In the fast-paced world of corporate business, technology plays a critical role in promoting growth and efficiency. Enterprise Resource Planning (ERP) software has become a game-changer, helping businesses of all sizes streamline their operations and achieve better outcomes. Recent data shows that 64% of businesses plan to implement ERP within the next three years.
Why is ERP such a popular tool for retail companies?
Retailers aspire to unify all their business operations – finance, production, supply chain management, and human resources – into a single system that provides real-time visibility and control. By integrating various activities, ERP ensures better inventory, cost savings, teamwork, and decision-making.
Benefits of Selecting an ERP Software
Choosing the right ERP software for your business can be challenging. With so many options on the market, finding the best fit for your company’s needs may be difficult. However, before making this decision, businesses must consider several critical factors.
Identifying your business goals is the first step in selecting the best ERP software. You can then focus on a particular software to achieve those goals. For instance, you might want to boost efficiency or improve customer service. Furthermore, you must have a grasp of your current business procedures and know how to enhance them with a specific ERP program.
An ERP system should be able to grow with your business and keep pace with it. You shouldn’t pay for more than you need or stay stuck with a system that is too large for your needs.
The system must handle a wide range of tasks, such as inventory management, accounting, customer relationship management (CRM), supply chain management (SCM), and others.
Ease of Use
Employees at all levels within the firm should be able to use and master the program easily. If it is intuitive enough, employees should be able to make modifications as needed without significant training.
Each company operates differently and has particular requirements. The ERP software must meet these requirements. Ensure that the software you choose offers built-in customization features that you can adjust to meet your demands. This will allow you to make modifications quickly without being dependent on outside developers or programmers.
A robust ERP system’s security features will protect your data from unauthorized access, theft, or destruction by hackers. It will also ensure that all users have the appropriate access privileges based on their organizational roles and that only authorized employees can view sensitive data, such as client credit card details.
Integration between your ERP software and other systems is necessary, including POS, CRM, and e-commerce platforms. To ensure that orders are handled without any problems, your new ERP system must interact seamlessly with any e-commerce platforms you plan to use for online sales.
Firms should carefully consider the price of the software, as well as continuing maintenance and support expenditures when selecting an ERP solution.
Top Five ERP Software Tools
Here are the top five ERP software tools for businesses in India in 2023 that can help take your business to the next level.
Ginesys is an all-in-one ERP solution for retailers, wholesalers, and offline and online brands. It is India’s only ERP with an integrated omnichannel approach, allowing businesses to seamlessly manage their operations across multiple channels. Key features of Ginesys include inventory management, procurement, warehouse management, B2B sales order management, B2C e-commerce order management, financial management, and point-of-sale (POS) capabilities.
It also has complete Indian GST compliance out of the box and is integrated with EaseMyGST for automating GST returns and e-invoicing. Ginesys also provides real-time analytics and reporting to businesses to help them make data-driven decisions. The pricing model of Ginesys ERP starts at INR 6,000 per user per month but varies depending on the modules opted for. It is only available as a cloud subscription.
2. SAP ERP
SAP ERP is typically used by large organizations. The features of SAP ERP include financial management, global support, country localizations, streamlined financial operations, improved cost-efficiency, and continuous innovation. A SAP ERP software solution supports multiple currencies and is available in 27 languages. It also provides a complete set of tools to streamline financial operations and improve margins.
For SAP S/4HANA (the latest version of SAP ERP), pricing starts at around $2,000 per user per year for cloud deployment and can range up to $5,000 per user per year for on-premise deployment. However, this pricing can vary depending on the size of the business and the specific features and modules required.
In addition to the base pricing, businesses may also need to pay for additional services such as implementation, customization, and ongoing support. SAP offers a variety of licensing options, including named user licenses and concurrent user licenses.
3. Tally ERP
Tally ERP is an accounting software solution that helps businesses manage their financial processes. It provides a comprehensive set of features for managing accounting, inventory, and payroll. Tally ERP is designed for small businesses and has a user-friendly interface.
For Tally ERP 9 (the latest version of Tally ERP), pricing starts at around INR 18,000 for a single-user perpetual license and can range up to INR 54,000 for a multi-user perpetual license. Subscription-based licensing options are also available, with pricing starting at around INR 1,800 per year for a single user.
4. Microsoft Dynamics 365
Microsoft Dynamics 365 is a cloud-based enterprise software solution that provides a wide range of features for managing financials, operations, and customer relationships. It is designed for businesses of all sizes and provides a flexible and scalable solution that can be customized to fit the specific needs of the business. Its key features include Sales Management, Marketing Management, Customer Service Management, and Financial Operations Management.
The pricing and licensing options of Dynamics 365 vary depending on the specific solution and the size of the business.
5. Acumatica Cloud ERP
It is designed for small and medium-sized businesses. It offers a range of features including financial management, project accounting, distribution management, customer management, manufacturing management and field service management.
Acumatica Cloud ERP is available in multiple editions, including the Standard, Advanced, and Premium editions. The pricing starts at $1,000 per month for the Standard edition, which includes financial management and distribution management features. The Advanced edition, which includes additional features such as project accounting and customer management starts at $2,000 per month. The Premium edition, which includes all the features in the Advanced edition as well as manufacturing management and field service management features starts at $4,000 per month.
The pricing for different verticals varies as well, with Marketing starting at $750 per user per month, Sales at $20 per user per month, Customer Service at $20 per user per month, and Finance at $30 per user per month.
In addition to the base pricing, businesses may also need to pay for additional services such as implementation, customization, and ongoing support. Microsoft also offers a range of licensing options, including named user licenses, device licenses, and subscription licenses.