Cloud ERP: What is & Top 5 Cloud ERP Software Vendors in 2023

Cloud ERP Software – The cloud-based ERP software is a popular choice for business owners who are looking to invest in a company’s infrastructure. ERP cloud-based can provide businesses with more flexibility when adapting their software. It’s a fact that the cost of using this type of software is much lower than traditional, on-premise models. 

The type of ERP chosen is important because it will affect how the company invests its money. This article will present the finest cloud ERP software options on the market today.  You should be able to find the best cloud ERP in Singapore that fits your company’s needs and preferences.

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What is Cloud ERP Software?

Cloud ERP is an enterprise resource planning (ERP) system that runs on a vendor’s cloud platform rather than an on-premises network, allowing organizations to access it over the internet. Cloud-based ERP integrates and automates financial and essential operational business functions and provides a single source of data, including inventory, order, and supply chain management, and helps with procurement, production, distribution, and fulfillment.

Cloud-based computing gives users access to software applications that run on shared computing resources. Cloud ERP frequently offers significantly lower initial costs because computing resources are leased by the month rather than purchased outright and managed on-premises. When a business expands or a new company is added, it may quickly scale up its business productivity software with the correct cloud provider.

Also read: Decision Support System Helps Company Problem Solving

Components of Cloud-based ERP

Cloud-based ERP systems encompass various components that efficiently manage and integrate critical aspects of business operations. These components include:

• Human Resources (HR): Cloud-based ERP streamlines HR processes, such as employee onboarding, payroll, attendance tracking, and performance management. It centralizes employee data, enables self-service portals, and automates HR workflows, fostering workforce productivity and engagement.
• Customer Relationship Management (CRM): Cloud ERP integrates CRM functionalities, enabling businesses to effectively manage customer interactions, sales pipelines, marketing campaigns, and customer service. It provides a comprehensive view of customer data, facilitates lead tracking, and enhances customer satisfaction through personalized engagement.
• Business Intelligence (BI): Cloud ERP incorporates robust BI tools that enable businesses to derive actionable insights from their data. It offers customizable dashboards, reporting capabilities, and data visualization tools. This empowers companies to analyze trends and identify growth opportunities.
• Supply Chain Management (SCM): Cloud-based ERP optimizes supply chain processes by managing procurement, inventory, logistics, and demand planning. It ensures real-time visibility into the supply chain, facilitates collaboration with suppliers, and enhances overall efficiency and cost-effectiveness.
• Inventory Management System: Cloud ERP includes inventory management functionalities that streamline inventory control, order fulfillment, and stock tracking. It helps businesses optimize stock levels, automate reordering processes, and ensure timely delivery, minimizing stockouts and improving customer satisfaction.
• Financial Management: Cloud ERP encompasses robust financial management capabilities, including general ledger, accounts payable and receivable, budgeting, and financial reporting. It ensures accurate financial data, facilitates compliance, and provides real-time visibility into financial performance.

Cloud ERP Concepts

Cloud ERP concepts revolutionize the way companies approach their business operations. Understanding Cloud ERP concepts is also crucial for companies seeking to leverage the power of Cloud ERP software to optimize their business, drive growth, and stay ahead in the digital era. In this section, we will delve into the fundamental concepts of Cloud ERP, shedding light on its functionalities. 

1. Cloud computing

Cloud computing involves the delivery of software, data storage, and computing resources over the internet. By utilizing cloud infrastructure, organizations can access their ERP software and data from anywhere, eliminating the need for on-premises servers and reducing IT infrastructure costs. Cloud ERP offers scalability, flexibility, and enhanced data security, enabling businesses to focus on their core competencies while leaving the technical aspects to expert cloud service providers.

2. Centralized data management

Cloud ERP software provides a centralized platform for managing and storing critical business data. This concept allows various departments, teams, and stakeholders to access and update information in real-time, ensuring data consistency and eliminating silos. With centralized data management, companies can gain a holistic view of their operations, enabling informed decision-making, improved collaboration, and enhanced productivity.

3. Integration and modular architecture

Cloud ERP embraces the concept of integration and modular architecture, allowing companies to seamlessly connect their ERP software with other business systems and applications. By integrating with CRM systems, project management tools, and other applications, Cloud ERP ensures smooth data flow and enables cross-functional collaboration, leading to increased efficiency and better customer experiences.

