Enterprise resource planning (ERP) software is not only for enterprises anymore. Any company that wants to integrate software to manage their HR, sales, manufacturing, financial and supply functions can benefit from an ERP system. In this guide, we will discuss the top features of ERP and top vendors by company size.
What is ERP software?
Before we learn about the features, let us understand what is ERP software. It is software that integrates multiple software in a single interface. The software includes customer relationship management, HR, supply chain management, accounting, and sales. Companies also have the freedom to find custom modules to fit their needs.
Because the ERP software is complex, it was only used by large enterprises, but in the last few years, ERP software has proven to be helpful for small and medium-sized businesses as well.
Features of ERP
ERP software offers a wide variety of features according to the industry and their systems. But most systems offer the following modules:
- Human resources
This software module connects the records and information of your employees with all the systems in the ERP. It includes time tracking, payroll, scheduling, timesheets, hiring information, department information, and success planning. One can find all the information in one place and can sync directly with accounting and financial tools, giving a cohesive understanding of how HR affects the overall financial health of the company.
- CRM
This module streamlines sales-related information with production teams. This creates a seamless process between the sales team and the production team. A CRM in an ERP software collects the contact information of the customer and makes account notes available to all stakeholders.
- Finance and accounting
This module compiles all the information from all the modules, which gives a clear picture of the revenue and spending. These tools help companies create profit and loss reports and build a forecast that into account all the information from the entire company.
- IT helpdesk
The IT department is an integral part of a company. This module keeps your company’s technology running smoothly. With the integration of IT and ERP systems, the IT team can find bugs from across the company, fix those bugs and quickly follow up with stakeholders. The tools also help the department in tracking the ROI, their benefit to the company, and their financial impact.
- E-commerce
ERP allows you to connect your e-commerce website directly with shipping, development, and supply chain modules. This integration with the ERP helps your team draw a connection between website health and revenue growth. It also helps you in promptly identifying problems that slow down production or logistics. - Supply chain management
ERP with supply chain modules ensures that other teams are well informed about the severity of the situation and can take appropriate actions to deal with them. With the help of ERP software and supply chain management, companies can reduce response time significantly and increase production at alternate plans to bypass any supply chain issue.
TOP ERP vendors based on company size
- SAP
SAP’s ERP software solutions offer a wide range of features, numerous integrations, modules to increase functionality, and other add-ons for any industry. SAP’s ERP system addresses both operational and strategic needs of business owners, including database solutions, mobile business applications, cloud application, and analytic solutions, allowing the user to take their work anywhere they want. It also enables clients to manage inventory, shipping, warehousing, and much more.
- NetSuite
NetSuite ERP provides a full suite of applications that eliminates costly integrations and helps in streamlining business processes. It provides real-time visibility and in-depth reporting, which allows your executive to make decisions on the fly.