Enterprise resource planning systems are integrated software solutions that handle every data-driven process in a company from financial management and accounting to human resources and supply chain management.
ERP systems store data in a central hub accessible to ensure all business departments have the correct information to make decisions. They’re often used with Financial Planning & Analysis (FP&A) software, which combines the historical data of your ERP with the forward-looking data of your plans, budgets, and forecasts.
While ERP systems can vary, they provide these five essential business functions:
1. Accounting and finance
ERP systems centralize financial data for streamlined tracking, management, and input.
This saves time, minimizes input errors, and utilizes automated data consolidation, centralized formulas, and key performance indicators for generating comprehensive financial reports.
These reports offer insights into a company’s financial health and guide resource allocation decisions.
2. Commerce
ERP platforms provide omnichannel solutions that unify online, in-store, and back-office commerce activities.
By using automated inventory updates, order tracking, and accounting, companies can easily manage the different facets of their business.
Some ERP systems even offer customer relationship management tools. These CRM capabilities manage customer data, contact information, accounts, and service requests.
It can also help automate marketing, sales, and customer service processes.
3. Human resource management
ERP systems support human resource teams by consolidating employee data. They help HR automate manual workflows, reduce errors, and improve collaboration.
By tracking employee data like contact information, job roles, and salary information, ERP systems ensure smarter business decisions in a fraction of the time.
4. Supply chain
Supply chain management includes inventory, warehouse, vendor, and order management. ERP systems support all of these functions by:
An ERP solution in SCM improves demand forecasting accuracy and reduces inventory costs during large-batch production processes.
A lean inventory is essential to successfully address just-in-time production methods. You can keep your supply chain flexible while reducing the overall cost of production.
ERPs for supply chains enable easy collaboration between internal processes and external suppliers.
A consolidated view of the supply chain with ERP enables business executives to make more informed decisions.
Companies can also use ERP systems to help manage production schedules, track inventory levels, and control quality.
ERP software is a centralized resource for inventory tracking, data analysis, and replenishment strategy.
ERP software can be categorized into on-premise and cloud-based systems.
ERP systems offer a multitude of benefits that can significantly enhance business operations.
Cost savings with ERP systems are achieved through:
ERP systems significantly enhance productivity in several ways. Firstly, they automate routine tasks such as data entry, report generation, and transaction processing. For example, instead of manually entering sales data into multiple spreadsheets, an ERP system can automatically capture and update this information in real time. This automation frees up employees to focus on more strategic tasks.
By integrating various business processes into a single system, ERPs streamline workflows and reduce the time spent on task switching. For instance, a procurement manager can approve purchase orders, check inventory levels, and manage supplier relationships all within the same platform, which accelerates the overall procurement process.
Easy collaboration
With a centralized database, ERP systems facilitate better collaboration among departments. Teams share information seamlessly and work together more effectively.
For instance, during the budgeting process, finance, operations, and marketing teams collaborate on the same data set, ensuring consistency and reducing the need for redundant data reconciliation.
ERP systems streamline regulatory compliance across industries by automating data management, ensuring accurate information.
For instance, a food manufacturing company adheres to food safety regulations using an ERP system to control production processes, track raw material origins and suppliers, and ensures quality standards and allergen labeling. In case of a food safety recall, the ERP swiftly traces affected batches for prompt removal from distribution.
Additionally, the ERP automates compliance report generation, detailing production practices, quality control, and sanitation measures required by regulatory bodies.
Automation opportunities
ERP systems can automate tasks that would otherwise need human intervention, such as updating records or sending confirmations.
This not only saves businesses time and money but also reduces manual work and human errors.
For example, automating order processing streamlines operations and improves customer satisfaction through reduced order fulfillment times.
Best ERP system examples
Every ERP system offers unique features and capabilities tailored to different business needs. Here's a closer look at some of the best ERP solutions:
NetSuite is a cloud-based ERP software, with over 30,000 companies using its services.
With deep expertise in cloud ERP development, NetSuite automates crucial processes and provides real-time insights into financial, operational, and corporate performance. It offers a customizable platform with enterprise-grade applications for business management, including analytics, reporting, and global infrastructure.