4. Scalability and flexibility

One of the key concepts of Cloud ERP is its scalability and flexibility. Cloud ERP software can scale up or down based on the needs, accommodating business growth and fluctuations in demand. This scalability eliminates the need for large upfront investments in hardware and software, allowing companies to pay for the resources they consume. Additionally, Cloud ERP offers the flexibility to customize and configure modules and features according to the companies requirements.

5. Enhanced security and data protection

Cloud ERP software prioritizes data security and protection. Cloud service providers implement robust security measures, including encryption, firewalls, and regular backups, to safeguard sensitive business data. These providers often have dedicated security teams and compliance certifications, ensuring data privacy and regulatory compliance. Cloud ERP eliminates the risks associated with on-premises data storage, such as hardware failures, natural disasters, and security breaches.

Types of Cloud-based ERP

Cloud-based ERP systems come in three different types, each offering distinct advantages and considerations. They are public cloud, private cloud, and hybrid cloud. Let’s explore these system types.

• Public cloud: Public cloud ERP is hosted and managed by third-party providers, accessible to multiple organizations over the internet. It offers cost-effectiveness, scalability, and rapid deployment, as the infrastructure and maintenance responsibilities lie with the provider. It only requires minimal upfront investment.

• Private cloud: Private cloud ERP is dedicated to a single organization and can be hosted either on-premises or by a third-party provider. It provides greater control, security, and customization options compared to public cloud ERP. It is ideal for companies with sensitive data and specific customization needs.
• Hybrid cloud: Hybrid cloud ERP combines elements of both public and private clouds, offering a mix of on-premises and cloud-based infrastructure. It allows companies to maintain sensitive data in a private environment, while leveraging the scalability and cost-effectiveness of the public cloud for less sensitive operations.

Implementing Cloud ERP Software

Implementing cloud ERP software is a significant undertaking for companies, requiring careful planning, collaboration, and effective execution. Here are three key considerations for a successful implementation:

1. Assessing Business Needs: Before implementing cloud ERP software, it is crucial to assess the specific needs and requirements of the organization. This involves conducting a thorough evaluation of existing processes, identifying pain points, and defining desired outcomes.
2. Planning and Preparation: Effective planning and preparation includes creating a detailed project plan with defined milestones, timelines, and allocated resources. This involves setting up a strong foundation, including necessary infrastructure, network requirements, and data security measures.
3. Training and Ongoing Support: Providing comprehensive training sessions to end-users enables them to understand and utilize the new system effectively. Training should cover various aspects, including system navigation, data entry, reporting, and utilizing specific modules relevant to each user’s role. Ongoing support is equally important, as it ensures that users have access to assistance and resources when needed.

Benefits of Cloud ERP Software

Cloud ERP software offers numerous advantages for companies looking to streamline their operations, improve efficiency, and enhance overall business performance. Here are three key benefits of implementing cloud ERP software:

1. Scalability and Flexibility: Cloud-based solutions allow businesses to easily scale their resources up or down based on their needs. As companies grow or experience fluctuations in demand, cloud ERP can quickly adapt to accommodate the changing requirements. This flexibility enables organizations to optimize resource allocation, minimize costs, and effectively manage their operations.
2. Cost-Effectiveness: With cloud ERP, companies eliminate the need for costly hardware purchases, infrastructure maintenance, and ongoing IT support. Instead, they pay a subscription or usage-based fee, allowing for better budget predictability and cost control. The overall cost-effectiveness of cloud ERP enables companies to allocate their financial resources strategically.
3. Real-Time Data and Collaboration: Cloud ERP provides real-time access to crucial business data, enabling timely decision-making and improved collaboration across departments. With centralized data storage and automated data synchronization, employees can access up-to-date information anytime, anywhere, through any device with an internet connection.

How Does Cloud-based ERP Work for Your Company?

Cloud-based ERP works by providing a platform that enables businesses to access and manage their ERP systems over the Internet. In a traditional ERP system, the software and data are stored on servers located on-premises.

