In 2023, cloud ERP software reached $72.75 billion in the global market and is estimated to increase by 16.4% in 2024 and reach $154.59 billion by 2028. On the other hand, using ERP systems can help businesses save a lot of money and resources during operations. Let’s dive into its benefits and discover the top 9 cloud ERP software in recent years.
How does ERP software save you money?
According to several studies, ERP software can help businesses save money in different ways.
- ERP solution streamlines multiple disparate systems into a single platform. It reduced 23% of business operation costs and administrative costs by 22%
- Real-time data can clear processes if employees need information from different departments
- Integrate core business processes into one system for financial & accounting management
- Better inventory management allows businesses to track real-time inventory levels and make better decision
- Real-time customer and sales data view provides professional insight to analyze behavior through purchase history, or sale figures
- SaaS ERP is a budget-friendly option for businesses because it eliminates the hefty upfront cost of traditional software
What is cloud ERP software?
Let’s discover what is ERP system? Enterprise Resource Planning (ERP) is a system that automates all business processes and manages all business activities: marketing, sales, accounting, human resources, etc. ERP systems were first introduced on-premise: on the client’s servers.
However, cloud ERP software can change everything! It is hosted in the cloud and integrates some of the needed functions, such as accounting, inventory and order management, human resources, customer relationship management (CRM), etc.
This ERP system also gives companies the freedom to use hardware, flexibility, and up-to-date functionality. Cloud ERP has not only smart and innovative solutions but also relatively new business models applicable to all types of companies.
Selecting a software deployment model is just as important as choosing the correct ERP solution. For instance, here are some standard models to consider to assist you in making the proper decision:
- On-Premise ERP
- Cloud ERP
- Hybrid Cloud ERP
- Software-as-a Service (SaaS) ERP
For many businesses, each ERP method has its advantages and disadvantages. Selecting software as a service (SaaS) or cloud ERP may be a complex and challenging process for many businesses.
Top 9 Cloud ERP Software highly recommended in 2024
Microsoft Dynamics 365 ERP
Microsoft Dynamics 365 ERP is a suite of applications designed to streamline your business operations and financials. Its AI-powered software offers a unified view of your company, connecting teams, processes, and data. Dynamics 365 ERP systems include:
- Dynamics 365 Finance
- Dynamics 365 Supply Chain Management
- Dynamics 365 Business Central
- Dynamics 365 Human Resources
- Dynamics 365 Project Operations
Pros:
- Streamline operations with connected CRM and ERP functions, boosting teamwork and giving you a clear view of your business
- No matter your size, Dynamics 365 scales to fit your needs. Start small and add on as you go.
- Access everything online, anytime, anywhere
- Makes sense of your data with powerful analytics and reporting tools, helping you make smarter decisions
- CRM features help you manage customer interactions and personalize experiences, leading to a more satisfied clientele
Cons:
- Getting started can be expensive, especially with complex customizations
- You can customize Dynamics 365, but major changes might require extra coding or workarounds
- Proper training is key to getting the most out of the system
- Moving away from Dynamics 365 to another system can be complex due to data connections and customizations
- While automation is there, setting up specific workflows might require additional development
SAP Business One
Running a small business can be a juggling act. SAP Business One ERP can help! It’s user-friendly cloud ERP software that simplifies finances, sales, inventory, and customer data, all in one place. No more data headaches, just a smooth-running business under your control.
Pros:
- Manages your finances, sales, inventory, and customers on one user-friendly platform, keeping things organized and simple
- Grows with your business! Start small and add on features as you need them
- SAP cloud ERP software centralizes your data, giving you a clear view of your operations
- Streamline customer interactions and boost satisfaction with built-in CRM features
- Choose between on-premise or cloud-based deployment to fit your business needs
Cons:
- While generally affordable for small businesses, implementation costs can add up, especially with customizations
- There’s some initial setup and learning involved, so proper training is important for smooth operation
- While it offers automation features, complex workflows might require additional development
- While great for small and mid-sized businesses, it might not be as scalable for very large corporations
- Customizing SAP cloud ERP software can be more limited compared to some high-end ERP systems
SAP S/4 HANA Cloud
SAP S/4HANA Cloud ERP is a cloud-based version of SAP’s powerful ERP software suite. It’s designed for businesses of all sizes, but particularly large enterprises with complex needs. SAP S/4 Hana keeps all your operations centralized, provides real-time data, and can grow with your business.
Pros:
- Its in-memory database delivers real-time insights and data processing, allowing for faster and more informed decision-making
- Simplify maintenance by offering anytime, anywhere access
- Integrate Suite manages various aspects of your business, from finance and inventory to CRM and HCM, streamlining operations
- The cloud-based nature allows S/4HANA Cloud to grow alongside your business, adapting to your evolving needs
- Regular updates and improvements from SAP ensure you benefit from the latest advancements without major on-site upgrades
Cons:
- Upfront implementation costs can be significant for complex setups, especially with customizations
- The vast functionality can be overwhelming for some users
- Migrating from S/4HANA Cloud to another ERP system can be complex due to data integration and customizations
- For specialized workflows, additional development or partner support might be needed for advanced automation
- S/4HANA might be overkill for very small businesses due to its complexity and cost
Oracle Cloud ERP
Oracle cloud ERP is an end-to-end business management solution that offers a suite of applications, including material planning, financial accounting, and business intelligence. Oracle’s accounting features include a strong business intelligence module to identify trends from business data, in addition to GL, analytics, and self-service reporting.
