ERP (Enterprise Resource Planning) software is an essential tool for businesses of all sizes. It helps companies manage their resources and automate core business processes. In 2023, there are many ERP software solutions available in the market that cater to different business needs. According to research.com, some of the best ERP software solutions in 2023 are found below.
ERP software solutions provide real-time data and visibility into the financial performance of your business. They help organizations facilitate more effective operations by automating core business processes.
In the digital era, businesses are constantly looking for ways to streamline their operations, improve efficiency, and stay competitive. One of the most effective ways to achieve these goals is by implementing the best ERP software. ERP, or Enterprise Resource Planning systems, are comprehensive software solutions designed to manage various business operations. From finance and supply chain management to customer service and data processing, ERP software is a game-changer for businesses of all sizes.
What is ERP Software?
ERP software, short for Enterprise Resource Planning software, is a suite of applications that integrates various functions into one complete system to streamline processes and information across the entire organization. The central feature of all ERP systems is a shared database that supports multiple functions used by different business units. In practice, this means that employees in different divisions can rely on the same information for their specific needs. In terms of functionality, some ERP systems are either traditional ERP or retail ERP.
Why Do We Need ERP Software?
In today’s fast-paced business environment, the need for a software solution that is easy has never been greater. Enterprise resource planning (ERP) software has become an indispensable tool for companies of all sizes. This robust software does more than aid in resource management; it automates the very beating heart of a business. According to data compiled by E-Max Systems, ERP software can serve as a sort of crystal ball by indicating when specific quantities of inventory will be needed to complete a given task.
Still, there’s more! It also helps pave the path for automation, which boosts productivity all the way through manufacturing. In what way? There will be less wasteful duplication, more efficient use of resources, and less downtime.
ERP, in 2023, is now widely adopted by supply chain businesses, although its advantages are not limited to that industry. ERP is used in a wide variety of industries to ensure smooth operations, including healthcare, nonprofits, construction, and hospitality. ERP software, like a conductor, ensures that all of a company’s data flows together smoothly. It’s a single, authoritative data source that can improve efficiency in any department. Think about the benefits of having all of your company’s data in one place, including finances, supply chain, operations, commerce, reporting, manufacturing, and human resources. That’s where ERP really shines!
2023 has seen ERP solutions as the protectors of data, keeping it safe while allowing businesses to remain nimble and productive. Enterprise resource planning (ERP) has grown and become more accessible than ever with the advent of cloud technology. It’s become a practical choice for companies of all sizes. If you’re having trouble keeping up with your data on a basic program that can only manage so much, it might be time to upgrade to something more powerful. You need ERP solution and the software because it is the heavyweight champion of company software.
ERP software is a necessity for today’s company needs and businesses in a fast-paced environment. It provides a high level of efficiency and productivity, which can significantly improve a company’s bottom line. Here are some reasons why businesses need ERP software:
- Business Integration: ERP software integrates all aspects of a business, including planning, manufacturing, sales, marketing, finance, human resources, and more into a single, unified system.
- Improved Efficiency: By automating and streamlining business processes, ERP software reduces the amount of manual work and eliminates repetitive tasks, leading to increased efficiency.
- Real-Time Information: ERP software provides real-time, accurate information, enabling businesses to make informed decisions faster.
- Scalability: As a business grows, ERP software can easily be upgraded and customized to meet changing business needs.
How Does ERP Software Work?
ERP software works by centralizing business data and integrating it into a single, unified system. This allows different departments to work together seamlessly, with real-time access to a consistent, single source of truth. This means that decisions made in one department can be immediately reflected in the work of other departments.
How to Choose the Best ERP Software
Choosing the best ERP software is crucial for your business. Here are some factors to consider:
- Business Needs: The first step in choosing an ERP system is to understand your business needs. What problems are you trying to solve? What processes do you want to automate?
- Functionality: Look for an ERP system that offers the functionality you need. This could include inventory management, financial management, CRM, and more.
- Ease of Use: The best ERP software is user-friendly. It should be easy for your team to learn and use.
- Cost: ERP systems can be a significant investment. Consider the cost of the software, as well as the implementation and ongoing maintenance costs.
