The world is experiencing rapid globalization and lightning-fast technological innovations every day. As a result, companies are forced to adopt agile business models. On the other hand, increasing outsourcing and changing regulations are disrupting the corporate culture of every organization. To remove this chaos from business operations, enterprise resource planning (ERP) was born
ERP Stands for Enterprise Resource Planning. It involves the integration of important business operations through a consolidated software interface. These operations can include sales, marketing, inventory, finance, and accounting. ERP allows for efficient customer relationship management, supply chain management system, visual analytic reports, and many other benefits. ERP allows the entire organization to be managed from one place.
Why is ERP important?
Each company and organization has its own work culture. However, they all face similar challenges. Companies need a way to efficiently store and retrieve their data. ERP software is needed to solve this problem.
These are the signs that your business needs ERP.
Data is the heartbeat of any business. You must make sure it's accessible to everyone. Your team spends a lot of time on tasks that can be automated and simplified. Many software programs have been purchased to help you perform various tasks. All these software applications are not interconnected.
Remote access to data and information about your business is not possible. Your business is global. It is difficult to spot and fix problems early enough to ensure smooth business operations. You are unable to maintain the inventory standard on a daily basis.
Individually, you are spending a lot of time analyzing your business insights. It is difficult to plan business strategies when there is not enough information flowing between your team. The software systems you use do not provide advanced business insight and predictive analysis.
LEADING ERP SOFTWARE APPLICATIONS
It stands for products and Systems Application in Data ProcessingSAP is a European Multinational that deals only in ERPs. It was established in 1972 by Wellenreuther Hopp, Hector Hector, Plattner, and Tschira. SAP is ERP's other name. For decades, SAP has been the leader in the ERP market.
SAPs software is incredibly versatile and covers all aspects of business management. SAP has over 140,000 installed software across 25 different business solutions. SAP boasts a staggering customer base of 75000 in 120 countries.
2. MICROSOFT DYNAMICS 365
Microsoft Corporation launched Dynamics 365 in July 2016. It was on the market in November 2016. This product is a combination package of Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM). This was the first step of tech giants in the ERP market. It comes in two main editions. The first is the Business Edition, which is for small to medium-sized enterprises. Enterprise Edition is for medium-sized to large enterprises.
It includes 12 modules that allow for business operations such as sales, marketing, finance, CRM, SCM, and commerce. Surprisingly Microsoft Dynamics 365 can be used to process and manage the most recent updates of its Windows Operating System.
3. ORACLE ERP Cloud
The third place is Oracle ERP cloud. Oracle Corporation introduced the product in 2012. Oracle's ERP Cloud, the cloud-based software as a service (SaaS), is basically the product. Cloud application suite uses ERP concept to manage business operations.
Oracle ERP cloud suite includes 9 ERP modules. These modules include Enterprise Performance Management (EPM), Financials, Procurement, Procurement, Project Management, NetSuite, and many others. Their customer base includes organizations such as Qantas, Thomson Reuters, and Bank of America.
Enterprise Resource Planning is a system that integrates business operations. ERP gives you real-time business insight. ERP helps companies to adopt agile characteristics in their work culture. ERP allows companies to be more flexible and less rigid. ERP has grown to be a multi-billion-dollar industry over the past two decades.