For businesses today, Enterprise Resource Planning (ERP) technology is no longer a secret sauce, but rather a must-have that enables agility and rapid transformation in the fast-paced industry. It essentially integrates all aspects of a business. An ERP is a solution to get rid of the siloed hodgepodge of systems within organizations. But, from hundreds of ERP systems to choose from, the question – which ERP to choose is a tough one for decision-makers. Finding the best fit ERP solution for your business can be quite overwhelming. That’s why in this blog, we bring to you the list of top 7 ERP Software for 2021 worth considering if you are looking to implement a new ERP system this year.
To get the best out of any technology, it is essential to stay on top of ERP systems’ features and solutions. As companies increasingly rely on ERP software to run their businesses, ERP vendors too continue to evolve incorporating new technologies to support a broader range of functions. With technologies like IoT, Blockchain, Business Intelligence, Machine Learning, and AI rewriting rules for businesses, choosing an ERP system that meets your business needs and enables you to leverage these latest technologies is more important than ever before. The ERP vendors mentioned below have been short-listed based on their technology, features, user reviews, product viability, etc.
List of 7 Best ERP’s for 2021
Find below the list of best ERP systems for 2021 in alphabetical order.
1. Epicor ERP
Epicor ERP is one of the best ERP software vendors providing industry-specific solutions built to cater to the needs of organizations of all sizes in different industries including Manufacturing, Distribution, Retail, and Services. Moreover, it is especially suited for midmarket companies. It has been positioned as a Visionary in the Gartner Magic Quadrant for Cloud ERP for Product-Centric Midsize Enterprises. Additionally, Epicor received the highest score in the ERP Functionality use case in Gartner’s Critical Capabilities report for Cloud ERP for Product-Centric Midsize Enterprises and Panorama Consulting’s ERP report identifies it as the top performer in the midmarket.
Epicor is a fully integrated end-to-end ERP solution with comprehensive features and functionalities to automate various business processes with its various modules including accounting and finance management, customer relationship management, inventory management, pre-production materials planning, HR management, supply chain management, governance, risk and compliance management, Product and production management, sales and marketing, Business Intelligence, etc. Customers can choose the modules they need based on their business requirements.
Epicor offers flexible deployment options- on-premise hosted or cloud. It also allows for multi-site installations for organizations operating from multiple locations.
Epicor ERP is uniquely positioned for manufacturing industries and has very strong industry-specific features that cater to different modes of manufacturing like Make To Order (MTO), Configure To Order (CTO), and Engineer to order (ETO). It also has vertical industry-specific solutions tailored for the needs of manufacturing sectors like automotive, fabricated metals, industrial machinery, discrete manufacturing, furniture, and fixtures, etc.
With top-notch technologies like AI, IoT, and BI integrated within, Epicor ERP is a future-ready ERP software. It offers high mobility and extensibility allowing businesses to easily scale and make better decisions to keep pace with evolving industry trends
IFS offers ERP solutions for industries including aerospace & defense, utilities & resources, construction & infrastructure, manufacturing, and services industry. It is designed for mid to large-sized organizations and can be deployed on-premise or in the cloud. IFS has been positioned as a Visionary in the Gartner Magic Quadrant for Cloud ERP for Product-Centric Midsize Enterprises.
The solution includes functionalities for Enterprise Project Management, Enterprise Asset Management, and Service Management. IFS ERP application can be configured for a variety of industries and is specifically suitable for businesses demanding processes that combine elements of manufacturing, project, service, and asset management. Customers can pick the modules they need and add them on as and when they need them.
IFS ERP applications also incorporate advanced technologies such as the Internet of Things (IoT), Natural Language Processing (through IFS Aurena Bot), and analytics directly into the product applications.
Infor CloudSuite is a robust suite of industry-specific ERP applications primarily intended for mid-sized and large companies in the manufacturing, distribution, and services industries. Infor has been named a “Leader” in Gartner’s 2019 Magic Quadrant for Warehouse Management Systems. It has been positioned as a Visionary in the Gartner Magic Quadrant for Cloud ERP for Product-Centric Midsize Enterprises.
Each Infor industry CloudSuite is built with pre-configured processes and setups to cater to the specific needs of the industry. The solutions provided include HR management, procurement, supply chain management, and customer relationship management.
Infor CloudSuite solutions also offer excellent analytics features using pre-configured dashboards with various key performance indicators (KPIs), intuitive reports, and other tools enabling businesses to make better decisions from the insights gained.