- Scalability: Your ERP software should be able to grow with your business. Look for a system that can be easily upgraded or expanded.
ERP Modules
What are ERP Modules?
ERP modules are the individual parts, or organizational skills and procedures, of your ERP software. These modules have capabilities that largely benefit the business’s back office, such as accounting and finance, purchasing and supply chain management, and even some non-financial operations like human resources.
Top ERP Software Solutions in 2023
It is important to note that every year, a new ERP emerges with attractive features, which makes it difficult to choose the best ERP solution. With this wide array of choices. to find the best ERP and software category can be daunting. Different types of ERP meet a wide array of unique business needs. There’s no single software that will satisfy all business aspirations. Now, let’s dive into the top ERP software solutions in 2023. We’ll look at their features, benefits, and what makes them stand out.
1. SAP
SAP is an abbreviation for the SAP System Applications and Products in Data Processing system. When it comes to enterprise resource planning (ERP) software, SAP is unrivalled.
In order to improve data processing and information flow within and between businesses, SAP has become one of the most prominent software manufacturers in the world. Unlike SAP ERP, which is designed for small and medium size businesses, with SAP Business One, you can manage all aspects of your company’s operations, from accounting and finance to purchasing and inventory management to sales and customer relationship management to reporting and analytics, all from a single, low-cost platform.
SAP is one of the leading providers of ERP software, known for its comprehensive and flexible solutions. SAP ERP is designed to manage your core business functions, including finance, human resources, and procurement. It’s a great choice for large companies looking for a robust and customizable ERP solution.
2. Oracle NetSuite
NetSuite, owned by Oracle, is a cloud-based ERP solution designed for high-growing, mid-sized businesses and large enterprises. It offers comprehensive functionality with industry-specific support for a broad range of industries.
Oracle Enterprise resource planning (ERP), financials, customer relationship management (CRM), and ecommerce 1 are just some of the functions supported by NetSuite, a cloud-based business management software suite. Over 34,000 clients around the world utilize it. 1. With NetSuite, companies have the cloud infrastructure they need to safely and securely run their business management apps in the cloud.
In 1998, Evan Goldberg created NetSuite under the name NetLedger 3. NetSuite’s IPO on the New York Stock Exchange took place in 2007. In this type of business, and to facilitate its transition to a cloud software supplier, Oracle stated in July 2016 that it has launched an approach to acquire NetSuite for $9.3 billion.
Accounting, inventory, purchasing, and order management are just some of the areas that NetSuite’s ERP software can help with. Project management, invoicing, time and expenditure tracking, reports, and analytics are all part of the package. The customer relationship management tools in NetSuite are useful for organizations since they one. The software has functions including customer service management, sales forecasting, and lead management.
3. Sage
Sage ERP is a comprehensive management solution designed for small and mid-sized businesses. It offers modules for accounting, distribution, manufacturing, CRM, and business intelligence.
Sage ERP software is an enterprise resource planning (ERP) platform that integrates day-to-day business processes. It helps business leaders streamline company activity by connecting all data points and providing accurate business insights 1.
Some of the key features of Sage ERP software include:
- Financial management: Sage ERP software provides financial management tools that help businesses, especially small businesses manage their finances more effectively. These tools include accounts payable, accounts receivable, general ledger, and cash management 1.
- Inventory management: Sage ERP software provides inventory management tools that help businesses manage their inventory more effectively. These tools include inventory control, order entry, and purchasing 1.
- Sales management: Sage ERP software provides sales management tools that help businesses manage their sales more effectively. These tools include sales order processing, customer relationship management (CRM), and sales analysis 1.
- Purchasing management: Sage ERP software provides purchasing management tools that help businesses manage their purchasing more effectively. These tools include purchase order processing, vendor management, and purchase analysis 1.
- Manufacturing management: Sage ERP software provides manufacturing management tools that help businesses manage their manufacturing processes more effectively. Manufacturing companies value these tools because its core features include bill of materials (BOM), work order processing, and production scheduling 1.
Some of the components of Sage ERP software systems include:
- Sage 100cloud: Sage 100cloud is an ERP solution designed for small and medium-sized businesses. It includes financials, distribution, manufacturing, project accounting, and business intelligence 2.
