Running a business is all about progress and productivity. Productivity drives progress, while progress drives results. It’s a consistent cycle that companies use to enhance their workflow and work toward their goals. With the advancement of technology throughout the years, several types of tools and resources have become available for companies to utilize as they scale. Tools such as software are now essential in running a business as they provide convenience and efficiency that traditional methods do not possess. 

ERPs are an excellent example of this. They are one of the most popular software used by companies all around the globe to enhance their workflows. But what exactly is ERP? 

If you’re not familiar with this software, then read on to find out what it is, how it works, and why it may be the single asset that your company needs to flourish. 

ERPs are one of the most popular software used by companies all around the globe to enhance their workflows.

What Is ERP? 

Enterprise Resource Planning (ERP) is a type of software that is designed to help businesses and companies enhance their workflow by providing access to various functions and applications. An ERP is a central host that works to streamline all processes done within a business, from communication to planning, progress tracking, and more. It provides a channel for all members of the company to work efficiently on their own or collaborate with other workers as needed. ERPs are a good alternative to hiring additional IT personnel as they provide the same level of efficiency and productivity for a lower amount of resources needed.

Why Your Company Needs ERP 

It’s been established that ERPs are essential when it comes to increasing workflow productivity within the company. However, what exact benefits can you enjoy by investing in the software? Here are some of the top reasons why your company likely needs an ERP.

Perform Tasks Swiftly

An ERP allows people to work and get things done faster. Compared to doing things manually, having software to streamline the process lessens the amount of time needed to perform the task, update your colleagues, make revisions, and other similar processes. ERPs are automated and are designed to make as few errors as possible. Having an automated system makes it easier to manage tasks, plan out your workload, and collaborate with others through a unified, cohesive system. 

Cost-Efficient and Fully Scalable

ERPs are an accessible option to businesses of all sizes because they are fully scalable. Many providers offer different plans that are customizable to fit your company’s needs. Scale-up and down as needed. As your business grows, you can expand your list of features to help your brand improve. ERP is a unified system that offers all of these features in one platform, there is no need to hire additional staff to oversee it.

Flexible and Remote 

ERP functions through cloud and software. You can easily log onto the platform using any compatible device. If you happen to miss work but still want to get some tasks done or check in with your colleagues, you can access the platform using your home computer and see how things are going. This is a great way to stay productive, even when faced with unexpected situations.

Monitor Your Progress

The automated features of the ERP allow progress reports to be generated within minutes. It’s a great way to determine whether there has been a significant amount of progress made within the past week, month, or year. Overall, it can help you identify the next step that you need to take to enhance your workflow.

Top ERPs To Utilize for Your Business

There are many options for ERPs on the market. We’ve listed some of our top picks in this brief guide. 

1. Netsuite

Oracle Netsuite is among the top-rated ERP providers today. Their core functions revolve around the following areas: financial management, financial planning, procurement, order management, production management, supply chain management, and warehouse & fulfillment. It is highly rated among its user base and is considered one of the most cohesive and functional options for ERP on the market today.

2. Infor

This ERP is one of the most well-known names across the software industry. Infor is also one of the most popular providers to date. It was first launched in 2002 and has since innovated into becoming one of the top ERP options in the manufacturing industry. With its low to mid-range prices, it is a solid option for all companies that are looking for software that is reliable but not overly expensive at the same time.

3. Microsoft Dynamics 365

Microsoft is a well-known brand, even outside of the ERP market. This option may be different from all of the other choices on this list because a lot of the features are sold separately. The features are separated into certain categories such as human resources, finance, accounting, operations, etc. All of these categories have their own platform. Despite being sold separately, most users choose to take advantage of the software’s various bundling options.

4. SAP Business One

Ideal software for small businesses. SAP Business One excels in areas that involve sales, CRM, and progress reports. It’s great for when you’re looking to scale your software up without jumping headfirst into a complex and advanced platform that may not suit your business needs. It’s equipped with the right level of efficiency and a number of features for businesses that want to improve their productivity. 

5. Sage Intact

Sage Intact is an ERP that specializes in operational functions in finance. It includes a broad list of features that are useful for organization and functionality in accounting and funding, such as revenue management and recognition, subscription billing, project accounting, and more. Using Sage Intact also makes it easier to gather all financial reports and generate them through the system’s cloud.

Pros and Cons of ERP

Like all tools, ERP has its own set of advantages and setbacks. Before making the decision to equip your company with this software, you must consider the following factors: 

Pros
  • Unites all departments within the workplace through a unified platform that is accessible on any compatible device. 
  • Increases productivity through various helpful features, such as automation, enhanced communication, real-time progress, and analytics. 
  • Provides a better structure and organization, as most of the reports, tasks, and paperwork have been virtually encoded into the platform. All files needed can be easily found and modified by accessing them through the ERP. 
  • Saves money on additional staffing, allowing the company to delegate more financial resources toward other opportunities for growth and development. 
  • Determines trends, inconsistencies, and necessary improvements by generating accurate reports of company activity and progress through its automated features. 
  • Provides a one-stop, fully accessible channel for all workers to fulfill their assigned tasks with ease. 
  • Increased security and backup in case of any network issues. 
Cons
  • Price may depend on the necessary features for your company. Different features have different price points.
  • Integrating ERP can be expensive. However, it depends on the number of features needed and the size of your company.

What to Do Next

While it may have certain requirements, the benefits of integrating an ERP for your company outweigh most potential concerns. It’s important, however, that you choose a provider that meets your needs. For more information on how you can find the best ERP for your company, send us a message and we will be happy to make some recommendations.

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