If you are a manufacturer and have been asked to research an ERP solution for your business, the very first thing you need to know is the list of features you need and how they would impact your business.
While each business would always require certain specific features, there are a few common features that most manufacturing companies need. These are also the features most popular ERP products are likely to offer out-of-the-box.
On the other hand, Industry-specific functionality is what differentiates ERP products. If you are looking at larger solutions such as Microsoft Dynamics, SAP S/4 HANA, or Oracle ERP products, these last-mile features might be provided by add-ons built by system integrators as these products are meant to be slightly technical in nature and designed for larger companies. Unless you have a very large IT team as well as a budget, your best bet would be to find an industry-specific ERP such as Acumatica or Infor CloudSuite Industrial where most such features are provided out-of-the-box for specific industries.
ERP Features for Manufacturers
- Bill of Material (BOM)/Formula
- Material Requirement Planning
- Production Order Management
- Labor and Material reporting through mobile
- Accounts Receivable (AR)
- Accounts Payable (AP)
- General Ledger (GL)
- Cash Management
- Currency Management
- Multi-entity Accounting (If you have more than one location or entity)
- Fixed Assets
- Tax Management
- Financial Reporting
- Inventory Management
- Warehouse Management
- Barcode Reading Capabilities
- Order Management
- Salas Order Processing
- Purchase Order Processing
- Purchase Approvals
- Customer and Vendor Management
- Pricing and Discount Management
Knowing these standard features and what differentiates ERP solutions is critically important in order to establish accurate selection criteria as well as priorities otherwise you may end up selecting the wrong ERP product, which typically results in failed implementation and budget overruns.