- Sage 300cloud: Sage 300cloud is an ERP solution designed for small and medium-sized businesses. It includes financials, distribution, manufacturing, project accounting, and business intelligence 2.
- Sage X3: Sage X3 is an ERP solution designed for mid-sized and large businesses. It includes financials, distribution, manufacturing, project accounting, and business intelligence 2.
4. Infor
Infor ERP as one of the top ERP systems, is designed for industry-specific tasks in manufacturing, distribution, and service industries. Infor ERP has found great versatile use by both manufacturers and distributors. In this type of businesses, it offers solutions for financial management, supply chain management, and customer relationships. Indeed, it is an all-in-one business management tool.
Infor ERP software is an enterprise resource planning (ERP) platform, and as one of the top ERP systems in the market, helps businesses manage day-to-day business activities such as procurement, project management, operations, financials, and sales 1.
Some of the key features of Infor ERP software include:
- Financial management: Infor ERP software provides financial management tools that help businesses in implementing ERP and managing their finances more effectively. These tools include accounts payable, accounts receivable, general ledger, and cash management 1.
- Inventory management: Infor ERP software provides inventory management tools that help businesses manage their inventory more effectively. These tools include inventory control, order entry, and purchasing 1.
- Sales management: Infor ERP software provides sales management tools that help businesses manage their sales more effectively. These tools include sales order processing, customer relationship management (CRM), and sales analysis 1.
- Purchasing management: Infor ERP software provides purchasing management tools that help businesses manage their purchasing more effectively. These tools include purchase order processing, vendor management, and purchase analysis 1.
- Manufacturing management: Infor ERP software, as a potent manufacturing ERP, provides manufacturing management tools that help businesses manage their manufacturing processes more effectively. These tools include bill of materials (BOM), work order processing, and production scheduling 1.
Some of the components of Infor ERP software include:
- Infor LN: With its market-leading support for SMBs, multinationals, and complicated organizational structures including multisite and multicompany setups, Infor LN is a worldwide enterprise resource planning (ERP) solution.
- Infor M3: Infor M3 is an ERP solution designed for medium to large global manufacturers, distributors, and after-sales service providers 2.
- Infor CloudSuite Industrial: Infor CloudSuite Industrial is an ERP solution designed for manufacturers that require advanced functionality to support complex operations 2. It is also one of the best ERP solutions in the industry. Infor is a top enterprise resource planning solution because of its versatility and is most sought after when businesses have to choose the best ERP system.
5. Syspro
Syspro is a software company that improves businesses by providing an integrated ERP solution for manufacturing and distribution companies. Its ERP software includes modules for accounting, inventory management, process modelling, and reporting.
SYSPRO ERP software is an enterprise resource planning (ERP) platform that provides businesses with tools to manage their day-to-day operations such as inventory management, financial management, sales management, and purchasing management 1.
Some of the key features of SYSPRO ERP software include:
- Inventory management: SYSPRO ERP software provides inventory management tools that help businesses manage their inventory more effectively. These tools include inventory control, order entry, and purchasing 1.
- Financial management: SYSPRO ERP software provides financial management tools that help businesses manage their finances more effectively. These tools include accounts payable, accounts receivable, general ledger, and cash management 1.
- Sales management: SYSPRO ERP software provides sales management tools that help businesses manage their sales more effectively. These tools include sales order processing, customer relationship management (CRM), and sales analysis 1.
- Purchasing management: SYSPRO ERP software provides purchasing management tools that help businesses manage their purchasing more effectively. These tools include purchase order processing, vendor management, and purchase analysis 1.
Some of the components of SYSPRO ERP software include:
- SYSPRO Cloud ERP: This cloud-based ERP software is designed for small to medium-sized businesses. It provides businesses with access to solutions, processes, and tools to assist in the management of data for key business insights and informed decision making 2.
- SYSPRO Espresso: SYSPRO Espresso is a mobile application that allows users to access SYSPRO ERP software from their mobile devices. Its core erp features provides users with real-time access to business data and enables them to perform tasks such as creating orders and viewing inventory levels 1.
