Enterprise resource planning (ERP) is no longer a fancy buzzword used by Silicon Valley MNCs. With technology becoming the driver of innovation, every company using software solutions should think of integrating them into an ERP system.
With cloud capabilities and consistent innovations, ERP software helps businesses reduce costs, increase profits, and become more efficient.
But to leverage the benefits of ERP, it’s essential to pick the right ERP software. In this guide, we’ll walk you through the five best ERP software solutions available in the market.
1. Oracle NetSuite
NetSuite, by Oracle is one of the widely used cloud-based ERP softwaresolutions. It was founded in 1999 as a business process management software for small businesses. In 2016, Oracle acquired NetSuite, hence the name, Oracle NetSuite.
Best suited for enterprises, Oracle NetSuite is a comprehensive solution that offers 4 key usage capabilities: ERP, General Ledger (GL), Inventory Management, and Customer Relationship Management (CRM).
As a GL and CRM platform, Oracle NetSuite functions like other systems in the league, such as Sage and Salesforce. But it outshines almost every platform when it comes to ERP capabilities.
NetSuite is available as a subscription-based service starting at $999 per month for base access. You can add more users, with an additional monthly fee of $99 per user.
Also, NetSuite is sold mainly through reseller or partner channels. So, you will likely incur additional reseller service costs and training expenses.
Oracle NetSuite has versions for specific types of businesses and nonprofits. It also offers integration capabilities that allow you to add new features like CRM, HR, and accounting.
Key Features:
Accounting intelligent capabilities for detailed visibility into integrated financials
Accept and process online payments in a secure manner
Track, manage and report your company’s fixed assets
Configure and administer workflows and business processes
Audit trail visibility with robust security and compliance
Customized reports for visibility into financial performance
Pros:
Complete ERP suite
Increases employee productivity
Improves accounting and other financial operations
Boosts profitability
Cons:
Not ideal for small businesses
Integration bugs with third-party tools
Expensive plans
USP
Oracle NetSuite is an excellent pick for enterprises and growing medium-sized businesses. It offers an exhaustive range of features and capabilities that can streamline and optimize your business processes.
2. Microsoft Dynamics 365
Microsoft Dynamics 365 is a suite of ERP softwaresolutions that help you automate field services, track leads, and drive sales. This cloud-based business solution offers enterprise-ready, cloud-powered business apps accessible from a wide range of devices.
Some essential capabilities of Dynamics 365 include sales & marketing, project management, business process automation (BPA), CRM, and financial tracking.
Besides its comprehensive suite of apps for desktop devices, Microsoft Dynamics 365 also provides supporting apps for mobile devices. Most of the apps can work offline, allowing you to work in the absence of a stable internet connection. Once an internet connection is established, the data syncs automatically to ensure you don’t lose progress.
You can either deploy Dynamics 365 as a complete package or install specific applications. This is ideal for smaller businesses that don’t need an entire suite of enterprise solutions.
Microsoft Dynamics 365 also integrates seamlessly with other Microsoft apps, like OneNote, Azure, SharePoint, Azure, and Teams.
The CRM capabilities of Dynamics 365 are par excellence. It offers in-depth customer insights, along with personalization and interaction tracking features. The customer service platform includes scripting tools and smart assisted technology to help you better serve your customers.
Key Features:
Detailed Customer Insights
Management of product properties
Activity sorting control
Cortana integration
Access permission for modular business applications
Pros:
Offers familiar user experience of traditional Microsoft Products
Works well for both cloud and on-premise storage
Allows purchasing CRM capabilities individually
Ideal for non-technical users
Cons:
Compatibility issues with non-Microsoft products
Lacks some advanced CRM features
No scope for server code adjustments
USP
If you’re looking for a powerful, beginner-friendly CRM solution, Microsoft Dynamics 365 can be an ideal pick. It offers a feature-rich suite of business applications that work like bacon and eggs with other Microsoft products.
3. IFS Applications
IFS Applications is a comprehensive solution for enterprises and medium-sized businesses that manufacture, distribute, or supply assets, goods, and service operations. Powered by cutting-edge ERP softwareand EAM technology, IFS Applications helps you enable digital transformation, individualization, and servitization in your company.
It also offers last-mile delivery capabilities to improve your distribution operations and offer your customers and partners a superior experience.
