What is ERP?

Any ERP is an integrated process management tool or a software program that enables an organization to streamline its business processes towards a unified outcome. In short, ERP integrates all important business processes of an organization,  to set in place a cohesive, seamless system, Like any other tool, ERP too has come to leverage the latest and most advanced technologies including AI and Machine Learning to bring about seamless integration..

Do you need ERP?

Although ERP has a vast portfolio of offerings, the real question that you should be asking yourself is, “does your organization really need ERP?”

What type of businesses can realize the actual potential of ERP? Now, let’s assess an organization’s need for ERP based on the following assessment criteria:

1. Is there an overwhelming number of manual processes in your organization that can be automated?
2. Has the difficulty involved in data accessibility made decision making a cumbersome process?
3. Does the nature of your business involve multinational coordination among stakeholders?
4.  Is data collection consuming prolonged hours?
5. Is data security in your organization in a tenuous state?

If the questions upstairs make you say yes in response, it can be implied that your organization needs an ERP system, to enable integration among business processes, promote decision making with data-driven insights and fortify data security measures.

The ERP Edge

ERP indeed does wonders to an organization that needs it. We’d like to walk you through the gamut of offerings that an ERP system brings to an organization.

1. Managing business operations becomes streamlined, enabling business leaders to rely on real time data for more informed decision making.
2. ERP enables automation of most of the manual processes, thereby reducing manual intervention and ultimately, saving time & cost resources.
3. Enhanced accessibility of ERP promotes greater connectivity at all times.
4. Continuous availability of real-time data in an ERP system helps identify issues & bottlenecks much effectively.
5. An efficient ERP system accelerates the success of an organization as it enables instant access to a wide variety of tools and data insights that ultimately drive the business processes.
6. Establishes a greater sense of data security.
7. Being highly customizable in nature – ERP can effortlessly adapt to an organization’s business structure before bettering it.

ERP – Latest Market Trends 

Having established the significance of ERP, let’s take a stroll through ERP’s latest market trends.

Thomson Reuters reports that by 2026, the ERP market is expected to grow up to $74.20 billion from what it was in 2017 at $34.10 billion. This single statistic shows just how big ERP market really is,

Also, as per Allied Market Research, most of the organizations that use ERP systems have the systems installed on their premises. With the world going the Cloud way, ERP as an offering has also seen a development in the direction of Cloud. Why, you ask? The answer is obvious and single-phrased – it is easier to manage. That raises the next question.

Is Cloud ERP the Future?

Cloud ERP brings together all the benefits of an on-premise ERP and alleviates its shortcomings. It is a wholesome solution that enterprises have been waiting for and it’s finally here.

Cloud ERP also leverages AI and Machine Learning to deliver better and improvised business results Data on Cloud is relatively secure, the processes are faster, and the efficiency is miles better.

Thanks to Cloud and its many benefits, even small and medium businesses have come to choose ERP models. Soon, one in four SMEs will either start using Cloud ERP or will consider implementing it in due course.

Where does that leave us? It leaves us at an obvious crossroad, glaringly pointing in Cloud’s direction.

To Sum It Up…

The ERP market heavily inclines toward Cloud ERP. Its market value is on a steady rise and by the year. 2022 there’s a massive spike projected in ERP implementations.

To know more about People Tech’s Cloud ERP service offering, reach out to us at https://codesmartinc.com/contact-us/

About Author:

Sudhakar Lanka is a skilled ERP professional with rich and varied experience of almost 2 decades across all major ERP lines. With acclaimed certifications under his belt, Sudhakar enjoys the success of having delivered large scale HCM and Finance transformations for many major players in the market. He is currently serving as Senior Director of Enterprise Application at People Tech Group. You may reach out to him at Sudhakar.lanka@peopletech.com