The ERP industry’s rapid expansion over the years can be attributed to its enormous advantages of utilizing it for controlling and simplifying business processes. According to Allied Market Research, the global ERP software application market will be worth $78.40 billion in 2026, with an expansion rate of 10.2% CAGR.
It is recommended to build an ERP software ecosystem to establish a single unified platform that integrates several modules of your business to increase efficiency. ERP systems help improve analytics, visibility, and intelligence for developing future business growth strategies.
There are numerous different types of ERP solutions available in the market today. However, you must guarantee that the service provider you select is dependable and capable of providing the required services on an ongoing basis.
Top 10 Best Types of ERP Software in 2023
ERP software solutions are powerful interconnected platforms that streamline and manage numerous business activities within an organization. They improve the flow of data between departments such as finance, personnel resources, manufacturing, supply chain, and others. Accounting, inventory management, customer relationship management (CRM), procurement, and reporting are common modules.
ERP platforms allow companies to centralize data, automate procedures, and promote cross-functional alignment. They also deliver real-time business intelligence insights and data, resulting in enhanced decision-making and overall operational efficiency.
With such amazing features, who wouldn’t want their businesses to be tracked and maintained in a systematic and easy-to-scale package?
Listed below are the detailed descriptions of 10 different types of Enterprise Resource Planning systems (or ERP) that stood out to us. These are some of the top names that will surely satisfy your business needs.
Oracle NetSuite ERP offers various types of ERP software modules for automating business processes, enhancing operational insights, and gaining control over resources. Some of the solutions offered by NetSuite ERP are:
Accounting Software: Streamlines ledger processing, automates tasks, and manages taxes.
Finance Management: Speeds up financial operations, ensures compliance, and offers real-time financial insights.
Global Business Management: Handles operations across locations, managing currencies, tax regulations, and reporting.
Inventory Management: Tracks and manages stocks across multiple sites, meeting customer delivery expectations.
These integrated solutions, along with others, provide a comprehensive view of critical business operations. NetSuite ERP by Oracle is ideal for businesses seeking global operational management.
Microsoft Dynamics 365
Microsoft Dynamics 365 is the top choice for enterprise resource planning within the Microsoft ecosystem (MS Teams, MS Project, MS Office). Used by major brands like Coca-Cola, Crate&Barrel, BMW, and Lowe’s, it offers modules for sales, marketing, CMS, field service, finance, operations, and commerce.
With a familiar interface for Microsoft users, adoption feels seamless. It is highly suitable for companies of all sizes and features robust customization abilities.
It integrates well with other Microsoft software solutions, and third-party apps (Power BI, HubSpot, Salesforce, etc.), and allows for creating custom integrations using their REST API.
TallyPrime is a proven business management solution for small and medium businesses. Despite an older UI, it offers robust enterprise resource planning for growing SMBs at economical prices.
Featuring a secure server, it centralizes critical data, ensuring real-time updates for employees. Admins can access monitoring control via the TallyPrime Server.
With 400+ reporting templates available, TallyPrime streamlines ERP reporting, saving SMBs some precious time. Its inventory management aids in tracking, forecasting, and timely project/product delivery.
SAP S/4HANA, a leading ERP system, employs AI for real-time data analytics. It centers on an in-memory database (HANA) for advanced processing.
SAP S/4HANA is available as ERP systems on-premises, cloud, or hybrid. There is also the SAP S/4HANA public edition for ready-to-use cloud ERP setups. Industry-standard-based, it features AI, ML, and robotic process automation for continuous operational enhancement.
Real-time updates, disaster recovery, and robust support are some of the core features of this unique ERP system provider.
Acumatica ranks among the top ERP solutions, favored by experts. It is especially beneficial for low-volume, high-margin manufacturing, and distribution businesses, offering a unique transaction-based pricing model.
Acumatica Cloud ERP offers a variety of ERP solutions with seamless integration with personalized customizations made easy. Among its different types of ERP software modules, a few notable ones are Financial Management for accounting and Commerce Connectors for integration with Amazon, Shopify, etc.
Epicor provides diverse solutions for various industries, including cloud and on-premises options like Kinetic for Manufacturing, Prophet 21 for Distribution, BisTrack for Lumber&Building, and Eagle for Retail.
These solutions integrate well with CRM, POS, and e-commerce for enterprises of all sizes. Epicor ERP employs cloud, big data, and mobile tech.
Security is ensured via a reliability center, with tools to connect suppliers and streamline processes. It’s cost-effective, modern, and supports supply chains, distribution, manufacturing, and retail.
Infor Cloud Suite
Infor Cloud Suite provides industry-specific ERP solutions, leveraging AWS and Infor OS for seamless integration without extensive customization.
Cloud migration automates processes, aiding continuous upgrades and innovation. Offerings include:
Finance and Accounting: Streamlines financial activities and costs.
Supply Chain Management: Manages production, procurement, warranty, and more.
Planning and Scheduling: Utilizes data analytics for process synchronization and informed decisions.
Project Management: Consolidates resources and processes in a unified platform.
Customer and Order Management: Enhances visibility into customer data and order history.
Industry-specific features optimize manufacturing, quality, service, demand, product lifecycle, inventory, and financial services across sectors like aerospace, automotive, retail, distribution, healthcare, and more.
Odoo has made notable strides in its business applications with its integration of different types of enterprise software applications modules, securing a spot in the ERP industry’s top ERP systems.
Serving small businesses to enterprises, Odoo offers ERP and CRM solutions for operational streamlining, manufacturing , and financial management.
With a suite covering sales, services, operations, marketing, and more, Odoo simplifies tasks via modular and cost-effective solutions.
Vault ERP is a robust enterprise resource planning software that streamlines business processes. It consolidates data sources, enhancing productivity and profitability securely. It simplifies inventory tracking, accounting, customer relations, and production optimization.
Real-time cross-departmental access aids in quick informed decisions. Integrations with Salesforce and QuickBooks boost functionality.
Vault ERP suits large enterprises, offering scalability by combining modules like HR, recruitment, and asset management. It features Gantt charts, resources, projects, attendance, and calendar management, external integrations, notifications, and more. Vault ERP integrations include platforms like Unfuddle, Jira, GitHub, Basecamp, and more.
ERPNext, a free open-source ERP software, suits resource-constrained small to midsize businesses. Available in 70+ languages, it offers iOS/Android apps and paid personalized training.
SMBs can track leads, manage customers, and set up service subscriptions, loyalty programs, and appointments. Hosting and troubleshooting are required but aided by their rich YouTube channel.
Like Odoo, ERPNext lacks extensive JS documentation. Nonetheless, its user-friendly modules make it a compelling freeware ERP choice.Native integrations encompass Amazon MWS, PayPal, Razorpay, Dropbox, and more.
We have now discussed the different types of ERP software like Oracle Netsuite and Microsoft Dynamics, which are leading the industry. Any of the above-mentioned ERP systems can meet your business needs with minimal customizations.
All these different types of ERP systems promise enhanced efficiency, team performance, and profitability through streamlined operations, task automation, data analytics, and process visibility.
Yet, if you require tailored solutions for core functions, scalability, and security, a custom ERP system might be the choice. Custom development ensures alignment with unique business requirements and standards.