Best ERP Software for Enterprise Businesses

What is an Enterprise for ERP Software?

Enterprise ERP software is a system that can combine all aspects of operations, including product planning, production, development, design, sales, and marketing, into a single application, database, or user interface.

ERP for enterprises can be defined as software that has the power to integrate all facets of operation starting from product planning, product design, development, manufacturing to sales, and marketing all in one single database, application, or User Interface. It is a kind of enterprise application that is designed especially for enterprise businesses. ERP for enterprises is designed so that each department has its own system but can share and communicate the information through all the other departments seamlessly.

Why is ERP Software Important for Enterprises?

1. A Single Platform For Everything

Best ERP Software for enterprise companies is based on one single platform. This means all the important documents and information are stored in one place, which gives a consistent view across all departments, thus keeping everyone on the same page—no more working with hard copies and no more duplication of data.

2. Streamline Various Processes

Implementing an ERP system requires a business to reconsider its processes and workflows, which gives a perfect opportunity to identify what works, whatnot, and what needs to be improved. Running an ERP system will help your organization gain speed, accuracy, and efficiency. Automation and Integration will increase your organization's productivity while reducing time.

3. Facilitate Business Data Analytics

Some of the best ERP software is spread across multiple business modules, such as marketing, production, procurement, and finance. All of them use a single database, which means all the business information is collected in one place. This allows for more efficient data analysis when compared to data housed in multiple systems. You can easily run an analysis on the whole business and efficiently identify business trends and potential issues.

Basic ERP System Modules for Enterprise ERP

You can find all the below modules in some of the best ERP software for an enterprise company.

1. Human Resource Management

HR module contains information about all your employees. This allows top managers to manage information on their employees and allows employees to keep some of their information updated by themselves.

2. Inventory Management

The inventory module provides various functionalities like inventory control, stock utilization, and inventory tracking to trace an organization's current location.

3. Sales & Marketing

The activities that are taken care of by the sales module of an ERP system include accepting sales orders, and quotations, handling sales inquiries, tracking pending sales orders, etc.

4. Purchase

The purchase module of an ERP system takes care of all the processes related to the procurement of raw materials necessary to produce items in an organization.

5. Finance & Accounting

This module will take care of the whole inflow and outflow of money. It also keeps track of all money-related transactions such as balance sheets, tax management, invoice generation, etc.

6. Engineering/ Production

This ERP module takes place in various functionalities like production planning, product forecasting, production reporting, etc.

Things You Should Know When Buying Enterprise ERP Software

1. Proper Research

Start your ERP hunt after properly researching the best ERP implementation sources accessible to you. Choose your ERP partner wisely; he will support the implementation process and offer a 24/7 partnership.

2. Type of Software

The next thing that should be taken into consideration is, which can be the best software for enterprise companies- Desktop or Online ERP software. Scalability and Integration are difficult while dealing with the desktop. On the other hand, cloud ERP solutions are easily scalable, which means you can always keep on adding new branches at a relatively lower cost.

3. Flexibility

ERP for enterprises should be flexible and modular. Productivity and scalability are two important parameters that the ERP software should support. The best ERP software for enterprise companies supports everything from purchase management to CRM and project management to accounting and finance management.

4. A Software That Is Easy To Use

Choose an enterprise resource planning software that is easy to use. Your employees should feel comfortable and familiar while working with your ERP system. If your ERP system in India delivers high-end user adoption and user engagement readiness, then you will in no time have a more engaged and productive workforce.

Next Top Trends In The Enterprise ERP Software

1. ERP Transition To SAAS Platform

Traditionally Enterprise Resource Planning software is stored on the servers, which means initial implementation cost plus additional cost incurred during maintenance, expansion, recovery, etc.

On the other hand, SAAS-based ERP apps are built on SAAS, which means less cost, less space, and easy to expand and update. The transition of some of the biggest ERP systems to the SAAS model will accelerate over the next three years.

2. IoT  in Enterprise ERP System

More and more products and devices are now available in the market that is getting easily connected to the internet, making it possible to capture more data into the enterprise resource planning software automatically. The process gives a clear picture of various processes such as shipping, inventory, warehouse, etc. Harnessing the power of this data funnel could be inevitable for businesses across all industry segments.

3. Mobile ERP

The use of mobile ERP for enterprises has its own advantages- improved services, greater productivity, better business relationships, response times, etc. Mobile ERP app will become more and more prevalent in the business environment. Hence organizations should choose an ERP system that is scalable and flexible enough to integrate with new technology solutions.

4. Cloud ERP Solutions

Moving an enterprise ERP system to the cloud is one of the common trends we will see in 2018. Cloud ERP solutions react quickly as they expand. They are scalable so that applications can be delivered quickly to customers and employees, helping them collect, store, and analyze data for manufacturing. Cloud ERP for enterprises is also available with backup and disaster recovery plans to reduce interruptions to the software. No need for any additional hardware maintenance cost onsite, which ultimately means low operating costs.

5. Intelligent ERP For Enterprises

With the advent of Artificial intelligence, some of enterprise ERP software will become more self-sufficient and less reliant on human interaction. A combination of ERP software with Artificial Intelligence will help AI predict more accurate timelines, and product quantity, eliminate human errors, etc. This means greater customer satisfaction and, ultimately, more profits.

Types of Enterprise ERP Systems

ERP software for companies is categorized based on the size and complexity of the enterprise

Tier 1: Supports ERP for large and global enterprises and takes off all international activities such as language, accounting rules, etc.

Tier 1 Government ERPs: They are developed to support large government and federal agencies. They work according to the nuances of government accounting and procurement.

Tier 2 ERPs: These are developed to support enterprises that have a business in multiple countries but lack global reach.

Tier 3 ERPs: Used to support mid-tier enterprises.

Tier 4 ERP: They are designed to support small enterprises.

Cloud ERP: This solution provides better security, better standards, and support for legislation

How Does Enterprise ERP Works

ERP systems are unifying tools that bring together various departments such as manufacturing, procurement, marketing, inventory, CRM Systems, and inventory all under one umbrella. Most ERP systems are a collection of databases that store the company’s data, making it easier for top officials to take important decisions and store them for future purposes. This can include any information about the bill of materials, unpaid invoices, purchase orders, etc.