6 minutes

How to choose an ERP system: exploring the best ERP systems in 2024

Business

Enterprise

ERP

Choosing an ERP system can be tricky with so many options available — but we’re here to help! In this guide, we’ll break down the key factors to consider during an ERP system selection process. Let’s get right to the point and focus on what really matters, so you can make an informed decision without getting bogged down — and, by the end, you’ll have a clear idea of what works best for your business.

How can an ERP system help a business

Before you understand how an ERP can improve your business, it’s important to know what an enterprise resource planning actually is. Essentially, an ERP system is a software solution that integrates once-separated systems within your company into a unified hub. By consolidating all necessary business data involved in the running of a company, you can focus on more important tasks than data entry.

A single version of the truth
Fluid workflows and info flow
Faster opportunity response
Better communication across teams
Real-time data for decisions
Resource optimization, lower costs

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Key ERP statistics you need to know in 2024

28%

of organizations are reported to achieve ROI within 12 months after ERP implementation

$54.76 bn

global ERP market in 2022, growing at 11.0% CAGR through 2030

45%

of companies find it easier to access customer and enterprise data, enabling timely decisions

ERP system selection: 5 factors to consider

Business needs alignment

Map out current processes, collect feedback across departments, and list the features that your ideal ERP ought to have. If in doubt, it’s always a good idea to contact an ERP system selection consultant to figure out exactly what you need.

Budget management

When selecting an ERP system, it’s important to evaluate both upfront and ongoing expenses. Be sure to take into account the total cost of ownership and explore different pricing options — don’t be afraid to haggle for a better deal.

Integration capability

How well the ERP system meshes with your existing software is also a vital factor to consider. You should identify key integration points, confirm compatibility, and plan for data migration — all while testing it thoroughly to avoid bumps in the road.

User experience

An ERP that’s easy to use should be a priority. A user-friendly, intuitive interface is essential for headache-free adoption: it helps reduce frustration and improves user engagement, leading to more efficient use of the system.

Vendor support quality

Last but not least is the vendor’s background and reputation. Look for solid references, assess their support services, and test their responsiveness. Review SLAs to be sure you get the guidance you require, when you need it.

ERP selection roadmap

“Choosing the right ERP system is a strategic decision that shapes the trajectory of business growth. With ERP, you’ll forget about siloed management software because the system offers real-time, integrated data across your entire organization. Consolidating all data in one place makes it much easier for you to identify and act on opportunities quickly.”

Kiryl Drabysheuski

Lead of ERP consultants

Overwhelmed by the multitude of ERP systems available today?

Hire our ERP system selection consultant to analyze your requirements and find the most appropriate solution.

Top ERP systems in 2024

Microsoft Dynamics 365 is a cloud ERP system that helps businesses manage finances, operations, sales, and customer relationships. It works well with other Microsoft tools like Excel, Outlook, and Teams, and can be customized to fit different business needs.

Pros

Works perfectly with other Microsoft apps
Simple to use with a customizable dashboard

Cons

On-premise deployments have limited scalability
Mobile apps don't work offline

Odoo is an open-source ERP system designed for small and mid-sized businesses. It’s flexible and affordable, offering many tools for various business requirements. However, when it comes to larger, more complex organizations, the system might face limitations.

Pros

Affordable and flexible for small businesses
Open-source with a large support community

Cons

Doesn't scale well for large companies
Not suited to complex business operations

SAP S/4HANA is an ERP system built for large organizations that need to handle complex business processes. It works well for companies with global operations — but has seen some issues with cloud transition and difficult implementations.

Pros

Great for bigger firms with complex needs
Handles global business operations effectively

Cons

Implementation can be difficult and costly
Challenges with moving to the cloud

Key trends in ERP for 2024

Cloud-first ERPs

The cloud isn’t just an option anymore: it’s the go-to move for most businesses. Cloud-first ERPs offer flexibility, scalability, and security that on-premise systems cannot replicate. In 2024, if you’re not in the cloud, you’re falling behind.

Mobile ERP solutions

With everyone working anywhere these days, mobile ERP is becoming all the more essential. These systems give workers on-the-go access to key business tasks, so things keep humming no matter where your team is.

ML and AI

AI and ML penetrate ERP systems, automating complex tasks so that businesses can predict trends, uncover insights, and make smarter decisions at lightning speed. It’s all about working smarter, not harder.

Enhanced data analytics

They say data is the new currency, so businesses rely on advanced analytics to make money. This is where ERPs come into play — turning raw data into clear, actionable insights that help companies make better decisions.

IoT integration

The Internet of things (IoT) is making a big impact by connecting devices directly to ERP systems. Sensors and equipment send real-time data, helping businesses better manage their assets.

Focus on security

In 2024, security is front and center for organizations: with cyber threats on the rise, companies are doubling down on ERP security. Strong protocols and 24/7 monitoring are non-negotiable to protect sensitive data.

Conclusion

Choosing the right ERP system for your business can feel like a big task — but it doesn’t have to be. Since an ERP touches so many areas of your business — like finance, HR, and operations — it’s important to know how to select an ERP system that fits your needs. When you get it right, you really hit the jackpot. The right ERP will not only tick all the boxes for your current requirements, but will also help your business grow without unnecessary headaches. If you take the time to consider your options carefully, you’ll set yourself up with a system that makes life easier.

FAQs

Why is choosing the right ERP system important?

Selecting the right ERP is crucial as it unites key functions like finance, inventory, production, and HR into one system — fine-tuning operations and reducing errors. A good ERP boosts efficiency, provides real-time insights, and helps scale your business. On the flip side, the wrong system can cause confusion, waste resources, and miss growth opportunities.

How much does an ERP system cost?

ERP system costs can range widely, from relatively affordable options to more expensive, complex solutions. The price depends on factors like the number of users, the level of customization, and the features you need.

How long does it take to implement an ERP system?

Implementation typically takes 6 to 12 months, but can vary based on complexity and customization.

How can an ERP system help a business?

An ERP system brings all your key data — like sales, inventory, and finance — into one place, making it easier to manage everything. It automates tasks, reduces mistakes, and gives you real-time updates, so you can make quick, informed decisions and keep your business running smoothly.

Can an ERP system be customized to fit my business?

Yes, you can tweak an ERP system to fit your business. If you need special features, unique workflows, or custom reports, the system can be adjusted to handle it. For example, if your sales or inventory processes are different from standard ones, the ERP can be set up to manage them smoothly.

Kiryl Drabysheuski Lead of ERP consultants

Date: Sep 23, 2024

Kiryl Drabysheuski Lead of ERP consultants

Date: Sep 30, 2024

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