliance a fundamental component of your business model.
In the fast-paced modern business environment, embracing automation has become a necessity. Automating tedious, redundant work reduces labor expenses, boosts productivity, and gives you an edge over your competitors.
The top examples of ERP systems are packed with automation tools designed to save you money and time. These tools also minimize human errors and free up your staff to focus on more complex tasks.
While the ERP systems arena is constantly growing, these seven examples are among the most popular.
Oracle NetSuite is one of the most widely used cloud-based ERP solutions. The NetSuite platform features a user- and consumption-based billing model, which has become the norm in the ERP industry. With this model, the cost of your platform is based on the number of users you enroll and the computing resources you consume.
Another factor that will impact the cost of the platform is the number of modules that you use. Oracle (and several other leading ERPs) uses a module-based infrastructure that allows you to add only the applications you need, keeping your costs manageable.
Some of Oracle’s modules include accounting, financial management, inventory management, warehouse and fulfillment operations, and supply chain management.
Sage Intacct is a user-friendly ERP system that focuses on inventory and financial management. It provides access to real-time reporting capabilities and can increase the productivity of medium to large businesses.
In addition to core ERP functions, Sage Intacct also offers payroll and HR modules. The company’s billing model is unique and includes several high initial fees. These fees make it cost-prohibitive for small businesses.
Xero ERP is designed specifically for bookkeepers, accountants, and small businesses. This platform provides real-time tracking and reporting capabilities. Business owners can connect their bank accounts directly to Xero, which streamlines transaction tracking.
Xero is by far one of the most cost-effective examples of ERP systems on our list. However, it lacks some of the more advanced features that growing businesses need and falls short in terms of scalability.
Microsoft Dynamics 365 is an exceptionally scalable cloud-based ERP solution that can help you manage finances, sales, customer relationships, and day-to-day operations. The platform is designed with the end user in mind and is highly customizable; you can tailor it to the unique needs of your business.
Dynamics 365 has a business-friendly pricing model that scales based on your consumption and the number of users you need to enroll.
In addition to offering competitive pricing, Dynamics 365 is supported by a broad library of third-party software solutions, including Cavallo. Cavallo offers powerful integrations as well as proprietary software designed to help you get more out of your ERP investment.
SAP ERP includes a suite of applications designed to manage business functions such as HR, manufacturing, sales, and accounting. It is one of the most widely used enterprise resource planning solutions.
The suite has a scalable pricing module based on the modules you adopt, the number of users you enroll, and your consumption. This pricing model allows you to keep your technology costs in check while ensuring you have the tools you need to build your business.
Multiview ERP features tools and modules for accounts payable and receivable, budgeting and forecasting, project management, workflow automation, and business intelligence.
This system provides businesses with a consolidated location to store their data, ensuring added visibility and transparency. It is competitively priced but lacks some of the modules and features found in leading options such as Dynamics 365 or Oracle NetSuite.
Cloud-based ERP systems like Acumatica have become the norm because they provide better scalability and value than on-premises alternatives. As your needs evolve, a cloud-based ERP solution can evolve with you and provide near-instant access to additional computing resources.
Acumatica is known as an exceptionally functional and user-friendly platform. The system includes modules for manufacturing, construction, eCommerce, and more. It has an intuitive interface and a straightforward, usage-based pricing model.
While all of these examples of ERP systems can help you achieve your business goals, Microsoft Dynamics 365 is one of the most versatile and robust options available. You can further maximize the ROI of Microsoft Dynamics 365 by pairing it with Cavallo’s proprietary integration solution.
With Dynamics 365 and Cavallo in your corner, you can dramatically improve the efficiency of your customer-to-cash cycle, increase revenue, and accelerate company growth like never before. Connect with our team to learn more.