15 Best ERP Software Solutions in 2023

15 Best ERP Software Solutions in 2023
Imed Bouchrika, Phd by Imed Bouchrika, Phd
Chief Data Scientist & Head of Content

Enterprise resource planning (ERP) software allows information to flow seamlessly across diverse business functions and business units, between and among geographical boundaries. Within the ERP system, no transaction will go unnoticed. Such visibility delivered by the best ERP software solutions provides a competitive advantage.

Recent data shows that 69% of companies report adopting ERP software as part of their digital acceleration and job automation initiatives (Deloitte, 2021). Moreover, among emerging businesses and startups, 95% are already using some form of ERP (Cybrosys, 2021). This guide outlines the leading ERP software on the market, including the key features of each platform. It also discusses the current ERP software trends and statistics to help you choose the best platform for your operations.

Best ERP Software Solutions Table of Contents

  1. ERP Software Statistics
  2. ERP Software Trends
  3. List of ERP Software

ERP Software Statistics

As companies shift the majority of their IT-hosting spending to the cloud, ERP users are not as eager. In 2021, 35% of organizations worldwide still preferred on-premise ERP software. While businesses that migrate to the cloud are given the opportunity to grow their business value, only 63.7% of organizations have adopted SaaS ERP (Panorama Consulting, 2022).

Of the organizations that prefer on-premise deployment, 34% cited security concerns as the main reason for choosing to deploy locally, while 16.3% identified the risk of data loss as a major reason why they choose on-premise ERP (Panorama Consulting, 2022).

preference for on-premise ERP

Among the top users of cloud-based ERP is Europe at 72.5%, North America at 71.7%, and Africa at 70%. Companies from the middle east comprise the highest number of companies with on-premise ERP at 47.1%. Organizations that prefer on-premise ERP identified the factors affecting cloud ERP adoption, which include innovation characteristics, technological factors, organizational factors, and environmental factors (Christiansen et al, 2021).

Innovation characteristics influencing decisions include perceived competitive advantage, trialability, and observability. Technological factors are identified as system quality, security, vendor lock-in, and data accessibility. Financial advantage and top management support are among the organizational factors, while environmental factors include competitive and regulatory pressures and support, vendor lock-in, and relative advantage (Christiansen et al, 2021).

Source: Cybrosys 2021

ERP software statistics on the area of ROI also reveal that ERP investment deliver value. Among organizations that performed an ROI analysis and have been live for at least a year, 81% agree that ERP deployment met their ROI expectations. Specifically, in the areas of inventory management (92.9%), compliance (84%), and interactions with suppliers (82.5%), benefits are immediately realized. Most companies identified productivity and efficiency as a top benefit of deploying an ERP at 74.8% with 62.6% identifying IT maintenance costs as the second top benefit, followed by improved customer experience at 58.8% (Panorama Consulting, 2022).

hybrid ERP implementation

The above-mentioned aside, the market for ERP still increased in recent years. Consider the following ERP software statistics on market size:

  • From a market value of $143.04 billion in 2021, the global ERP market reached $161.73 billion in 2022.
  • With a CAGR of 13.1%, the market is poised to grow through 2026 with an expected market price of $251.56 billion (The Business Research Company, 2022).
  • Among the top users of cloud-based ERP is Europe (72.5%), North America (71.7%), and Africa (70%) (Christiansen et al, 2021).
  • Companies from the middle east comprise the highest number of companies with on-premise ERP at 47.1% (Christiansen et al, 2021).

ERP market value

ERP Software Trends

An ERP system compiles information in a central database and provides cross-departmental visibility. It builds agility in teams and brings all the business processes and routine tasks under one umbrella. ERP implementation helps improve business operations and improves overall performance. The following ERP software trends are poised to shape the ERP landscape.

  1. AI-powered insights. The adoption of AI in business processes continues to rise among businesses, with 56% reporting adoption in at least one function in 2021. AI adoption is most common in service operations (27%), products and/or service development (22%), marketing and sales (17%), and risk management (16%).
  2. Cloud ERP for post-pandemic strategies. Future-ready ERP systems ensure business continuity. Having a well-designed ERP infrastructure is the lifeblood of high-performing teams that manage to stay competitive amid disruptions in the business landscape. Stacking strategically using cloud-based technologies is one of the major technology trends among businesses that have the capability to stay resilient, and having a strong ERP foundation has been identified as one of the pillars of Industry 4.0. Studies on the impact of ERP on sustainable performance, particularly cloud-based ERP, have cited that ERP provides a competitive advantage by supplying real-time information, which enables companies to make informed decisions.
  3. Hyperautomation. Advances in technology has enabled ERP systems to become agile and dynamic platforms. While traditional ERP is known for automating processes, hyperautomation is now enabling enterprises to customize ERPs for their specific industry. Recent survey revealed that 85% of companies intend to either increase or sustain their hyperautomation investments over the next 12 months. Hyperautomation uses AI, machine learning, and robotic processes and helps organizations gain cost and resource efficiencies.
  4. Integration of blockchain technology. One of the major trends in the ERP software market is the integration of blockchain technology, which is expected to enhance ERP systems. The dominant sentiment is that blockchain and ERP will make the best pair, and will deliver more value to businesses.

