ERP: Enterprise Resource Planning
Is the integrated management of core business processes, often in real-time and mediated by software and technology. 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 these many business activities provides an integrated and continuously updated view of core business processes using common databases maintained by a database management system.
ERP systems track business resources—cash, raw materials, production capacity—and the status of business commitments: orders, purchase orders, and payroll. The applications that make up the system share data across various departments (manufacturing, purchasing, sales, accounting, etc.) that provide the data. ERP facilitates information flow between all business functions and manages connections to outside stakeholders.
Enterprise system software is a multi-billion-dollar industry that produces components supporting a variety of business functions. IT investments have become the largest category of capital expenditure in United States-based businesses over the past[which?]decade. Though early ERP systems focused on large enterprises, smaller enterprises increasingly use ERP systems.
The ERP system integrates varied organizational systems and facilitates error-free transactions and production, thereby enhancing the organization's efficiency. However, developing an ERP system differs from traditional system development. ERP systems run on a variety of computer hardware and network configurations, typically using a database as an information repository.
The 10 Popular ERP Systems & Softwares:
Netsuite ERP : Is a reliable brand and regarded as the most deployed cloud ERP. It is rich in features as it is engineered to scale to the needs of growing companies, making it an ideal platform for medium-sized business and large enterprise. As a central hub for key business processes, the ERP system integrates inventory management, revenue management, financial management, fixed assets, order management and billing.
Sage Intacct: Bills itself as the “only ERP you will need” and it’s not without basis. The system has a rich set of modules that cover most, if not all, of your transactional processes. It has core accounting features from accounts payable/accounts receivable to cash management and General Ledger. It features contract and subscription billing and fixed assets. Likewise, it supports multi-entity and global consolidations and provides sales and use tax processing. For its comprehensive financial tools, the solution is endorsed by AICPA for CPAs.
Brightpearl: Is an omni-channel retail management solution that streamlines your back-office workflows, enabling you to focus on growing the business. As an ERP platform, it integrates key business systems, namely: inventory; accounting; order management; CRM; supply chain; fulfillment; reporting and analytics; and POS. As such, it consolidates the outputs and processes of various business units including sales, purchasing, marketing, finance and e-commerce. Its comprehensive feature set is clearly targeted at medium-sized businesses and large enterprises.
Odoo ERP: Is a fully packaged management solution built on an open-source framework. It features modules for accounting, project management, human resources, inventory, purchase, manufacturing and a school of back-office apps. As an extended ERP it also natively integrates with its web builder, e-commerce, POS, CRM and Sales apps, giving you one robust centralized platform from where to run the company’s key business processes. Topping it all, the solution offers a free app for up to fifty users. The solution is suitable for both small business and large enterprise.
Ecount ERP : Is arguably one of the most affordable solutions for a robust system. It covers transactional management of your inventory, production, sales, purchasing, accounting and payroll and it’s cloud-hosted so you eliminate costly hardware and maintenance. Its best-for-money proposition makes it ideal for small and medium companies looking for a comprehensive ERP within their budget. The system, still, is robust and scales to enterprise functionalities.
PeopleSoft: Is a Human Resource-focused ERP that pulls together various business systems in one platform. Aside from its pilot module, Human Capital Management, the ERP includes modules for financial management, supply chain management and enterprise automation for, among others, project portfolio, resource allocation and expenses. The solution was purchased by Oracle in 2005 and it is marketed to medium businesses and large enterprises.
Sage 100 ERP: Gives small and medium businesses a comprehensive feature set that encompasses modules for accounting, distribution, CRM, HRM, inventory, time tracking and project management. It also industry-specific features for manufacturing and includes business intelligence tools.
FinancialForce ERP: Consolidates your sales, service, finance and HR data around the customer, based on the logic that customers are the sole reason behind all your business systems. With disparate data connected and your internal processes efficient, you get to provide better service or product to customers. The ERP system is targeted at mid-market organizations, but is scalable for both small business and large enterprise, as many cloud ERPs are.
SAP Business One: Is the vendor’s mid-market ERP solution. It helps small and medium businesses integrate and automate their financial, human resources and operations for efficiency and visibility on their actual business health.
iXERP Standard: Built for small and medium-sized businesses. Centralizes both internal and external resources for easy management of daily processes via its comprehensive dashboard. It comes equipped with an automated Cross-Functional Financial Management tool for effective planning, tracking, and managing of your business wherever, and whenever on any device.