ERP is divided into different tiers based on company size, for business growth it's important to select right ERP for your business
Tier one ERP is preferably for large and complex business who's gross sale is more than $500 million.
There are several ERP vendors that suitable for tier one ERP criteria 1. Microsoft Dynamics 365 2. SAP 3. Syspro 4. Oracle 5. NetSuite ( acquired by Oracle)
Pros: Tier one ERP can manage complex requirements
Cons: it's very costly to implement around $1,000,000 or more.
Tier 2 ERP is suitable for small and medium businesses which have revenue around $25 million to $500 million.
Some of example of tier 2 ERP is 1. Epicor 2. Plex 3. Sage and many more...
Pros: It can manage moderate to complex requirements, implementation time lesser(3 to 8 months) as compare to tier 1 ERP
Cons: it's not provide the complete depth of functionality in manufacturing.
Tier 3 ERP is used by very small businesses, it's a simple version of ERP and not need any specialized person to use it. Some time business owner use it for financial record and order tracking.
Pros: Very fast implementation (2 to 6 weeks). Budget friendly and easy to learn
Cons: Possibility of fraud, very limited functionality and modules.
There are lots of tier 3 ERP vendors available in market. All of them are not very popular.