Businesses of all shape and sizes, manage their workforce, procure products and services, sell one or another thing, and maintain financial records to log inflow and outflow of money. The way all day-to-day activities are efficiently managed will definitely vary from one company to another company, but every business does carry out these basic operations. In most cases, it is more rewarding to manage these procedures with the use of an integrated software platform instead of making use of multiple applications that aren’t compatible to work concomitantly. That’s where the role of ERP (enterprise resource planning systems) comes to fore.
Broadly speaking, ERP solutions were initially premeditated keeping in mind the growing requirements of the manufacturing businesses, but over the past couple of years, they have expanded their horizon to other industry verticals, including service, higher education, hospitality, healthcare, finance, and government. Each of the industry has its business requirements that are very well met by powerful ERP solutions.
For instance, government sector makes use of the ERP solutions for Contract Lifecycle Management (CLM) instead of a conventional method of procuring and charts government accounting guidelines in place of the GAAP. These days, the banking sector is making use of this potent solution to efficiently manage their back-office settlement processes, reconcile checks, credit cards, debit cards, and much more.
As per the estimates, it has been disclosed that the ERP market is projected to expand to nearly $41.69 billion in terms of sales by the year 2020. Amid 2014 and 2020 ERP will record around 7.2% of the growth.
On-premise ERP software solutions will become more a dominant position in the market by grabbing maximum market share up to 57% by 2020. However, cloud-based ERP is expected to expand up to 10% by 2020.
What are the key benefits of ERP systems?
ERP consulting services improve the overall business performance in many ways. Let’s have look at them:
- Improve internal productivity: Effectively performing ERP systems empower businesses to decrease the time prerequisite to finish almost every single business processes seamlessly.
- Augmented agility: Calibration and universalization give rise to less inflexible arrangements. This generates a more agile business that can instantly become accustomed while improving the probabilities for an alliance.
- Improved security: Well a unified database along with business-critical data is the prime target, it is simpler to safeguard as compared to data that is disseminated across multiple servers in storerooms or underneath desks. It is predominantly challenging, provided the in-house security team is not mindful of the server or that if has business-critical information.
- Improves decision-making: India ERP solutions enable alliance through cohesive data structured around collective data delineations. Cohesive data reduces the possibilities of time wastage by being at loggerheads about data quality and it enables different departments to devote their time to evaluate the data, drawing conclusions, and making the right decisions.