NetSuite stands out as one of Cube's top integrations, allowing seamless integration of NetSuite data into working spreadsheets with Cube's FP&A software add-on, greatly enhancing customer satisfaction.
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Organizations interested in NetSuite's software must request custom quotes since the company does not provide pricing information on its website.
QuickBooks by Intuit simplifies payroll, inventory, taxes, time-tracking, and invoicing. Track expenses, cash flow, reports, and receipts—all in one place.
It’s an ideal choice for outsourcing accounting, supported by widespread accountant familiarity.
QuickBooks operates natively (QuickBooks Desktop) or via browser (QuickBooks Online), with seamless API integration for data imports and consolidations within Cube's unified platform.
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Read our NetSuite vs Quickbooks Review.
Sage Intacct is an ERP system that enhances financial and inventory management with real-time, multi-dimensional reporting.
It automates accounting tasks for increased efficiency and productivity. Sage also supports HR and payroll operations.
Integrating Sage Intacct's general ledger data with Cube's planning and analysis capabilities gives finance professionals a comprehensive view of past, present, and future business performance.
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The platform doesn’t provide pricing online and encourages potential customers to contact them for custom pricing.
SAP Business One is an ERP software aimed at small and medium businesses, offering various financial, CRM, inventory, and sales features.
SAP Business One also gives companies real-time visibility into their business operations to improve financial planning and forecasting.
SAP works best for businesses that use other SAP products and are familiar with data science languages and integration.
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An online source shares the following price information:
Xero is an ERP tool for small businesses, accountants, and bookkeepers. Real-time tracking and reporting give you accurate and updated information to use when collaborating with your team.
You can connect your bank account through the Xero application for seamless transactions. Pay bills, claim expenses, accept payments, and track projects all through its simple dashboard.
Cube offers a supported integration with Xero, so it's simple and easy to pull your Xero data into Excel via Cube.
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Zoho Finance brings together Zoho’s finance and CRM tools in one comprehensive platform. This unified suite integrates invoicing, order management, accounting, and more, enhancing efficiency and simplifying processes.
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FreshBooks is a cloud-based accounting software that provides businesses with tools to automate invoicing, bookkeeping, and time-tracking.
It’s a great ERP option for freelancers, professionals, accountants, and employees.
The software offers clients payment options and accepts card payments. It also allows you to send automated late payment reminders to clients.
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Microsoft Dynamics 365 is a cloud-based ERP system helping businesses manage their finances, operations, sales, and customer relationships.
It’s made up of 14 different applications, so users pick and choose which apps they need for their business. These include Dynamics 365 Commerce, Dynamics 365 Project Operations, Dynamics 365 Finance, and others. It also integrates with other Microsoft applications like Excel and Outlook.
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The pricing for Dynamics 365 is a la carte, and each application incurs a separate charge. Some apps, like the Dynamics 365 Human Resources Self Service app are available for as low as $4/user/month, while other apps (Dynamics 365 Customer Insights) run as high as $1,700/tenant/month. Most apps offer a free trial to start.
SAP ERP was initially called System Analysis Program Development (Systemanalyse Programmentwicklung in German).
SAP ERP is a suite of applications that helps organizations manage their finances, human resources, manufacturing, sales, and customer service processes.
It’s used by millions of businesses worldwide and is known for its comprehensive functionality and scalability.
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An online source share the following pricing details:
Deltek is a project-based ERP system designed for architecture and engineering firms.
It includes tools for project management, accounting, and business intelligence.
This ERP delivers software and information solutions that enable project intelligence, management, and collaboration.
Deltek also offers an industry-specific CRM system called Vision.
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Sources say:
Multiview ERP unifies information into a central database to create a complete view of a business's operations.
It offers a team of client support specialists on top of its powerful, data-centric financial ERP software.
This software helps break down data silos, automate accounting processes, and provide more access to information through industry-leading dynamic reporting solutions.
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While pricing isn’t listed on their site, according to an online source, Multiview ERP costs an average of $999/year.
