What is an industry-specific ERP solution/software?
Nowadays, ERP providers are more and more specialized in a specific-industry. They know the problems of this industry and understand the business processes, yet they deliver a software that can handle the specific challenges of this specific industry.
In short words, it is a feature-rich system that is tailored to the unique needs of your niche. These ERP software contain specialized modules and functionality that your specific-industry requires and recommends.
An industry-specific ERP solution also known as the niche ERP solution, helps companies to automate their finance, accounting and business management functions, not only that. Thus, this type of ERP solution also provides capabilities that align with your industry’s distinctive and unique needs. Moreover, it puts them all into one solution.
It’s tailored and customized to meet your needs based on a deep understanding of your industry.
Choosing the right system generic vs industry–specific software
Specific-industry ERP software provides all the same essential tools for finance, accounting and business management as generic systems do. But these systems go further and provide much more, by offering features and capabilities tailored to your own operational needs and industry regulations that generic ERP systems simply can’t provide.
Selecting a new ERP solution is not an easy process, but the first question you should ask is whether “a generic ERP system or an industry-specific ERP system fits my organization best?” . Do not look for a solution that will only provide the basic functionalities that you need. Carefully look at your business processes and see which of the systems will provide you with the specialized capabilities that will help your business improve operations, streamline processes and grow the profits and productivity.
Advantages of using industry-specific ERP
1-Lower Total Cost of Ownership
2-Applying Industry Best Practices
3-Stronger focus on customers
Reduced Costs and Faster Implementation
Unlike generic ERP solutions, which are not built to meet the demands of your specific industry, they often have to be enhanced with add-ons. These modifications can take a long time, cost you a lot of money, thus makes an ERP solution rigid(version lock).
An industry-specific ERP solution takes less time to implement because it does not need the extra time generic ones need to be customized. It has the needed functionality already built-in and the vendor has the expertise to set it up quickly
Customer Requirements and Industry Best Practices
There is a huge benefit gained by selecting an ERP provider that has domain knowledge in your industry and with your customers’ atmosphere. Choose an ERP partner that actively leads and participates in specific industry organizations like yours. As an example, in the automotive industry, functionalities may include best practices-based process maps, and regulatory compliance features and training courses.