Source: Panorama Consulting 2022

List of Best ERP Software

1. Netsuite ERP

Netsuite-erp

Netsuite ERP is an all-in-one business management solution that automates core business processes and enables organizations to facilitate more effective operations by providing real-time data. It offers a single platform for the management of accounting, order processing, inventory, warehouse operations, production, and supply chain.

NetSuite ERP allows companies to have tighter control of their business by providing visibility into operational and financial performance. With the platform collecting real-time data, businesses are able to make better decisions through the reports and visual analytics delivered by the Netsuite ERP platform.

Key Features

  • Complete view of cash flow
  • Expedites financial transactions
  • Global business management tools
  • Automated management of inventory
  • Eliminates bottlenecks in order processing
  • Extended supply chain management
  • Optimizes warehouse operations

Price

  • Custom Pricing

2. SAP Business One

SAP Analytics dashboard

SAP Business One is an ERP software solution that provides all the tools that you need to effectively manage your company. This business management solution covers accounting and financials, inventory, purchasing, sales, and customer relationships, including reporting and analytics.

SAP Business One allows you to drive your business toward profitability by streamlining processes and providing greater insights through real-time business information. The complete set of tools provided by SAP Business One helps companies reduce errors and improve margins while boosting overall productivity.

Key Features

  • Automates key accounting processes
  • Accurate project cost monitoring
  • Tracks all sales opportunities and lead activities
  • Marketing campaign management
  • Manages order-to-pay cycle
  • Creates timely and accurate reports
  • Captures data and provides real-time analytics

Price

  • Custom Pricing

3. Sage Intacct

Sage Intacct dashboard

Sage Intacct is an accounting platform that extends as an ERP solution. It allows companies to customize, integrate, and extend functionalities based on business process requirements. Sage Intacct provides all the essential tools for customizing your daily workflows without the help of the IT team.

To address specific company needs, Sage Intacct Platform Services help extend functionality or create new processes that can be linked to the different business functions. It is designed to scale with your business and offers open APIs and SDKs that make integrations easy.

Key Features

  • Multi-dimensional general ledger
  • Consolidates all entities in minutes
  • Real-time multi-dimensional reporting
  • Interactive planning reports and dashboards
  • Plug-and-play native analytics
  • Integrates with HR and payroll
  • Instant visibility into your people’s data

Price

  • Custom Pricing

4. Acumatica

Acumatica-dashboard

Acumatica is a cloud-based ERP software solution that is easy to use and helps transform business processes by improving efficiency and profitability. It is built to adapt to unique business processes and evolves together with the business as it grows.

The technology of Acumatica connects all your business processes through flexible deployment and scalable licensing. The ERP tools can be easily tailored and personalized for every industry, including construction management and manufacturing management.

Key Features

  • Full suite of accounting functions
  • Flexible item management
  • Multi-entity and intercompany accounting
  • Total cost visibility
  • Personalized dashboards and reporting tools
  • Flexible inventory item management using attributes
  • Accurate payroll management

Price

  • Custom Pricing

5. Microsoft Dynamics 365

Microsoft-dynamics-365-dashboard

Microsoft Dynamics 365 landed on this ERP software list because it connects business processes so companies can deliver the best service to customers. It uses modular and pre-built applications that add and extend the capabilities of your existing solutions.

By optimizing operations, Microsoft Dynamics 365 accelerates business growth and facilitates innovation across teams. By enhancing performance, better services are delivered to customers and this results in improved engagement. Microsoft Dynamics 365 helps you deliver more value in less time through rapid deployment and onboarding.

Key Features

  • Seamlessly connects sales and marketing
  • Delivers personalize service experience
  • Builds finance and business operation agility
  • Drives better performance through automation
  • AI-powered commerce that delights customers
  • Digitizes the supply chain to maximize asset performance
  • Microsoft AI delivers better insights

Price

  • Starts at $50/user/month for the service platform

6. Multiview ERP

multiview dashboard

Multiview ERP offers more than the traditional finance and accounting platform with its sophisticated capabilities and features that provide a single source of truth. For every industry, it offers tailored solutions that increase visibility across divisional, regional, or product line silos.

