What Is an Enterprise? Types, Examples, and Top ERP Software for Businesses

In today’s world, competition is pretty high and business people are always on the lookout for opportunities to maximize returns while minimizing risks. It does not matter the size of the organization, every organization needs to know the basics of operating an enterprise and the tools to use while conducting business. In this article, we discover what an enterprise means, the various types of enterprises, and how to identify suitable ERP software to support your business. At Call Center Studio, we are fully committed to ensuring organizations reach their objectives and goals through products such as cloud call center software. Let’s get started!

What Defines an Enterprise in Business?

Enterprise in business is defined simply as an organization or a company that is large enough to contain many departments and branches, and often in different states or countries. An enterprise may be big or small but, in most cases; they are large enough to have a good number of employees and generate a large amount of income. They could be profit making, or non-profit depending on the ambitions of the business.

Many enterprises possess a rather elaborate structure and it is their task to coordinate various processes. They must enhance efficiency and make several modifications in order to interact with customers more efficiently. This is where Enterprise Resource Planning (ERP) software comes in.

What Are the Different Types of Enterprises?

Enterprises can be categorized in many ways concerning their ownership, the type of operations, and the kind of industry they are in. Let’s discuss some common types of enterprises:

1. Private Enterprises: These are those businesses that are operated by one or many people who have no connection to the government or state. They are in many types, for example, independent production companies, shops, boutiques, and service-providing firms.
2. Public Enterprises: Public Enterprises: Public enterprises refer to those that are owned directly by the government or state organizations at the national or provincial levels. These include businesses that deal with offering services to the public like water supply, electricity, transport services, etc.
3. Cooperative Enterprises: Cooperative businesses are established through a combination whereby two or more people come together and form an organization. They are especially suitable for the agricultural and housing sectors.
4. Multinational Enterprises: These are big firms with business establishments in other countries of the world. They frequently participate in global commerce and their operations can greatly affect countries’ markets.
5. Sole Proprietorship: This kind of business entity is often run and owned by a single person. The proprietor bears full responsibility for the management and operation of a business, as well as net gains or losses.
6. Partnership: Partnership is a mode of business in which two or more parties combine their efforts to form a business venture. They divide profits and losses in the ratio of investment or by the terms of the partnership agreement between them.
7. Limited Liability Companies (LLCs): The governing laws of an LLC provide civil liability protection together with the concessions of a partnership when it comes to taxes and control. Such a model is optimal for companies of small to medium complexity or size.
8. Public Limited Companies (PLCs): These are companies that have shares listed on the stock exchange and are made up of more than one shareholder. They have to adhere to several laws and sometimes function under the direct supervision of the government. 

How to Choose the Right ERP Software for Your Enterprise

Choosing the right ERP system is not such an easy task because there are so many ERP software solutions in the market. But if you pay attention to your business needs, the scalability, and the cost, the task will become much easier. Here are factors to consider when choosing an ERP:

• Size and Scope: Select an ERP system that fits your organization’s size and operation because ERP solutions vary in size. But not every business requires an expensive and complicated system, especially if you are a small enterprise. While a small business may find some basic solution suitable for their needs, it will not be very efficient for a large enterprise since they will have many branches and departments.
• Industry-Specific Needs: Contemplate the role that is played by ERP software in fulfilling the industry needs of the particular sector. For instance, if it is in the manufacturing industry then the software has to be able to manage inventories, production, and supply chain efficiently.
• Functionality: Ensure that the ERP software has the features correct for your enterprise. These are such aspects as financial control, personnel management, storage of stocks, management of customer relations, and others.
• Scalability: The ERP software should be expandable to the expansion of your enterprise. But in the course of your business growth, you require an EHR solution that can also grow with the business.
• Integration: Think about how this integration of the ERP software is going to work with the existing system and structure. It is becoming more advisable to decide in favor of a system capable of interaction with your CRM, e-commerce platforms, and other tools.
• Customization: ERP systems should be selected with the capacity to meet the requirements of the individual business. A system that can be fitted to the needs of your enterprise will be more efficient at handling your business. 

Top ERP Software for Businesses

Now, let’s take a look at some top ERP software options for enterprises:

• SAP S/4HANA

SAP S/4HANA is a comprehensive and flexible software solution that has unique components for various industries including finance, public services, and energy. This is a groundbreaking solution that typically helps a company bring its business into the digital world and can be deployed on-premises or in the cloud.

• Oracle ERP

Oracle ERP is one more strong ERP software that targets large companies. They offer a number of modules such as financial, supply chain, project, and human resource management. It is also very functional and flexible in the customization area which is one of the main characteristics of Oracle ERP.

• Microsoft Dynamics 365

Microsoft Dynamics 365 is business management software, an ERP system that is fully hosted in the cloud. It has a financial module, operations module, sales module, and customer service module. Dynamics 365 is famous for its compatibility feature that allows it to sail well with other Microsoft solutions and that does make a good business for those firms that are using Microsoft products.

• Infor M3

Infor M3 is an end-to-end, mid-market, and enterprise-focused ERP solution built for manufacturers and distributors. It consists of numerous tools for production planning, inventory, and financial control. Despite its strength, Infor M3 supplies the flexibility, and business process intricacies, it is well recognized for.

• IFS Applications

IFS Applications is a tier-one ERP solution that aims to suit large businesses across a wide range of industries. It provides multiple modules to collaborate, including finance, Human Resources, project management, and much more. IFS Applications also has great strength in supply chain management and is user-friendly.

• Epicor ERP

Another popular solution for the mid-and-large business is Epicor ERP. It offers a set of solutions for handling the financial and accounting operations, inventory and manufacturing, and distribution operations. Epicor ERP is considered to be relatively easy to use and effectively addresses the complicated strategies of companies. 

Conclusion

To succeed in business, you need to understand how the various types of enterprises work and choose a suitable ERP software for your type of business. By evaluating your business needs, comparing the various options, and leveraging cloud technology, you can find an ERP that aligns perfectly with your goals.

Call Center Studio is dedicated to assisting organizations in achieving success with new solutions such as cloud call center software. It does not matter if you are a rapidly growing startup or an established corporation – the right technology can transform your business.