- SYSPRO Avanti: SYSPRO Avanti is a web-based solution that provides users with access to SYSPRO ERP software from any device with an internet connection. It allows users to perform tasks such as creating orders and viewing inventory levels 1.
6. Microsoft Dynamics GP
Microsoft Dynamics GP as one of the ERP tools, is a comprehensive ERP solution that helps businesses gain greater control over their financials, inventory, and operations. It’s easy to use and works like other Microsoft software, which means less of a learning curve for your team. It is cost-effective by allowing companies the meet one of the core fundamentals of business requirements, and software requirements, that is reducing cost.
Microsoft Dynamics GP is a mid-market business accounting or enterprise resource planning (ERP) software package that uses Microsoft SQL Server to store data. This ERP by Microsoft is part of the Microsoft Dynamics suite of intelligent business applications 1.
Here are some key features of Microsoft Dynamics GP:
- Financial management: This feature includes general ledger, accounts payable, accounts receivable, cash management, fixed assets, and bank reconciliation 2.
- Supply chain management: This feature includes inventory management, sales order processing, purchase order processing, and bill of materials 2.
- Project management: This feature includes project time and expense tracking, project budgeting and forecasting, and project billing 2.
- Business intelligence and reporting: This feature includes financial reporting, business analytics, and data visualization 2.
Microsoft Dynamics GP is used by businesses to manage their financials, supply chain, project accounting, and more. It is designed to be used right off the shelf and has many available standard add-ons 3.
The components of Microsoft Dynamics GP include:
- Dexterity programming language: This is the programming language used to write Microsoft Dynamics GP 1.
- Microsoft SQL Server: This is the database management system used by Microsoft Dynamics GP to store data 1.
7. IFS
IFS ERP solutions are designed for businesses that manufacture and distribute goods, maintain assets, and manage service-focused operations. It offers tools for managing the customer lifecycle, supply chain, assets, projects, and financials.
IFS ERP solutions is an enterprise resource planning (ERP) software solution that is designed to manage and consolidate all your business operations and support growth while serving your customers effectively 12.
Here are some key features of IFS ERP solutions:
- Financial management: This feature includes general ledger, accounts payable, accounts receivable, cash management, fixed assets, and bank reconciliation 1.
- Supply chain management: This feature includes inventory management, sales order processing, purchase order processing, and bill of materials 1.
- Project management: This feature includes project time and expense tracking, project budgeting and forecasting, and project billing 1.
- Business intelligence and reporting: This feature includes financial reporting, business analytics, and data visualization 1.
IFS ERP solutions is used by businesses to manage their day-to-day operations such as accounting, human resources (HR), procurement, customer relationships (CRM), supply chain, manufacturing, engineering, maintenance, projects, service and more 3.
The components of IFS ERP solutions include:
- IFS Cloud: This is a unified and complete solution that provides the wider capabilities and flexibility to help your business grow. It drives business efficiency and maximizes profitable revenue streams in a single platform addressing the full asset, project, and service lifecycles
8. Acumatica
Acumatica is a cloud-based ERP system designed for small and mid-size businesses. It offers a suite of integrated business management applications, including Financials, Distribution, Project Accounting, and CRM.
Acumatica ERP systems, as a cloud-based enterprise resource planning (ERP) system, is designed to help small and medium-sized businesses manage their finances, operations, and customer relationships 12.
Here are some key features of Acumatica ERP systems:
- Integrated cloud-based software management: Acumatica ERP is software made for cloud computing. It has the power, usability, performance, and speed of regular client-server applications 1.
- Support for CRM and centralized document management: Acumatica ERP has different modules that work together to meet your business needs 1.
- Business intelligence that works: Acumatica ERP provides real-time data and analytics that help you make informed decisions 1.
Acumatica ERP systems is used by businesses to manage their day-to-day operations such as accounting, human resources (HR), procurement, customer relationships (CRM), supply chain, manufacturing, engineering, maintenance, projects, service and more 2.
The components of Acumatica ERP systems include:
- Productivity: Intuitive and easy to learn and use. Work from anywhere with access to the system from any device, anytime, anywhere to facilitate staff working from home, late/weekend shifts, and field personnel. Multi-language work in the language that best fits you. Print documents (like invoices) in the language of your customer 3.
