It’s always recommended to invest in the best ERP software for small business models, increasing productivity by managing customer inventory, seamlessly financing invoices, invoices and materials, and reducing unnecessary waste and costs. An ERP system can also be used to determine which materials a manufacturing company needs to increase production performance, providing businesses with access to real time performance data for financial, sales and profitability analyses. This can significantly transform current business intelligence methods. However before investing in cloud ERP management software for your business, it’s vital to ensure the solution suits your business needs.
In 2021, the global ERP software market is poised to reach $95.37 billion up from $94.71 billion in 2020. This represents a 0.7% percent YoY growth rate. (Apps Run the World, 2020)
Picking the right ERP
ERPs are a modular software solution that integrates with the financial side of the company. Additionally, ERPs add integrated apps and modules to address other business areas such as Business Intelligence (BI), Customer Relationship Management (CRM), Material Resource Management (MRP), Supply Chain Management and Logistics. MRP includes functions such as asset management, time-to-JIT, inventory, point-of-sale systems (PoS) and project management. Cloud ERP solutions for small and medium enterprises appreciate the value of ERP and CRM for reliable enterprise-wide data accumulation, including accounting, financial management, CRM, sales, manufacturing, planning and management, retail, e-commerce and field service functionality.
Manufacturers are increasingly relying on cloud-based ERP systems to better plan, manage and improve business performance. The majority of businesses strive to integrate their legacy data and rely on the latest features of the cloud ERP system to get the information they need to run their business. SaaS software removes many of the obstacles that hinder companies from implementing and modernizing their ERP systems. Cloud-based ERP allows companies to focus more on their core business and manage ERP software more efficiently.
The best business planning software is designed to help you manage your sales, inventory and related business processes in a comprehensive platform for all-in-one planning and resource management.
Let’s look at 5 of the best cloud-based ERPs available today, and how they can help your business;
Microsoft Dynamics 365
This is the cloud ERP solution that many companies use today for financial supervision, human resources management, operations and regulation. Dynamics 365 can be directly integrated with business applications and technological infrastructure to speed up the adoption process. It expands its functionality to provide companies with added value by adapting it to industry criteria. It improves decision-making processes by harmonizing the interests of all key stakeholders (suppliers, customers and boards of directors).
Microsoft Dynamics 365 features include;
- Warehouse and Transportation management
- Procurement and Budgeting
- Contract management
- Demand forecasting
- Retail & Point of sale
Info ERP is software that supports manufacturers in identifying and controlling important challenges in the production process. This solution has been developed with interactive dashboards and a modern interface.
Infor features include;
- Retail Management
- Financial management
- Product & Distribution management
SAP Business One
SAP Business One supports your company with its unique design making comprehensive decisions with cost-effective analytics. SAP Business One has been classified as one of the best cloud ERP software for 2021, making it easy and affordable to manage your critical business processes. It offers advanced storage technology and has built-in CRM, supply chain, and financial capabilities that you would expect from a standard ERP application.
SAP Business One features include;
- Invoice management
- Order processing
- Analytics and Reporting
- Accounting management
- Supply Chain Management
Netsuite ERP is a popular cloud-based ERP software designed to scale with a growing company. It also contributes to financing, supply chain management, advanced settlement, and so on. Overall, it helps streamline processes for critical business projects.
Features of Netsuite ERP include;
- Financial planning
- Accounting and Finance
Thanks to the use of Oracle ERP, companies can manage even their largest transaction volumes and cost processing with unprecedented processing speed. One of the most innovative cloud ERP solutions, Oracle ERP offers companies the necessary integration tools, analysis and security functions to run their businesses more efficiently. It’s an excellent solution for project planning, tax reporting, procurement, compliance, accounting, income reporting, risk management, financial planning and analysis, and FP & A governance. It also helps companies broaden their horizons by covering new markets, supporting currencies, standard accounting units, and numerous registries.
Oracle ERP features include;
- Order management
- Risk management
- Accounting and Financial management
96% of emerging businesses that excel in their respective industry rely on some form of ERP solution. | Aberdeen Group
While these 5 ERPs represent some of the best solutions on the market today, making your final decision will undoubtedly entail a lot more research beforehand. It’s necessary to keep in mind the critical nature of ERP software and its role in managing your organizational processes, finances, operations, logistics, and product sales in one platform. It’s essential to understand your options and choose only the best cloud ERP software able to meet your business needs. Selecting the right partner to implement whatever you choose is the next major hurdle.
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