In contrast, with ERP Cloud, the software and data are stored on remote servers that can be accessed from anywhere with an internet connection. Here are the basic steps about how ERP cloud-based works:

1. Cloud Deployment: The cloud ERP software is installed on servers that are hosted by the vendor or a third-party cloud provider. The vendor or provider is responsible for the infrastructure, maintenance, and security of the servers.
2. User Access: Users can access the cloud-based ERP system through a web browser or mobile app, using their credentials to log in.
3. Data Management: The ERP Cloud system manages data for various business processes, such as finance, human resources, supply chain management, and customer relationship management. Users can access and manage data from any location with an internet connection.
4. Customization: Cloud-based ERP systems offer a range of customization options to tailor the software to the specific needs of the business. This includes creating custom workflows, reports, and dashboards.
5. Integration: ERP Cloud systems can integrate with other cloud-based or on-premises software systems, such as customer relationship management (CRM) software or e-commerce platforms, to provide a seamless flow of data and streamline business processes.
6. Upgrades and Maintenance: The Cloud-based ERP software vendor or provider is responsible for maintaining the system and releasing upgrades to ensure that the software is up to date with the latest features and security patches.

Overall, ERP Cloud offers a flexible and scalable solution for managing business operations, with the added benefits of accessibility, scalability, and reduced infrastructure costs.

Also read: Production Software in ERP Systems for Manufacturing Industry

How to Choose the Best Cloud-Based ERP Vendors for My Business?

Choosing the best Cloud ERP in Singapore for your business can be a complex process, as there are many factors to consider. Here are some key steps to follow to help you make an informed decision:

Identify your business requirements

Start by identifying your business requirements and objectives, including the specific processes and functions that you need to manage with the cloud-based ERP system. This can include financial management, supply chain management, production planning, human resources, customer relationship management, and more.

Evaluate your options

Research and evaluate different cloud-based ERP providers, including their features, pricing, scalability, security, reliability, and support. Consider how well each provider aligns with your business requirements.

Consider integration options

Look for a cloud-based ERP in Singapore that offers integration with your existing software systems, such as CRM software or e-commerce platforms. This can help you streamline business processes and avoid data silos.

Check for customization options

Check if the cloud ERP provider offers customization options to tailor the software to your specific business needs. This can help you ensure that the software is a good fit for your business and can support your unique workflows and processes.

Also read: 16 Best ERP Software in Singapore You Should Know in 2023

Look for user-friendly interfaces within the cloud ERP software

Look for a Cloud-based ERP provider that offers a user-friendly interface that is easy to navigate and use. This can help reduce training time for your team and improve adoption rates.

Check for data security

Ensure that the Cloud ERP provider offers robust security measures to protect your data and prevent unauthorized access. This can include data encryption, secure authentication, and regular security audits.

Review support options

Check what kind of support options are available, such as email, phone, or chat support, and consider the provider’s reputation for customer service.

Overall, choosing the best cloud-based ERP for your business requires careful consideration of your business requirements, as well as the features and capabilities offered by different providers. By following these steps, you can make an informed decision that will help you optimize your business processes and achieve your goals.

When it comes to cloud ERP vendors in Singapore, there are several top-notch options available to cater to the diverse needs of businesses. These vendors offer comprehensive cloud-based ERP solutions that integrate key business functions and provide seamless data management, scalability, and flexibility.

HashMicro ERP Software

As the leading cloud ERP solution provider in Singapore with a complete software suite for various industries, customizable to the unique needs of any business. HashMicro took the opportunity to set up a cloud-based system that automates end-to-end business operations.

Since it can accommodate various businesses, it has become the most widely used enterprise resource planning (ERP) platform. Business owners and staff praise the app for making their jobs easier to understand in the context of the overall business goal.

HashMicro also has years of experience operating in various countries. The company has served thousands of customers in trading and distribution, construction, engineering, manufacturing, food and beverage, education, and professional services. Accounting systems, inventory management, HRIS systems, CRM, and various other solutions are all available.

Cloud-Based ERP from Acumatica

Acumatica is a cloud-based ERP solution in Singapore that provides a comprehensive range of tools for effectively managing corporate activities. It is suitable for small, medium-sized, and rapidly growing businesses. Acumatica provides the infrastructure for enterprises to become more efficient and flexible and operate in the face of environmental changes. It also has tools that will make telework and mobile setup easy to do, without interruptions.