- Adaptability: Acumatica ERP delivers adaptable cloud and mobile technology with a unique all-inclusive user licensing model, enabling a complete, real-time view of your business anytime, anywhere 4.
9. Odoo ERP
Odoo is an open-source ERP system that offers a wide range of business applications that form a complete suite of enterprise management applications. It covers CRM, eCommerce, accounting, inventory, sales, and project management.
Odoo ERP is an open-source enterprise resource planning (ERP) software that provides a suite of business applications including customer relationship management (CRM), e-commerce, accounting, inventory management, point of sale (POS), project management and more 1.
Here are some key features of Odoo ERP:
- Easy to use: Odoo ERP has a very clean, consistent, easy-to-use interface. It is also easy to set up and configure 2.
- Fully integrated: Odoo ERP is fully integrated with all the business applications you need to run your business 1.
- Open source: Odoo ERP is open source software which means that it is free to use and can be customized to meet your specific business needs 1.
Odoo ERP is used by businesses of all sizes to manage their day-to-day operations such as accounting, human resources (HR), procurement, customer relationships (CRM), supply chain, manufacturing, engineering, maintenance, projects, service and more 1.
The components of Odoo ERP include:
- Accounting: Odoo accounting software helps you manage your finances with ease. It includes features such as invoicing, bank reconciliation, payment processing and more 3.
- Inventory management: Odoo inventory management software helps you manage your inventory levels and track your stock movements in real-time 3.
- Point of sale (POS): Odoo POS software helps you manage your sales transactions with ease. It includes features such as barcode scanning, cash register management and more
10. ERPNext
ERPNext is an open-source ERP solution that’s designed for small and medium-sized businesses. It includes modules for accounting, inventory, sales, purchase, CRM, projects, HR & Payroll, manufacturing, and more.
ERPNext is an open-source enterprise resource planning (ERP) software that offers one of the best suite of business applications in the global ERP market. including accounting, project and task management, sales, purchase, inventory, customer relationship management (CRM), administration, human resource management (HRM), manufacturing and website 1.
Here are some key features of ERPNext:
- Easy to use: ERPNext has a very clean, consistent, easy-to-use interface in the current ERP solutions. This ERP is also easy to set up and configure 1. The best solutions in the global ERP market will depend on the peculiar required solution for your business, and the ERP deployment capabilities of your organisation.
- Fully integrated: This ERP system also comes fully integrated with all the business applications you need to run your business 1.
- Open source: ERPNext is open source software which means that it is free to use and can be customized to meet your specific business needs 1. Because it is free to use, it makes this feature a top benefit and hence, accessing the software is enhanced.
ERPNext is used by businesses of all sizes to manage their day-to-day operations such as accounting, human resources (HR), procurement, customer relationships (CRM), supply chain, manufacturing, engineering, maintenance, projects, service and more 1.
The components of ERPNext include:
- Accounting: ERPNext accounting software helps you manage your finances with ease. It includes features such as invoicing, bank reconciliation, payment processing and more 2.
- Inventory management: ERPNext inventory management software helps you manage your inventory levels and track your stock movements in real-time 2.
- Customer relationship management (CRM): ERPNext CRM software helps you manage your customer interactions with ease. It includes features such as lead management, opportunity management and more 2
11. Dolibarr
Dolibarr ERP & CRM is a modern and easy-to-use software package to manage your business. It’s an open-source software suite, free to use and distribute. This is a uniquely different software because of the combination of ERP and CRM.
Dolibarr ERP and CRM is an open-source enterprise resource planning (ERP) and customer relationship management (CRM) software suite designed to make better business decisions, and to help businesses manage their operations more efficiently 1. The application offers a wide range of features that remove barriers and promote process efficiency, giving users a bird’s eye view of operations and allowing them to manage a wide range of processes 213.
