Best ERP software vendors

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Business processes might seem to be universal to all industries and business sizes. In theory, this is why ERP software work for almost any company with more than a handful of employees. The reality is, however, that not all business processes are the same and not all ERP systems are created equal. Knowing the best ERP software vendors should give you a starting point if you are searching for an ERP solution for your business.

Features to look for in your ERP software

The best ERP software is a comprehensive technology that covers a broad range of functions and capabilities. Whilst resource planning might take different shapes depending on industry and company size, there are at least a dozen of common features you should be looking for in your ERP software:

Integration

The primary and most significant use of an ERP is that of a centralised platform for all essential financial, operational, and business data. ERP systems enable data to be shared across departments, so that resources can be allocated appropriately and new market opportunities are not missed due to business compartmentalisation. To ensure this, most ERP software allow integration with apps and technologies, becoming a one-stop management solution.

Automation

Together with integration, the automation of repeatable tasks is one of the main reasons why businesses benefit from using ERP software. Automation saves employees time that would otherwise be spent on manual data entry, whilst reducing errors and making said data available across the organisation automatically. This translates into the streamlining of processes that are comprised of a chain of events across departments.

Data analysis and reporting

Understanding data is crucial to gather information about the state of a business, its potential issues and areas of improvement. Most ERP systems offer great analysis tools that give managers and business owners insights into the objective results of their company. With this information, people in charge can strategize actionable plans and find new opportunities for development.

ERP software also helps with turning the provided insights into reports, which may include visual representations. This is ideal for stakeholders to identify trends and make informed decisions.

Accounting and financial management

ERPs facilitate finance tracking and reporting, quickening the finalisation of monthly financial statements. They do this by tracking, storing, and analysing data such as accounts payables and receivables, as well as budgets and forecasting. Additionally, you might be able to automate other advanced tasks such as tax management and multi-currency reconciliation. 

While this is a great support for accounting teams, financial managers will find that ERP systems help them track financial data and manage resources from all departments.

Customer relationship management

ERP systems can integrate CRM features, adding customer relationship data to the already comprehensive range of information they hold and help manage. Besides easy access to all the information a CRM database stores, ERPs with integrated CRM can also streamline many of the processes of marketing and sales teams. Sales cycles are sped up and more efficient when previous customer information gives an overview of customer behaviour thanks to the centralisation of customer relationship data.

Best ERP software vendors compared

With ERP systems acting as a great support for businesses successful continuance and growth, it makes sense that there are many options available. Let’s take a look at some of the best ERP software vendors of the market in 2024.

Oracle ERP

Oracle is a leading provider of Enterprise Resource Planning (ERP) solutions, offering a comprehensive suite of software and services to streamline business processes. Its cloud-based architecture facilitates easy deployment and maintenance, while robust security measures ensure data protection. It is a great favourite for ERP users, thanks to an intuitive though complex custom dashboard and its great reporting and forecasting capabilities.

If there was any “but” to consider when talking about Oracle ERP, however, that would be its high cost and complexity of implementation. It is a software known for targeting large organisations, although you might find some of its applications to be quite niche. However, given the big costs that come with it and the requirement of an expert IT team, it might not be the best choice for small organisations.

Microsoft Dynamics 365

Microsoft is, in the eyes of many, one of the best ERP software vendors. Although Microsoft particularly targets mid-sized to larger organizations, its versatility allows effective scaling while remaining accessible for small to mid-sized enterprises seeking technological advancements. Besides this flexibility, Microsoft Dynamics 365 is known for an open architecture that allows seamless integration with third-party solutions and its AI integration (its Copilot service), which is able to streamline many repetitive tasks (such as email creation and inventory ordering) and reduce errors.

Despite its familiar user interface (which maintains the signature look of other Microsoft tools), some of the capabilities of Microsoft Dynamics 365 can be less easy to use and practical that they may seem at a first sight. Besides, it demands a significant amount of computing resources, which might make running the software difficult without some powerful hardware. Lastly, Dynamics 365 is best suited for organizations already invested in Microsoft’s ecosystem, ensuring smoother integration and operation.

SAP

SAP, widely considered a global leader in ERP solutions, caters to organizations of all sizes, primarily targeting midmarket, large, and global entities. Offering versatile products spanning various sectors and industries (including distribution, manufacturing, retail, and even government and nonprofits), SAP stands out for its supply chain orientation and adaptability to unique business processes.

SAP has an offer of five different ERP software, some of them being highly-customisable on-premises solutions and others acting as their SaaS versions. Whilst SAP S/4HANA is the most talked about, Business One is ideal for smaller enterprises of under 500 employees. Business One has over 500 extensions, which makes it incredibly customisable, and can be used as an on-premises or cloud service,

Workday

Interestingly enough, Workday started as a SaaS-based HCM application that with time developed a financial management side. Although it is still recognised as such, in the past few years it has broadened its capabilities by adding Supply Chain management and other ERP functionalities that bring it to this list.

Today, Workday offers cloud ERP services and it has become a powerful challenger to legacy vendors. Especially useful for service-centric organisations and targeting mostly mid-size to big enterprises, Workday is a great cloud-only alternative platform for finance, HR, and project management. It is able to integrate with third-party software and numerous add-ons, besides gaining recognition for having a great track record of implementation success.

Choosing an ERP software for your business with YourShortlist

Even if you know exactly what you want from their ERP software, choosing a provider might become overwhelming. As we have seen, there is a multitude of options available and it can be hard to identify the best fit for your needs, no matter how many blog posts you read about it.

Every IT procurement process is different, and as a business owner you already have plenty of things on your agenda: you don’t need to spend more than time than necessary considering the pros and cons of the best ERP software vendors. YourShortlist makes the whole process a lot quicker and easier so you don’t waste your precious time and resources on the search for an ERP provider.

Contact us today to discuss your needs, and we will match you with a list of our most trusted ERP vendors, crafted just for you to find the IT partner that aligns with your business.