Infor offers multiple deployment options including on-premise, cloud, and hybrid giving users the choice to select the most appropriate option for their business needs.
Microsoft Dynamics 365 is one of the top cloud-based enterprise systems that combines the capabilities of an ERP system and an advanced CRM system. Microsoft Dynamics has been positioned as a Visionary in the 2020 Magic Quadrant for Cloud ERPs for Product-Centric Midsize Enterprises.
The Dynamics 365 ERP platform includes versions of its legacy ERP system Microsoft Dynamics AX and Microsoft Dynamics CRM. It is mainly targeted at organizations in the small and mid-market space. Unlike other ERP systems in the market, Microsoft focuses on key business groups rather than specific industries.
The Dynamics 365 suite consists of multiple applications built for different business functionalities including Sales, Marketing, Customer Service, Field Service, Project Service Automation, Finance, Supply Chain Management, Commerce, and Human Resources.
Microsoft Dynamics 365 helps companies operate more efficiently by automating their processes with intelligent workflows using the inbuilt Cortana Intelligence and Azure machine learning capabilities. Its tight integrations with Microsoft office tools and LinkedIn can boost your productivity considerably.
Microsoft Dynamics 365 which is designed to be a SaaS application, offers other deployment options as well including hosted and on-premises, but with some limited capabilities.
Oracle ERP is one of the leading ERP software vendors in the market today. Oracle offers ERP solutions for midsize, large, and global enterprises. It includes core financials, accounting hub, purchasing, project management, planning and budgeting, supply chain and manufacturing capabilities, risk management as well as industry-specific applications. Oracle is the only leader in Gartner Magic Quadrant for Cloud ERPs in 2020.
. Oracle ERP Cloud applications’ architecture enables existing on-premises customers to adopt a hybrid ERP strategy as needed, and then progress towards an all-cloud ERP strategy. Oracle ERP Cloud’s Adaptive Intelligent Apps and IoT programs embed technologies such as AI to support product-centric enterprises. The new functionality assists with managing and planning supply chain resources and enterprise assets used in manufacturing, order management, and distribution.
NetSuite is the cloud-based ERP Solution from Oracle targeted at small and medium-sized enterprises. It allows companies to streamline their business processes by automating the key functional areas like finance management, revenue management, inventory management, order management, billing, e-commerce, and customer relationship management.
NetSuite named a leader by Gartner in its 2019 magic quadrant for Cloud Core Financial Management Systems for Midsize, Large and Global Enterprises, has one of the best financial management modules offering real-time access to live financial data. With direct links between accounting and compliance management, users can benefit from accelerated closings and accurate reporting. It also offers excellent capabilities for customer relationship management and marketing automation.
SAP continues to be a leader in enterprise applications with more than 25% market share. SAP in fact has three distinct ERP products – SAP S/4 Hana, SAP Business One, and SAP Business by Design. While SAP S/4 HANA is the solution for mid-sized to large enterprises, SAP Business One and SAP Business by Design are SAP’s products for small and medium-sized enterprises.
SAP Business One is SAP’s ERP solution for small and mid-sized enterprises (SMEs). The ERP system is specifically designed to scale as small businesses grow and functionalities to help users streamline their key business processes including financials, purchasing, inventory, sales, project management, operations, and customer relationships. SAP Business One focuses on industries including consumer products, manufacturing, retail, distribution, and professional services.
It offers all-encompassing out of the box functionalities which allows businesses to manage all their critical information in a single solution. SAP Business One works on top of the SAP HANA database which enables fast, complex, and robust business analytics giving businesses an advantage for critical decision making. SAP Business One can be deployed on-premise or cloud.
All the ERP solutions mentioned above have many good features and in fact offer very similar features, if you take a close look at the feature list provided by the vendors. However, each one might have specific strong points compared to others. For example, Epicor and Infor offer very strong industry-specific functionalities for manufacturers, SAP Business One offers strong BI capabilities, NetSuite excels for finance management, MS Dynamics is strong when it comes to customer relationship management, and so on. Identifying which ERP system fits your processes and business needs the best is the key to your ERP implementation success. Read our blog on the Checklist to choosing an ERP for a comprehensive checklist for choosing the best fit ERP software for your business. If you are still looking for some help on ERP system selection or implementation talk to our specialist.