Acumatica Cloud is a cloud ERP system offering financial support, project management, procurement, and inventory management.
It also hosts a variety of add-ons including customer relationship management (CRM) and human resources (HR) modules.
Acumatica Cloud provides an integrated ecommerce platform that includes analytic and payment processing capabilities.
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Acumatica’s pricing depends on the number of applications needed, the number of users, and the type of deployment. For specific pricing details, contact them for a pricing review.
Oracle ERP Cloud is a comprehensive ERP system offering financial management, human resources management, manufacturing planning, and supply chain management.
Oracle ERP Cloud simplifies everyday tasks, allowing you to ask simple questions like: “What tasks are due today?” It’s also scalable and backed by Oracle's world-class support team.
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According to an online source, Oracle ERP Cloud pricing plans are:
Syspro focuses on the unique challenges of the manufacturing and distribution industries. The software was created by industry specialists who understand the unique needs of manufacturers. They aim to provide robust solutions and tools to manage and support business processes.
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An online source reports that SYSPRO ERP costs $199/user/month.
TallyPrime is an extensive business management software that enables businesses to streamline invoicing, cost accounting, inventory, banking, cash and credit management taxation, and payroll using a single software.
TallyPrime automates all critical business processes quickly, efficiently, and with better control over your business. You can reduce complexities to focus on business growth.
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Epicor iScala is a comprehensive ERP system that helps organizations manage all aspects of their business, from financials and operations to sales and customer service.
It offers a wide range of features and functionality and works for SMBs.
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Sources report that Epicor's subscription licenses range from $2,000-$10,000/month, while a perpetual license ranges from $100,000-$500,000. Additional costs apply for additional users, modules, training, support, etc.
Odoo is a versatile suite of open-source business applications designed to meet various company needs, from ERP and CRM to eCommerce and CMS. Available both as a downloadable on-premise solution and a cloud-based service, Odoo aims to help businesses grow by providing a comprehensive suite of tools.
With 30 core applications and a community contributing over 16,000 additional apps, Odoo serves millions of users worldwide, ranging from small startups to large enterprises.
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Extensiv is a fulfillment technology company dedicated to transforming warehouse and fulfillment operations to meet the demands of modern commerce and consumer expectations.
Their software platform supports brands and third-party logistics providers (3PLs) by enabling the creation of advanced fulfillment networks that optimize inventory placement, enhance distribution intelligence, reduce costs, and speed up delivery.
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ERP systems integrate core business processes into one comprehensive system, streamlining operations across departments such as finance, HR, supply chain, manufacturing, services, and procurement. Their main aim is to automate day-to-day operations.
In contrast, FP&A software is tailored for financial planning, budgeting, forecasting, and analysis within finance departments. It offers advanced financial modeling, analysis, and reporting capabilities to support strategic financial decisions and performance evaluation.
Businesses should use ERP software when they need to centralize data and processes, enhance operational efficiency, and improve decision-making.
ERP systems are essential for supporting growth and scalability, ensuring regulatory compliance, and boosting customer satisfaction.
They help manage complex supply chains, facilitate cross-department collaboration, and reduce costs through process automation and improved efficiency.
FP&A software is essential for businesses needing specialized tools for financial planning, analysis, forecasting and budgeting.
The software streamlines budgeting processes, aligning budgets with strategic goals and allowing real-time performance monitoring. It offers deep financial analysis capabilities, facilitating comprehensive insights into financial health and performance.
FP&A software supports collaboration across teams, enhances reporting with customizable tools, and manages complex financial data from multiple sources, making it ideal for businesses aiming to strengthen financial management and decision-making processes.
ERP systems are essential for businesses of all sizes, integrating and streamlining core processes like finance, HR, and supply chain management. By centralizing data and automating operations, ERP enhances efficiency, cuts costs, and bolsters decision-making.
Moreover, ERP systems support growth, scalability, and regulatory compliance, improving customer satisfaction through streamlined service delivery. In today's competitive landscape, agility and data-driven insights are crucial.
Whichever ERP system you choose, integrating with Cube provides comprehensive planning and analysis capabilities that optimize performance and drive sustainable business success.