ERP software has a lot of benefits for businesses, even if it’s a mouthful to say. Let’s talk about a few.

• Business operations are streamlined: ERPs store and track data across an organization, from warehouse management to benefits administration. Almost all ERP packages have these features built in, but some also let you integrate third-party tools, combining disparate apps into one unified system.

• Automation of workflow: An ERP solution can automate routine business processes by leveraging advances in artificial intelligence (AI) technology (e.g., machine learning, natural language processing).

• Analytics: ERP software provides more detailed and easy-to-understand analytics dashboards that offer both big-picture insights and granularity than other stand-alone systems.

• ERP applications have become more accessible thanks to cloud-based options and internet of things (IoT)-enabled features like smartphone access. Users can retrieve and modify data in real time because that information is accessible in real time.

ERP software has a lot of advantages

Businesses can streamline operations with ERP software, including:

• By automating processes and managing workflows, ERP platforms can boost productivity.

• Disorganization and mismanagement of data can stall a business. When you use ERP software, everyone in the business can find what they need in one place rather than juggling multiple tools.

• With advanced analytics, decision-makers can get deeper insights, giving them a better understanding of what’s happening in the business. Leadership can make better decisions and position their business for success with the reporting capabilities of ERP software.

All-in-one ERP software

Because ERP software is expensive and resource-intensive, it’s usually associated with big companies. Due to cloud computing and Software-as-a-Service (SaaS) ERP subscription models, the typical buyer profile now includes:

• Small-business buyers: These are companies with two to 100 employees that don’t have an IT department and make less than $50 million a year.

• Businesses with two to 100 employees and less than $50 million a year, but they have IT departments.

• Buyers who make more than $50 million a year and have a dedicated IT department are enterprise-business buyers.

Guide to the features

Software features you’ll find in ERP

Understanding each vendor’s functionality is key to comparing ERP software solutions. ERP software usually has these features:

Keeping track

Provides general ledger, accounts receivable, accounts payable, and payroll functionality.

Analyzing business

Analyzes and reports business data to help companies make smarter decisions.

Customer Relationship Management

Maintains a record of interactions with prospects, customers, clients, and/or partners.

Management of human resources

Provides traditional HR services, like tracking employees, managing benefits, and training employees.

Management of inventory

Maintains optimum stock levels by tracking up-to-date information about product supply.

Management of supply chains

Tracks goods from factories to distribution centers to stores.