We’re providing the top 5 ERP applications for small companies in the article below. We’ve already addressed “What is ERP?” But here’s a brief overview. Enterprise Risk Management (ERM) is a strategy for the entire company to recognize and plan for risks, specifically those that impact the company’s operations, finances, and objectives.
HOW DO ERP SOFTWARE FOR SMALL BUSINESS ENTERPRISES (SMES) HELP THEM?
ERP has been regarded as a must-have feature for companies for a long time, but small-sized businesses could also gain from it. Small-scale enterprises must be more efficient and agile than their rivals and can utilize ERP software.
Small-sized businesses could find themselves in various situations requiring ERP software to enhance service delivery. This is the case when a company relies on an intelligent guess in sales forecasts, has issues tracking orders and relying heavily on spreadsheets, has difficulty finding out the status of inventory in warehouses, etc.
An ERP system includes a single central database that allows all departments to access the correct details about the company. It also automates basic processes, allowing smaller entrepreneurs to prepare reports in a short time, adhere to rules, and control risks.
There is ERP software that is specifically tailored for small and mid-sized corporations and smaller ones. You can keep records of all data within the system, which assists with CRM, purchasing accounting, and supply chain management for the business. The business can increase transparency and cash flow by using the use of a single platform and by reducing costs for inventory. Instead of focusing on administrative tasks, employees can concentrate on sales and business development.
If you’d like to know more about this subject, you should read our ERP vs. CRM comparison article.
But, every small business requires an ERP solution customized to its specific business requirements and its customer base and position in the market. Therefore, companies should invest in the most effective solution suited to their particular needs and able to function within their field.
There are a variety of aspects to be considered when attempting to achieve this, including ease of use, customizing the hosting system (on-premises and the cloud), support services, security strategies, and frequency of upgrade.
ADVANTAGES OF ERP SOLUTIONS FOR A SMALL ENTERPRISE
ERP can add value to your business through a variety of methods. ERP has had a significant impact on business today. ERPs help manages and organizes information, allowing companies to link different departments and boost workflows to save money. Some of the advantages of ERPs are:
- The real-time data from reports gives greater insight into the business.
- You can cut down on operating costs by using the best practices and efficient business procedures.
- Data sharing between contract users or purchase orders allows for better collaboration.
- An average user experience that spans many operations and clearly defined business processes is expected to boost effectiveness.
- A consistently developed infrastructure spans from the back office through the front office, with all company operations having an identical appearance and feel.
- The rate of user adoption will increase if aesthetics and user experience improvements.
- There is a lower risk by enhancing control of financial and data integrity.
- Lower operating and management costs through interconnected, standardized systems that are interconnected and standardized.
While the costs of the setup of the ERP program are much higher than the cost of storing information in spreadsheets, such a program is a must-have tool for small businesses. It allows you to manage your data more efficiently, ensure privacy, permit modifications easily, and boost efficiency while growing sales and making accurate decisions. Customized ERP software also assists in reducing the rate of technological obsolescence within an organization and long-term planning for the business.
So, which is the most effective ERP option for you and your business? To find out, take a look at the top ERP software.
5 BEST ERP SOFTWARE FOR SMALL BUSINESS
Find the best small business ERP application for your business. Below are the reviews of the software and its pricing.
SAP BUSINESS ONE
SAP Business One is a comprehensive business management system designed for medium and small-sized businesses. Sales, finance, supply chain management, manufacturing, management of projects. Manufacturing processes are all executed by the system.
SAP Business One is general-purpose software for managing a business. Based on feedback from previous customers, SAP Business One is the most commonly used software by companies that operate in the distribution, manufacturing, commercial, and service industries.
- Price starts at $410/year for a user
MICROSOFT DYNAMICS GP
Dynamics GP is a business management tool that lets users streamline their company’s operations, boost sales, enhance collaboration, boost efficiency and improve decision-making in the company.
Dynamics GP is available in both cloud and on-premise versions. Dynamics GP, one of the most well-known and long-lasting software for managing a business, is supported and sold through a vast certified Microsoft Value-Added Resellers (VARs) Network.
Dynamics GP is utilized by diverse businesses, such as distributors and manufacturers. The most popular Dynamics GP industries are distribution, professional services, non-profit, and manufacturing.
- The starting price is $65/month/user.
Genius Solutions provides a comprehensive business resource planning (ERP) solution that includes implementation and software services and on-site field support for small and medium-sized manufacturers across Canada and the United States, and Canada. SME companies that produce make-to-order or engineer-to-order products, custom-to order and assemble-to-order are all suited for Genius ERP.
Genius ERP is primarily employed by companies in the field of machines, automation solutions, transportation, and food.
- The starting price is $1500/month/user.
ECM M1 can be described as an ERP solution that automatizes and integrates operations from quote to invoice. M1 is business software for small to medium-sized manufacturers, including custom-made mixed-mode, custom, and make-to-order firms.M1 was designed to improve procedures and generate savings on costs. This results in savings in time, resources, and protection in money.
ECI Software Solutions created an ERP system specifically designed for manufacturing firms.
- Start cost: $5000/month per user
Striven is a comprehensive business management program that blends your operations management, CRM accounting, human resources needs in one single package. What exactly is CRM, and what is the difference from ERP? For more information on this subject, check out the article.
Striven is a cloud-based ERP solution that equips you with the tools needed to manage your business. Striven provides solutions to entrepreneurs looking to build their business on the right foot and large and small businesses looking to automate crucial business processes.
- Starting Price: $20/month/user
There are various reasons small-sized businesses could find value in implementing ERP software. Better access to information, improved processes for enterprise, efficient communication, and enhanced productivity are just a few benefits that ERP systems can offer small-sized companies.
Once you have realized the significance of these advantages for a company’s growth, you should not hesitate to adopt the ERP system. While time, money, and effort are required to implement this solution, the advantages in the long term in the form of savings in costs and increased performance will be greater than the sum of the costs for short-term expenses.
There are various ERM programs for different sectors and variable pricing. So, are you ready to set up your own ERM program to enhance your business?