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FAQs About ERP Software


What Is an ERP Software?

ERP stands for Enterprise Resource Planning. A modern cloud based ERP software will offer;

  1. Enterprise Planning

  2. Enterprise Budgeting

  3. Enterprise Accounting

  4. Enterprise Procurement

  5. Enterprise Project Management

  6. Enterprise Risk Management

  7. Enterprise Compliance Management

  8. Enterprise Supply Chain Management

  9. Enterprise Workforce Management

Enterprise Planning mainly is used for ;

  • Financial Planning

  • Supply Chain Planning

  • Workforce Planning

Enterprise Budgeting finds its use in;

  • CAPEX (Capital Expenditure) Budgeting

  • OPEX (Operational Expenditure) Budgeting

  • Buffer Budgeting for unknowns in a fiscal year

Enterprise Accounting is used for preparing accounts as per;

  • International Financial Reporting Standards Foundation (IFRS)

  • Financial Accounting Standards Board (FASB)

  • Generally Accepted Accounting Principles in the United States (GAAP).

  • HGB in Germany and PCG in France.

  • US Securities and Exchange Commission (SEC)

  • European Securities and Markets Authority (ESMA)

Enterprise Procurement is used for;

  • Human resource management

  • Employee Well Being

  • Human Resource Upskilling

Enterprise Project Management is used for;

  • Internal Project Management

  • Acquisition Projects

  • Departmental Projects

  • Strategic Projects

  • Change Management

  • Short term projects

Enterprise Risk Management is often used to;

  • Document Risks

  • Grade Risks

  • Project Risks

  • Navigate Risks with Risk Mitigation Actions

  • Correlate risk dependencies

  • Fully understand detailed impact if the risk events happens

Enterprise Compliance Management is used for;

  • Define Internal and External Compliance Factors.

  • Understand Planned vs Actual Compliance.

  • Understand non-compliant areas.

  • Procedure to adopt if compliance is not met.

Enterprise Supply Chain Management is used for;

  • Map the entire process from production of goods to delivery of Goods.

  • Just In Time availability of raw materials.

  • Interlinks between supply chain production process.

  • Define parameters of goods/raw materials acceptance.

Workforce Management is used for;

  • Managing internal and external workforce on a site, plant or a location.

  • Assigning workforce to a project.

  • Time and labour management.

  • Define Permit to Work Conditions.

  • Define and monitor health and safety conditions for the workforce.

We think the term ERP or Enterprise Resource Planning does not fully reflect its capabilities. ERP is beyond resource planning, it includes financials, supply chain, manufacturing, compliance management and many other workflows of an enterprise.


When to Consider Implementing an ERP Software?

When businesses consider implementing an ERP Software, there are a couple of major drivers and a few minor drivers.

There are no set scenarios for implementing an ERP software. We have seen Billion dollar businesses run its core process on spreadsheets and have seen micro businesses implementing a modern cloud based ERP system.

Yet if we were to pick one reason why most businesses implement an ERP system, that would be ‘Reporting, Analytics and Insight’ into the business.

From this broad perspective, specific reasons to include an ERP system include;

People based scenarios to implement an ERP system;

  • Provide a single platform to work across different teams and departments.

  • Offer structured processes to complete tasks.

  • Improve speed of work.

  • Record intangible knowledge into systems.

  • Take a data oriented approach to improve people oriented processes.

  • Build a common data repository across different teams.

Industries that most adopt ERP systems;

  • Industrial components.

  • Manufacturing.

  • Construction.

  • Pharmaceutical.

  • Food and Beverage.

  • Healthcare.

  • CAPEX heavy industries like Aviation, Mining, Utilities and Oil and Gas providers.

Processes and Workflows based reasons to implement an ERP;

  • When a process has more than 5 stages.

  • Interdependent and interlinked process involving more than two departments/teams.

  • Distant process. For example; onsite process is dependant on offsite process.

  • Looped processes where maintaining accuracy with a tolerance is important.

  • Collecting data across all stages of the process is vital for compliance and/or efficiency improvement.

Objectives, Targets, KPI’s driven reasons to implement an ERP system;

  • Take data based decisions to scale, be profitable and/or be more efficient.

  • Improve speed and accuracy of decision making.

  • Back decisions with data.

  • Use data to validate gut feel based decisions.

  • Improve reporting across the businesses.

  • Clarify priorities to drive business momentum.