Acumatica provides a comprehensive suite of products that successfully support multi-entity intercompany accounting, project accounting, financial management, payroll, and CRM. The program can be hosted on-premises or in a private cloud, giving you flexibility in how you deploy it. It integrates with other business platforms, including HubSpot, ProCore, Salesforce, and Shopify. The license cost of cloud ERP software from Acumatica varies according to the needs of the specific business.

The modern and easy-to-use interface of Acumatica connects business applications in a seamless way. It provides cutting-edge technologies that automate workflows to make them more efficient. Acumatica uses AI to assist firms in achieving flexible and efficient operations that are constantly ready to adapt to the industry.

Method: CRM

Designed to work with QuickBooks, Method: CRM provides integrated, smooth sales processes that maximize digital client engagements. It can handle operations, including acquiring leads, monitoring sales prospects, creating sales orders, and processing payments. You can improve sales procedures all the way around with Method Cloud ERP at your disposal.

It can handle tasks such as capturing leads, managing sales opportunities, producing sales orders, and processing payments. For $28/user/month, you can access the basic contact management functionalities.

As one of the best cloud ERP providers in Singapore, the vendor also offers CRM Pro and CRM Enterprise plans. Aside from the features above, Method: CRM can also help you make data-driven decisions. Delivers integrated, seamless sales operations that make the most out of digital customer interactions. 

NetSuite Cloud ERP Software

Cloud-based NetSuite ERP covers almost any business process you need to integrate to make your business run smoothly, from financial management to procurement, order and billing management, production and supply chain management, warehouse, and fulfillment. 

The wide range of services has benefited businesses of all sizes, making it the most widely deployed ERP platform today. Business owners and employees praise the application for making their jobs easier to understand in the context of the overall business goal.

The financial module is a robust combination of comprehensive accounting capabilities with transparency and compliance at its core and precision.  Also, astute business intelligence to drive the business forward using performance figures and industry-specific insights.

After the free trial, you must contact the vendor to negotiate a price for your specific needs. The tools you require will determine the price, scaling up or down is easily negotiated with the vendor.

NetSuite has been a trusted name in the cloud ERP software industry in Singapore for years, and its customer service is second to none, which should give you peace of mind when considering potential issues when choosing this software.

Tipalti ERP Cloud-Based

Tipalti is an award-winning billing and invoicing platform designed to make global payment processing more efficient. More than 1500 businesses from various sectors trust Tipalti, including business services, gaming, e-commerce, manufacturing, and healthcare. It also has automated account payables for more than four million suppliers worldwide.

This large-scale global payment platform will streamline payment processing by eliminating 80% of payable work. Tipalti has the tools you need to automate your payment processing workflow for suppliers, affiliates, etc., from beginning to end. The cloud ERP software makes this labor-intensive process more accurate and efficient. Whether it is invoice-based, fully digitalized, or a combination of the two.

Tipalti also optimizes payment and financial management while maintaining quality and security.  It has enterprise-level financial controls to safeguard sensitive financial data from cyberattacks and potential data loss. Tipalti DetectTM, the company’s proprietary risk module, also screens, detects, and prevents potentially fraudulent transactions.

Why Should You Switch to Hashmicro as an Alternative to Cloud-Based ERP Vendors?

Switching to Hashmicro as an alternative to other cloud-based ERP vendors can offer several compelling advantages for businesses. Hashmicro provides a comprehensive and highly customizable ERP solution tailored to meet the specific needs of businesses across various industries. Their expertise in delivering industry-specific functionalities allows businesses to streamline their operations and optimize processes.

In conclusion, switching to Hashmicro as an alternative to other cloud-based ERP vendors offers the benefits of a tailored and customizable ERP solution that caters to specific industry requirements, along with exceptional customer support. By choosing Hashmicro, businesses can experience the assurance of a trusted partner who is committed to their success.

Conclusion

Cloud ERP software is a popular choice for business owners in Singapore who are looking to invest in a company’s infrastructure. The cloud-based ERP can provide businesses with more flexibility when adapting their software. It is a fact that the cost of using this type of software is much lower than traditional, on-premise models.

The type of cloud ERP chosen is important because it will affect how the company invests its money. This article presents the finest cloud ERP in Singapore’s market today. You should be able to find the right cloud-based ERP system that fits your company’s needs and preferences. Find out more about the ERP software pricing scheme before implementing it.