IFS Applications is one of the few business solutions that offer in-built finance and HR modules. It also simplifies financial operations, making it easy to create invoices and statements. Besides, IFS comes with powerful reporting and analytics capabilities to help you make better business decisions.
But where IFS really shines is user experience. It has a live, intuitive dashboard that enables you to oversee all your business operations from one place. The dashboard also offers several customization and personalization features.
Key Features:
Accounting tools like general ledger, fixed assets, and accounts receivable & payable
Human capital and payroll management
Design elements, facilities, and products
Project management, project reporting, and risk management
Manufacturing, supply chain, and sales & service management
Pros:
A powerful solution can fit any business environment
Excellent customer support
Comprehensive integration options
Friendly user interface
Cons:
CRM features need improvement
Common error messages
Some bugs that require repairing
USP
IFS applications can be an ideal pick for supply chain and manufacturing businesses, thanks to its impressive manufacturing and service management capabilities. The tool is also suitable for service-based operations as it integrates well with almost all enterprise solutions.
4. Sage 300
Sage 300, previously known as Sage Accpac, is one of the best ERP softwareand business management solution. Aimed to serve small and medium-sized businesses, Sage 300 allows you to streamline your service delivery, finances, supply chain, and inventory management.
It enables multinational operations with multi-location and multi-currency support. Therefore, you can manage different companies and track their gains, losses, fluctuations, and other processes.
Sage 300 provides an integrated management platform that helps you increase cross-departmental collaboration. It also provides a real-time view of business finances and enables you to overcome inefficiencies.
The software allows you to detect errors, differences, and unrecorded transactions to increase your productivity and enable better decision-making.
Sage 300 comes in two variants: the legacy Sage 300 and Sage 300c. The legacy Sage 300 is an on-premise system that is installed on your system. Sage 300c is a cloud-powered, subscription-based product that allows you to exercise the same Sage capabilities via a web browser.
 Key Features:
Accounting and financial management
Customer relationship management (CRM)
Fixed asset tracking and management
Business intelligence reporting and analytics
Human resource and payroll management
Pros:
Superior security features
Support for multiple currencies, locations, and languages
Support for different platforms, along with integration capabilities
Impressive customer support
Cons:
Expensive compared to similar solutions
Not easy to use and adapt to
The reports lack intricate data
USP
Sage 300 is a fantastic ERP solution for small and medium-sized companies. It offers all business management capabilities required to run and manage an organization successfully.
5. SAP S/4HANA
SAP S/4 HANA is a robust ERP softwaresolution aimed at serving companies of all sizes and types. Its integrated ERP suite helps address businesses’ operational challenges across various industries, like manufacturing, service, distribution, and retail.
The software provides impressive financial management capabilities to manage journal entries, general ledger, budget management, and cost accounting. For distributors and warehousing businesses, SAP offers features like delivery tracking, compliance management, and analytics and reporting.
SAP ERP is an on-premise system available only for Windows and is ideal for deployment among 1-30 users. SAP also offers a remote support platform that lets you conduct maintenance operations and health checks.
Additionally, SAP S/4 HANA also comes with a software development kit that enables programmers to add custom functionality or interface third-party apps.
Key Features:
Co-deployed ERP, CRM, PLM, HRM, and SCM
Various data formats, such as social, geo, text, and graph
Available in three deployment options: on-premise, cloud, and managed-cloud
Uncapped workload capacity
Faster, accurate reporting and analytics
Pros:
Quick and efficient data processing and transactions
Real-time analysis for improved decision-making
Parallel processing of operations
Powerful data integration and aggregation capabilities
Cons:
Runs only on SAP or SUSE Linux certified hardware
Unique business architecture; don’t support all ERP products
Server shutdown instances, with calculation load and heavy data processing
USP
SAP S/4 HANA is a powerful ERP system that offers a lot of business management capabilities. If you’re looking for a single solution that helps you control all your business operations, SAP S/4 HANA can be an excellent pick.
Conclusion
Businesses have different objectives and challenges. You could be looking to optimize your financial operations, or you might want to improve your supply chain efficiency. ERP is a one-stop solution to all business management challenges. However, with so many ERP tools available, it’s crucial to determine your budget and requirements before making the final choice.