By ensuring that all the information that you need to keep your business going is within reach, Multiview ERP provides a comprehensive software suite that covers core accounting, business automation, business insight, and inventory management. Drill down into dashboards and financial statements for greater insights.

Key Features

  • Fast and powerful reporting environment
  • Multi-sourced data warehouses
  • Compare budget approval workflows against actual results
  • Robust system for managing productive assets
  • Complete control over payment and payment strategies
  • Comprehensive system for managing AR
  • Real-time access to financial information

Price

  • Custom Pricing

7. Munis for Schools

Munis-enterprise-ERP-dashboard

Munis Enterprise ERP for schools is an ERP platform that provides a comprehensive solution to school districts that help them save money, and time, and boost productivity through dynamic data integration. By centralizing data and connecting school districts, Munis Enterprise ERP for schools simplifies data analysis and reporting and promotes transparency.

Munis Enterprise ERP integrates finances, payroll, human resources, fixed assets, revenue streams, purchasing, and more. It increases staff efficiency and empowers schools to become more responsive to the community.

Key Features

  • Multi-fund accounting system for rigorous fiscal control
  • Streamlines HR processes to attract and hire the right talent
  • Effectively manages school district procurement processes
  • Streamlines a broad range of revenue and collection services
  • Creates better user experience for both staff and community
  • Bridges the silos of information between departments
  • Provides district stakeholders and citizens with 24/7 access to financial data

Price

  • Custom Pricing

8. Genius ERP

Genius-ERP-dashboard

Genius ERP is a software solution designed for small and mid-sized custom manufacturers. It handles the demands of high-variable, multi-stage production by providing ERP features that can handle various project types such as make-to-order, configure-to-order, engineer-to-order, and other custom manufacturing types.

By offering out-of-the-box ERP system functionalities, Genius ERP helps manufacturing companies enhance production systems by improving efficiency. Without hiring additional manpower, it increases productivity and enables manufacturers to take on new projects and grow their businesses.

Key Features

  • Automatically convert CAD models into BOMs
  • Optimizes scheduling according to actual shop-floor capacity and constraints
  • Connects and integrates business processes
  • Eliminates long-lead item shortages through optimized purchasing
  • Maximizes throughput based on actual capacity
  • Automatically reorders items based on minimum stock
  • Facilitates effective quality control

Price

  • Custom Pricing

9. Epicor Prophet 21

Epicor-prophet-21-dashboard

Epicor Prophet 21 is an end-to-end ERP solution specifically designed for distribution businesses. It includes a full range of inventory and supply chain management features and sales pipeline management that seamlessly integrates B2B ecommerce.

Epicor Prophet 21 delivers value to customers by tracking service and production orders, and by managing inventory. By providing a unified customer experience, businesses using Epicor Prophet 21 earn customer loyalty.

Key Features

  • Warehouse management tool integrates with machinery
  • Simplifies vendor setup and management
  • Deep business intelligence for informed distribution decisions
  • RESTful API allows integration with other business apps
  • Helps fine-tune customer focus and engagement
  • Integrates online presence to provide a complete experience to customers
  • Streamlines quote-to-cash cycle

Price

  • Custom Pricing

10. Skubana

Skubana-dashboard

Skubana is an inventory management software that integrates points of sale, partners, and warehouses with both add-on and native integrations. It provides all the tools that you need to organize all your orders as well as the crucial data that will help your business grow.

Skubana is the software solution that you need to run your online business. It provides sales insights and helps businesses keep a single database of all suppliers. Skubana lets you run your multi-channel business, including all warehouses and products, from one dashboard.

Key Features

  • Track pricing, quantity, and production lead time
  • View multi-channel operations from one dashboard
  • Reduce friction and inefficiency through seamless operations
  • Cross-channel reporting with detailed data
  • Real-time inventory for consistent metrics
  • Automatic shipping and return labels
  • Automates data flow across orders, inventory, and purchasing

Price

  • Custom Pricing

11. Exact Globe

Exact-globe-dashboard

Exact Globe is a complete solution that covers all business processes. As one of the top ERP software systems, Exact Globe lets you manage purchasing, production, delivery, accounting, HR, CRM, and all your business functions.

This future-proof software easily integrates with modern technologies and ensures that every business has one central source of information. Exact Globe is easy to deploy and adapts to the needs of the enterprise. The reporting and analysis tool facilitates efficient forecasting and benchmarking.

Key Features

  • Centralized system to manage all your business processes
  • Available and compliant with the standards and laws of over 40 countries
  • Apps equipped with modern technologies to streamline processes
  • Easily connects with other business apps for smoother collaboration
  • Quick deployment ensures optimized use of resources
  • Easily generates and analyzes real-time reports
  • Integrates financial administration with project management

Price

  • Custom Pricing

12. JD Edwards EnterpriseOne

JD-edwards-enterprise-one-dashboard

JD Edwards EnterpriseOne is a fully integrated ERP software suite that offers over 80 application modules for asset lifecycle management, financial management, human capital management, and project management, among others. It offers users the power to manage their business across multiple platforms.