Pros
- User-friendly controls, cost-effectiveness, ease of access for end-users once in the cloud, and quick performance
- Its reporting capabilities have been upgraded, requiring less effort and skill to produce and empowering users with the analytics they choose
- It also easily integrates with all of our existing software and gives businesses a complete platform package to manage their business activities
- Oracle Cloud ERP provides the most comprehensive accounting engine to handle a wide range of financial reporting requirements
Cons
- There aren’t many native connections to other Oracle Fusion Cloud ERP systems
- Many features are not mentioned in Oracle’s online manuals. Users learn about it only after they use or explore it
- When using Oracle ERP Cloud, navigation is a big challenge because the dashboard is so clumsy
Infor M3
Infor M3 is a manufacturing and distribution ERP system that runs on the cloud. It uses the latest technology to provide an excellent user experience and robust analytics on a multi-company, multi-country, and multisite platform.
Infor cloud ERP software can also help businesses quickly transition to the digital age, respond to change more rapidly, minimize excess inventory, and save money. Cloud, on-premises, and hybrid deployment options are all available.
Pros
- You won’t have to deal with significant upgrades because Infor maintains a single version of the software on the cloud
- With significant scalability for resources and computing processing capacity, you can easily and effectively fulfill the changing needs of your business
- M3 Cloud’s extremely fault-tolerant infrastructure, together with backup regimes, allows for a very low recovery point objective at an affordable price (RPO)
- Use M3 Cloud’s contemporary and secure tooling to facilitate third-party integrations, including standard and custom BODs and APIs
Cons
- Do not manage structured sales organizations because the business structure has flaws
- Configuration and deployment are not simple tasks. To deploy or simply update the program, a large number of consultants were required
- It’s not straightforward to customize. It is also highly costly to develop
IFS Cloud
IFS is a cloud ERP software that helps businesses collect data and processes from various departments and locations. Enterprise Asset Management, Enterprise Project Management, and Service Management are all included in IFS
The IFS ERP system assists businesses in adapting to new technology and changing market conditions. It also offers end-to-end enterprise asset management to users.
Pros
- The IFS ERP system is user-friendly and packed with multiple features for players across different industries
- IFS is one of the few ERP systems that includes HR and accounting modules
- The live dashboard displays data on a single screen. So it can easily adjust
- Because IFS is open-source software, it is very secure and safe
Cons
- The relatively high cost is one of the cons of the software
- Users have had a hard time finding information about the software on the search engines
- Technical support needs improvement
Acumatica
Acumatica Cloud ERP is the most influential business management solution for transforming your business to survive in the new digital economy. Because it is equipped with cutting-edge technology, best-in-class company functionality, and customer-friendly business practices.
Integrated workflows span the entire business management application, from finance, project accounting, and inventory management to CRM. Acumatica is developed on an open structure platform that allows for flexibility, ease of use, and quick integrations.
Pros
- The Acumatica Cloud ERP software has many applications for accounting, sales, projects, cases, and client administration
- On the Acumatica Marketplace, users can choose approved industry and business applications to build a solution that fits their needs
- Customer service is available 24 hours a day, seven days a week, with two layers of assistance, including certified partners in local and regional markets
Cons
- Limiting pages for users and restricting access is a pain
- The custom report modification tool needs more polish
- Accounting software has a short history to look back on
Epicor
If you are seeking a cloud ERP software solution for manufacturing, Epicor is one of the reasonable options. It integrates various aspects of your business into a single platform, streamlining operations and boosting efficiency. Epicor Cloud ERP aims to empower manufacturers with a user-friendly and comprehensive solution to manage their operations effectively.
Pros:
- Epicor offers industry-specific features for tasks like production planning, inventory control, and quality checks, streamlining operations for manufacturers
- You can access the system from anywhere with an internet connection
- Get a clear picture with real-time data and insightful analytics, enabling data-driven choices for your business
- As your manufacturing needs expand, Epicor Cloud ERP scales to keep pace, accommodating your growing business
- Foster better collaboration between departments by providing a central platform for all operational data
Cons:
- The implementation costs, including customization and data migration, can be significant for complex setups
- Extensive modifications might require additional development or workarounds
- The system’s breadth of functionality can have a learning curve for some users
- For specialized workflows, additional development or partner support might be needed for advanced automation
- Epicor might not be the ideal fit for businesses outside the manufacturing realm
Syspro
SYSPRO is an on-premise and cloud ERP software that focuses on inventory management, manufacturing operations management, order management, production management, and more for manufacturers and distributors.
Pros
- Third-party software integration through Business Objects allows for virtually any functionality and any desired level of automation
- It allows for a great number of reporting options. The data can also be extracted into Excel or an Access database
- Because we can customize the screens to each user’s specific needs or job requirements, personalization is essential to our process
Cons
- The user interface is not intuitive
- Don’t provide pre-printed forms such as purchase orders, sales orders, and invoices
- Custom reports are difficult to pull and run without IT support
Conclusion
Let’s save your budgets with cloud ERP software! From our 9 suggestions, I hope you can find ones that perfectly fit your needs. Carefully consider your budget, industry, and business size before making a decision. With the right cloud ERP software in place, you can not only save money but also gain valuable insights to propel your business forward.