Some of the key features of Dolibarr include:
- Customer Relationship Management (CRM)
- Sales
- Human Resources
- Logistics
- Stock
- Invoicing
- Accounting
- Manufacturing
- Marketing
- Foundation Management
- Surveys
Dolibarr is built on a modular design, so developers can install only the features they need 23. This allows users to enable only necessary features and customize the application to match their needs 2. Dolibarr is considered one of the easiest ERP and CRM systems in the market due to its user-friendly interface 1. The open-source model allows developers and users to enhance the user interface due to the constant feedback and contributions of the Dolibarr user community 1
12. Katana
Katana is a modern manufacturing & inventory management software for small and scaling businesses. Its visual interface and smart real-time master planning allow manufacturers to get an overview of the entire business from one centralized point of truth.
Katana is a cloud-based manufacturing ERP (MRP) software that helps small and mid-sized businesses manage their end-to-end manufacturing processes 12. It supports both made-to-order (MTO) and made-to-stock (MTS) workflows simultaneously 12. Katana is primarily developed for manufacturers and is bundled with all the key features that make it one of the most used inventory management, scheduling, and production planning software in the manufacturing industry 2.
Some of the key features of Katana include:
- Inventory Management
- Production Planning
- Scheduling
- Shop Floor Control
- Material Requirements Planning (MRP)
- Bill of Materials (BOM)
- Work Order Management
- Purchasing Management
Katana is designed to be user-friendly and easy to use. It has a simple interface that allows users to manage their manufacturing processes more efficiently 1. Its pricing starts at $99 per user per month, billed annually 1.
Comparison of Top ERP Software Solutions
Here’s a comparison of the top ERP software solutions based on their features, pricing, and suitability for different business sizes:
| ERP Software | Features | Pricing | Suitable for |
|---|---|---|---|
| SAP | Comprehensive, Customizable, Robust | High | Large Companies |
| Oracle NetSuite | Cloud-based, Industry-specific | Medium to High | Mid-sized to Large Businesses |
| Sage | Comprehensive, Modules for various functions | Medium | Small to Mid-sized Businesses |
| Infor | Industry-specific, Comprehensive | Medium to High | Manufacturing, Distribution, and Service Industries |
| Syspro | Integrated, Comprehensive | Medium | Manufacturing and Distribution Companies |
| Microsoft Dynamics GP | Comprehensive, User-friendly | Medium to High | All Businesses |
| IFS | Comprehensive, Industry-specific | High | Manufacturing and Distribution Companies |
| Acumatica | Cloud-based, Comprehensive | Medium | Small to Mid-sized Businesses |
| Odoo ERP | Open-source, Comprehensive | Low to Medium | All Businesses |
| ERPNext | Open-source, Comprehensive | Low to Medium | Small to Medium-sized Businesses |
| Dolibarr | Open-source, User-friendly | Low | All Businesses |
| Katana | Modern, Visual interface | Medium | Small to Scaling Businesses |
Conclusion
Choosing the best ERP software is a crucial decision that can significantly impact your business operations and growth. By considering your business needs, the functionality of the ERP, its ease of use, cost, and scalability, you can select the best ERP system that will support your business goals and drive efficiency.
##Frequently Asked Questions (FAQs)
1. What is ERP software?
ERP software, or Enterprise Resource Planning software, is a suite of applications that integrates various functions into one complete system to streamline processes and information across the entire organization.
2. Why do we need ERP software?
ERP software is essential for businesses as it provides a high level of efficiency and productivity, which can significantly improve a company’s bottom line. It integrates all aspects of a business, provides real-time, accurate information, and is scalable to grow with your business.
3. How does ERP software work?
ERP software works by centralizing business data and integrating it into a single, unified system. This allows different departments to work together seamlessly, with real-time access to a consistent, single source of truth.
4. How to choose the right ERP software?
When choosing an ERP system, consider your business needs, the functionality of the ERP, its ease of use, cost, and scalability.
5. What are some of the top ERP software solutions in 2023?
Some of the top ERP software solutions in 2023 include SAP, Oracle NetSuite, Sage, Infor, Syspro, Microsoft Dynamics GP, IFS, Acumatica, Odoo ERP, ERPNext, Dolibarr, and Katana.
Choosing the best ERP software is a significant decision that can have a profound impact on your business. By understanding your needs and evaluating the options, you can find an ERP solution that will help your business thrive in 2023 and beyond.
