Modern businesses rely on continually advancing technology to help them remain competitive and increase communication between business units and between the business and consumers. Where once telephones, fax machines, and email capability were all a business needed, today there are dozens of kinds of software and technology that allow businesses to thrive. One of the most integral pieces to the success of many businesses is enterprise resource planning software or ERP.
What is ERP?
One software company describes ERP by saying, “Think about all the core processes needed to run a company: finance, HR, manufacturing, supply chain, services, procurement, and others. At its most basic level, ERP integrates these processes into a single system…They use the latest technologies – such as machine learning and AI – to provide intelligence, visibility, and efficiency across every aspect of a business.”
Because of the ability to monitor success from all areas of business and allow them to work more effectively together, ERP has the potential to revolutionize how some businesses handle their processes.
Top Business Benefits of ERP Software
What to know about ERP business software solutions. Some of the business benefits of ERP include:
- Productivity: ERP helps you get more done with less. You can streamline and automate core business processes so everyone in the organization can work together and with fewer software resources needed.
- Information and insight: Businesses have a better understanding of business success as a whole when they can see information from every business process.
- Reporting and analytics: Better business and financial reporting lead to better, faster decisions that can effective business performance. Fast-track business and financial reporting and easily share results. Act on insights and improve performance in real time.
- Reduced risk: Using ERP software leads to more business transparency and insight, which allows businesses to more accurately predict risks and outcomes, as well as better, manage many compliance and regulatory issues.
- Simplified IT: Fewer programs means less hassle. This benefits businesses and users alike. One platform can increase communication and decrease downtime while allowing businesses to pay fewer subscription fees and offer employees a more simplified process experience.
What are the best ERP business software solutions?
There are plenty of good reasons for businesses to onboard an ERP system to help streamline their business operations processes. Many solid and successful software companies have developed enterprise resource planning software systems that have greatly benefited businesses and helped propel company growth. Here are some to consider.
Oracle is one of the best-known ERP providers. Their solutions work especially well for larger organizations and business enterprise. They even offer unique industry-specific solutions for companies working in finance, manufacturing, healthcare, retail, and education. Their robust solution gives businesses a powerful tool to handle almost any operational business challenge.
Netsuite is an Oracle-owned ERP product that enables medium-sized businesses in industries like advertising, digital marketing, consulting, energy, food and beverage, nonprofit, and more. They help businesses run processes that range from financial management and planning to order management and procurement to warehouse and supply chain management. Their solution makes it easy for growing businesses to scale their operations.
Workday is a popular enterprise resource planning software with solutions for any size business but popular with smaller businesses, enabling them to align their finance, HR, and IT priorities. This solution helps businesses streamline their most important processes to enable faster, more efficient operations and decision making.
ERP programs help business work better together. It provides a better understanding of how each part of the business is performing and how that performance is affecting each part of the business. Instead of disparate groups of software or reports, ERP brings everything under one roof to help manage the processes together and gain better, more accurate insight overall.