Best Enterprise Resource Planning (ERP) Software for 2020
In the past, enterprise resource planning (ERP) software is used solely by big multinational manufacturing companies. They use ERP to collect, store, track, manage, and interpret data coming from different departments across the organization. With a single system, companies are able to track and manage all kinds of resources, such as raw materials, inventory level, production capacity, orders, and cash.
Today, enterprise resource planning software is used by businesses of all sizes across different industries. It provides several advantages and benefits, whether you are in the manufacturing, e-commerce, government, telecommunications, finance, or other sectors. As an integrated system, a single application unifies and consolidates data storage and management coming from different business processes, saving time and expenses. Data becomes more visible across the organization and easier to track. Centralization ensures data is synchronized, transparent, standardized, and comprehensive. Organization leaders, therefore, can make better decisions in less time.
What is ERP software?
ERP software is an integrated system that allows users to manage several business processes including sales, marketing, financial, human resource, and supply chain operations. Software vendors usually design their product with best practices incorporated in the solution so that use of the software results in enhanced organizational efficiency and improved resource optimization and transaction processing. The latest technologies such as cloud computing has also enabled companies to connect and collaborate better with suppliers, partners, and customers. Modular design has allowed SMBs to use ERP systems without spending too much initially and can simply add business modules to core features as the business requires them.
Typical ERP software features
Enterprise resource planning software is an integrated system that includes business processes every company requires. These core modules include financial and accounting software, customer relationship management, order processing, procurement and inventory, supply chain management, human resources, e-commerce, and IT help desk. Moreover, ERPs can add modules to integrate additional processes such as project management or modules for specific industries such as manufacturing. These solutions are customizable—every business will have peculiarities the software will need to address to optimize the process.
Top ERP software
The best ERP software will include core features for essential business processes but will be flexible to accommodate additional modules and integrations. They are customizable but easy to configure even for business users. These ERP solutions can provide all advantages and benefits at an affordable and scalable price, will include cloud access, and offer collaboration and business intelligence in addition to supporting best practices. Below is our list of recommendations based on multiple site reviews, customer feedback, features, and market ranking.
Odoo is an open source ERP and CRM software that is highly modular. It has apps for different business processes that can be integrated quickly. Choose apps from several categories such as website, sales, finance, operations, manufacturing, HR, communication, marketing, and customization. As it’s open source, it has allowed other developers, business experts, and third party providers to build thousands of business apps to choose from.
Sage Enterprise Resource Planning software lets users share information across the business as they use its HR, accounting, inventory management, and CRM systems. They are able to streamline their business process, get real-time insights, and discover ways to optimize their processes. It has ERP products for SMBs as well as enterprises in the manufacturing, distribution, and engineering services. It also has a Marketplace with solutions that can be integrated with Sage.
Workday is a finance, HR, and planning system that provides a central data platform for financial, people, and operational data. It is an integrated system that includes financial management, HCM, enterprise planning, spend management, and talent management solutions. The software also has built-in analytics, reporting, and product extensions through integrations.
MYOB is a business software from Australia known for its accounting solution. The customizable software is expandable to become an ERP solution on the cloud or hosted on-premise. Several features are included in its financial, sales, and operations modules that includes financial management, business process mapping, CRM, opportunity and pipeline management, manufacturing management, and supply chain management and distribution.
ERPNext is an open source cloud ERP software that can be an alternative to many popular premium ERP systems. It includes modules for accounting, HR and payroll, manufacturing, sales and purchase, CRM, project management, help desk, asset management, and website builder tools. The software has built-in integrations to many productivity apps and can be hosted on the cloud or on-premise. As an open source software, it is customizable to extend its features.
Bitrix24 is a free collaboration platform that includes communication tools, tasks and projects, CRM, contact center, and website builder. Not the usual ERP solution, the cloud software is highly accessible and readily deployable. The basic features include HR, sales, project planning, and document management. Furthermore, it has free tools to extend the software, has available desktop and mobile apps, and an apps marketplace to add new functionality to the system.
Even before NetSuite was acquired by Oracle, it already had a popular cloud ERP software that includes financials, CRM, and e-commerce modules. It can be used by businesses of all sizes, is very flexible to configure and customize, and provides vital business data from its user interface. The software offers a scalable solution to run your back-office operations and financial business processes. It is used by digital agencies, apparel companies, campus bookstores, consulting, utilities, food and beverage, and manufacturing companies.
SAP Business One
Business One is SAP’s ERP software product for small businesses. It is a business management software that allows SMBs to connect and streamline their business processes. It is for companies that need more than an accounting system. The software integrates with its HANA platform, can be deployed on the cloud or on-premise, and has built-in business intelligence features. Modules included are financial management, sales and customer management, purchasing and inventory control, analytics and reporting, hundreds of add-on solutions, and mobile access.
Oracle Fusion Cloud ERP
Oracle has its own ERP software offering aside from the NetSuite product. Oracle Fusion Cloud ERP provides users a complete picture of their company’s finances and operations. Modules included are finance, HR, supply chain, and CRM. Business intelligence is also included through pervasive AI and machine learning capabilities to provide recommendations.
Microsoft Dynamics 365
Microsoft Dynamics 365 is a unified ERP and CRM system. It is an integrated system that enables you to manage business processes in financials, supply chain, operations, reporting, manufacturing, and HR. It is ideal for enterprises and large companies to get more out of data analytics across the organization. Customization is available to make it more suitable for SMBs. Several applications are available to mix and match depending on your business needs.