ERP Software Features in 2024: The Pros and Cons of the Best Players

If you run a small firm engaged in producing or distributing physical goods but lack an ERP (Enterprise Resource Planning) system, you may be asking if and when you should make this investment. Before making a crucial decision like this, one may ask themselves what the top ERP software features a business needs and which solution has them all or at least most of them. In the following paragraphs, we will make it easy for you to understand the technical aspects and benefits you may get by using an ERP solution with a value-based comparison.

Most Useful ERP Software Features You Must Have

An ideal ERP software offers plenty of features, but few to top the list that we would like to call ‘Must-have.’ Then, we prioritize a list of features that are not essential for ERP software but are nicer to have; we will call them ‘Nice-to-have’ here.

The Must-Have Features of an ERP Software in 2024

Cloud-Based ERP Software

In 2024, we can no longer rely on a local server-based solution. Any business has stakeholders across the country(s), which means the data needs to be accessed from multiple locations and networks. The best way to access your data from multi-location devices and users is if the solution is hosted on a cloud server. This is the first must-have in our list.

Real-Time Data Access and Reporting

ERP software features in 2024 should give users instant access to vital business data so they can act quickly and decisively. Customizable, extensive reports and analytics for multiple stakeholders should be provided by reporting tools.

Centralized Database

The core of an ERP system is a centralized database, which houses all pertinent information from various departments and procedures in one place. This makes data more accurate, consistent, and accessible.

Mobile Accessibility

Mobile accessibility is essential in today’s mobile-first world to facilitate remote work and decision-making while on the go. ERP software features ought to provide responsive web interfaces or mobile applications so that users of smartphones and tablets can access essential features.

Advanced Integration Support

ERP software in 2024 should offer cross-functional integrations, allowing businesses to select and integrate several solutions based on their specific needs. The ability to integrate modules ensures smooth communication with external systems.

Customer Relationship Management (CRM)

Businesses can manage customer interactions, track leads, and optimize sales processes within the ERP software by integrating it with the CRM functionality. Not only does it allow the management of all customer data in one place, but it also becomes a resource for marketing activities.

The Nice-To-Have ERP Software Features in 2024

Multi-Language Support

ERP Software in 2024 is highly customizable and produced for a global audience. However, it may often seem difficult to understand due to a single-language operating system. Global solutions are often developed with multi-language support to adapt to users from different levels. Not only does this provide a sense of comfort to users, but it also ensures error-less operation.

Business Process Automation

Business process automation, including RPA, an advanced method that reduces human interference in repetitive tasks and ensures that machine takes care of them within the shortest time, is one of the advanced features of modern-day ERP solutions that not many players can afford. However, this nice-to-have feature has already been adapted by some of the leading solutions.

Predictive Analytics

Proactive decision-making and strategic planning are made possible by predictive analytics tools, which use previous data and ML algorithms to forecast trends, spot patterns, and generate data-driven predictions about future outcomes. Some of the leading solutions offer this feature to businesses that require technology-based analytics.

IoT Integrations

All ERP Software requires software integrations for smooth operation but a handful of them also allow Internet of Things (IoT) integrations with hardware equipment and machinaries for further benefit of the users. This is a very least demanding but nice to have ERP software features that we put at the end of our today’s list.

The above-discussed ERP software features can efficiently improve productivity, accelerate business growth, and streamline operations correctly incorporated with the business.

The Pros and Cons of the Best ERP Software

As complete and functional as the best ERP software is, some cons might prevent users from opting for them. Here is a factual comparison on some of the leading ERP software in the world based on the positives and negatives that may help you identify the right solution for yourself.

SAP ERP

Being the leading solution in the industry worldwide, SAP offers useful functionalities that can elevate any business. But like many solutions in the world, it has its’ disadvantages as well.

Pros: Global solution, Highly Scalable, Comprehensive Functionality, Industry-Specific Modlues, Integration Capabilities etc.

Cons: Expensive, Complex to Understand, Resource Intensive, Requires Expertise, etc.

Oracle Cloud ERP

In terms of user base and functional benefits, Oracle Cloud ERP is no less than SAP, but there are obvious reasons why it is number 2 in the category.

Pros: Cloud-Based, Integrated Suite, AI and ML features, International Capabilities, Frequent Updates etc.

Cons: Dependency on the Oracle Ecosystem, Costly Modlues, Complex User-interface etc.

Microsoft Dynamics 365

Microsoft, being the late participant in the ERP game, has gained significant market share within its’ operational lifespan. However, it could not address the difficulties that the other ERP solution users faced.

Pros: Integrated in Microsoft ecosystem, Flexible Solution, Highly Scalable, Improved UI, Artificial intelligence and Analytics, etc.

Cons: Limited customization, Incomplete Module, Internal tool dependency etc.

Managerium ERP

Managerial ERP has evolved as the latest game changer in the market to resolve some of the grave issues the customers of the market leaders have faced. However, it has yet to prove its superiority in the category due to a few limitations.

Pros: Complete solution for SME, cloud-based, Cost-effective, User-Friendliness, Customization etc.

Cons: SaaS Module missing, Limited Integration Capabilities, Underdeveloped AI & ML features, etc.

Last Words

How do you determine the right solution to buy for your business? We suggest you weigh the pros and cons of each solution before making the right decision. It should not be based on the features but on your business’s requirements. In order to identify the requirements, you may consider the ERP software features that a solution must have in 2024. The nicer ones will be considered a bonus if they do not cost you an arm and a leg.