The platform, database, and hardware options of JD Edwards EnterpriseOne provide ultimate flexibility. It allows your organization to work smarter, boosting productivity. By combining standards-based technology, business value, and deep industry functionality, JD Edwards EnterpriseOne transforms operations to create more value.

Key Features

  • Minimizes equipment downtime
  • Improves accuracy of financial reporting
  • Reduces time-intensive administrative tasks
  • Improves project management through managing costs and billings
  • Boosts efficiency to quickly respond to changes in the environment
  • Maintain visibility and control of order lifecycle
  • Minimize inventory and transportation costs

Price

  • Custom Pricing

13. Deskera Books

Deskera-books-dashboard

Deskera Books is an accounting software solution that automates invoicing, billing, expenses, payments, and reporting, among other accounting and finance processes. It is designed for small business owners for the management of invoicing, accounting, and inventory.

Deskera Books takes care of compliance and reporting and allows you to send professional-looking invoices to clients and business partners. It helps you manage inventory by providing real-time data on shipments and deliveries.

Key Features

  • Dedicated success manager
  • All-in-one dashboard
  • Mobile app
  • Creates invoices and bills
  • Automates workflow
  • Multi-currency billing
  • Manage sales conversations

Price

  • Offers a 15-day free trial
  • Plans start at $200/month

14. Infor XA

Infor dashboard

Infor XA is an advanced ERP manufacturing system that offers deep, industry-specific functionality. It covers every type of manufacturing, including project or contract manufacturing, engineer-to-order, configure-to-order, and high-volume repetitive manufacturing, among others.

Delivering a discrete ERP system, Infor XA offers a flexible architecture that supports personalization, modification, and extension. It offers flexible deployment options, which include mixed cloud and on-premise.

Key Features

  • Collaboration tools that increase agility and flexibility
  • Minimizes operating costs with a high level of security
  • Automates key manufacturing processes
  • Analyze, monitor, and manage proactively
  • Accelerates digital transformation
  • Integrated and in-context analytics
  • Supports complex reporting and tracking

Price

  • Custom Pricing

15. Focus ERP

Focus Softnet dashboard

Focus ERP is an enterprise resource planning software that is designed for small and mid-sized companies. It is flexible and accessible via any device and is designed to meet the production process of ISO 9001-compliant manufacturing facilities.

As a fully integrated system, Focus ERP eliminates redundant data entry across accounting, customer management, and resource planning. It helps you identify, analyze, and integrate all the critical business processes for optimized management.

Key Features

  • Integrated system provides control and visibility
  • Effectively manages complex process automation
  • Automates business processes
  • Easily integrates with various business apps
  • Real-time visibility provided by custom dashboards
  • Reduces organizational IT costs
  • Easy navigation and intuitive layout

Price

  • Custom Pricing

Future-Proof Your Operations: Partner With The Best ERP Software

All the ERP software examples cited on the list provide tools for the seamless exchange and processing of information. Accurate information gives the correct data, which is crucial when making decisions. The best ERP software solutions ensure that the right data is delivered at the right place and at the right time.

While there are difficulties involved in implementing ERP systems in organizations, the value that it creates far outweighs the challenges. ERP systems connect every team in the organization and the visibility it provides empowers teams to achieve synchronized workflows. As a major pillar of businesses today, ERP systems will continue to enhance the way organizations work and thrive in every transition.

 

References:

  1. Christiansen, V., Haddara, M. and Langseth, M. (2022). Factors Affecting Cloud ERP Adoption Decisions in Organizations. Procedia Computer Science. https://doi.org/10.1016/j.procs.2021.12.012
  2. Cybrosys Technologies (2021). Statistics of ERP in SMEs. https://www.cybrosys.com/blog/statistics-of-erp-in-smes
  3. Deloitte (2022). ERP-as-a-service: Reducing complexity, powering momentum.https://www2.deloitte.com/content/dam/Deloitte/us/Documents/process-and-operations/us-erp-as-a-service-report.pdf
  4. Kiran, T.S. and Reddy, A.V. (2019). Critical success factors of ERP implementation in SMEs. Journal of Project Management. https://doi.org/10.1016/j.rcim.2012.04.019
  5. Panorama Consulting Group (2022). ERP Trends That Will Continue to Accelerate Throughout 2023. https://www.panorama-consulting.com/erp-trends
  6. The Business Research Company (2022). ERP Software Global Market Report 2022. https://www.thebusinessresearchcompany.com/report/erp-software-global-market-report

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