The marketplace for Manufacturing Enterprise Resource Planning (ERP) platforms is growing with each passing day, with more and more improved software tools coming into play which have a variety of uses. Manufacturing is the process of conversion of raw materials into finished products. The traditional ERP software suppliers continue to offer features like Supply Chain Management (SCM), Customer Relationship Management (CRM), etc. that have remained the backbone of the business management ever since ERP software got introduced. Thereby, the organizations are racing against time so that they can make full use of data.
What is ERP?
ERP or Enterprise resource planning is an integrated management system consisting of key business procedures and real-time automation features supported by necessary business software and technology. ERP is generally referred to as a type of business management software. Basically, it is an assembled suite of many integrated applications which is used by an organization to extract, store, process, and interpret data from the business activities.
Objectives of ERP software
The main objective of an ERP is to provide an integrated and updated view of the main business processes.
ERP systems also track business resources like cash flow, raw materials, productivity of the manufacturing department, etc.
Other than that, ERP also helps to keep track of purchase orders, etc. It helps in facilitating information flow between connected departments like manufacturing, payroll, accounting, etc. and maintain contact with external stakeholders.
In-depth understanding on ERP
ERP software is an industry that produces components which supports various types of business functions. It is a business in which billions of dollars have been invested and IT investments are slowly becoming the largest source of capital expenditure all over the world. The early ERP systems were made pre-dominantly for large enterprises, but nowadays the smaller enterprises are also availing ERP software. The ERP systems specialize in integrating different organizational systems and helps in facilitating error-free transactions as well as production, thereby increasing the production capacity of the organization.
However, the modern-day ERP system development is very different from the traditional one. ERP systems run on various computer hardware and complex network configurations which typically use the business database as an information storage facility and also its work area.
The Best Manufacturing ERP Platforms
There are various ERP providers in today’s world. Some we refer to as ‘mega-vendors’, like Oracle, SAP, Microsoft, etc. There are also lesser-known ERP providers in the market who have come up with interesting products that work in niche areas, like IQMS, Workday, Workwise Software, Acumatica, etc. With the foresight to help you complete the daunting task of choosing the right product, these systems have become indispensable in the business community. The best ERP Software for manufacturing comes with key system requirements that business enterprises look for before purchasing; its job is to layout the steps, to create a comprehensive picture of the market beforehand, and last but not the least, to prepare complete profiles of top manufacturing ERP vendors, which also includes the “Bottom Line” analysis. As the industry keeps on growing, manufacturers are seeing an increase in complexity in their business, and thus there is a huge requirement for ERP software consisting of daily business processes which need a substantial manpower. And with the rapid growth in market, the manufacturers should focus their attention to software systems which are more modern and contemporary; the model is designed in such a way that it can sustain the growth of the manufacturing industry. This is the enterprise resource planning software, also known as ERP.
How can an ERP software help Manufacturers with Growth?
Manufacturing ERP software eliminates various challenges faced in the business sphere and provide innumerable benefits to the manufacturers who are looking to reduce costs, streamline processes and manage the growth. Its ultimate aim is to achieve some kind of competitive edge in the market. ERP systems help in improving the profit margins by increasing the efficiency of manufacturing. There are various kinds of information available. Some have to be readily available and those kinds of information are stored in a central database which allows all the departments to access the data and also update the data in real time conditions. Various tasks are automated according to requirement, thus reducing the time which otherwise was wasted. This results in increased productivity.
The job of a Manufacturing ERP software is to integrate all necessary areas of the manufacturing process. As a result, every significant business function is dependent upon one single database, which includes:
- Inventory records
- Production and sales figures
- Operations and HR
- Accounting and finance
A completely integrated ERP and manufacturing system helps you run your business better and makes your job much easier.
Manufacturing procedure management in ERP
During manufacturing, the first phase involves the beginning of a project as it enters the manufacturing process. It basically involves the preparation of various product designs, patterns, specs, etc. based on which the final product will be created. In the ERP system, it can have one or more attached business modules integrated under the same interface. Keeping exactly that in mind, the ERP providers have been coming up with software systems which have been tasked with assisting the manufacturing process.
ERP software companies and their features
If we try to look up the leading ERP providers and their products among all the ERP software companies, firstly what we see is a general rise in the number of newer companies coming up the ranks. More and more business of all sizes is looking for an ERP solution that can regulate their business processes in order to get higher efficiency, the ERP systems are becoming an obvious solution for any company, even the small sized businesses nowadays need assistance with regards to planning and management. Knowing about the product just isn’t enough in today’s world, it’s also your job to know about the companies that bring them to us. Frustrated customers, excess work due to misplacement, incorrect orders are common problems faced in any business due to poor management and communication. You are in charge of a business model that has different departments and associated systems, and a centralized system that can support your business processes help you to keep things compact and in control. Thereby, the ERP software companies are coming up with such models which fits the buyer requirements. The digital revolution has made it possible for the ERP software providers to come up with any software interface with all kinds of customizations available in the ERP product. They come with specialized modules which can standardize any vital application depending upon the manufacturing process.
Popular ERP Vendors
We have discussed some of the leading ERP software companies and their products below.
Microsoft Dynamics is the most extensively used ERP systems all over the world. This suite includes Microsoft Dynamics AX for accounting and finance automation, added HR and CRM software tool, the Microsoft Dynamics GP system, etc.
Oracle e-Business Suite
A modular type of ERP platform, this suite has many modules like the CRM software, Oracle Financials, Applications, Logistics suites, Oracle Order Management, etc. This software has the added superiority of being able to create their own database from the business layout.
SAP Business One
SAP is also a renowned company which specializes in SMEs. SAP Business One consists of several core business modules, like financials, sales, Purchasing, Banking, WebCRM, etc.
Infor Global Solutions
Infor Global solutions is a business software provider that brings to you several applications like the Infor ERP LN, Infor ERP SyteLine, Infor ERP VISUAL, etc.
Author Bio:– Ritu Kasana, currently working as a Media Coordinator with Techjockey.com. With more than three years of experience in SEO content and the latest optimization practices, I like to write on trending software and technology. I am a tech lover and always look for the latest industry trends to keep the readers updated.