An Enterprise Resource Planning (ERP) is a module which includes core software, and it usually referred to as a business management category that focuses on crucial business areas such as finance and accounting, supply chain, HR tasks like scheduling, production, inventory, and materials management, customer relationship management (CRM), and supply chain management. ERP is an application that an organization can use to collect, store, manage, and interpret information from business activities.
So what is ERP exactly?
As mentioned above ERP stands for Enterprise Resource Planning, it is defined as a method of efficiently make use of human resource, hardware, and software to double the productivity and profit, thus simplifying a company’s business processes. ERP may include lots of software applications or a single software package that smoothly spread information required by two or more unique business departments. ERP application first began in the ’90s as a way for manufacturing companies to better handle inventory management and supply/demand problems.
ERP is widely used for small size, medium size, and large size industries. As the versatile nature of an ERP application; it allows businesses across industries to apply solutions according to their business demands. Do your business having ERP already? Let’s check here for the major industries that use the ERP application include
- Professional Services
- Industrial Services
- And more
Have ever thought why many successful businesses use ERP because ERP keeps your business running smoothly, and can keep everything on track. ERP application systems solve lots of problems companies in these industries face, including a need for:
- ERP will help your business better visibility into all sides of the supply chain, and increased efficiencies
- Single source of truth as one master system of record for all important company information.
- Automating manual processes, such as routine communications, invoice creation, product, financial report generation, and service delivery and material requirements planning.
The ERP application software functions as a central nervous system for a business and it collects details about the activity and state of different severance, making this detail available to other divisions, where it can be used productively. Are you thinking what more does ERP do for your business? Read here…
The Global Market of Enterprise Resource Planning
ERP has globally used software application which is very helpful for the growth of your business and will give you some crucial facts and figures concerning the global market of ERP and read our article “what does ERP do for your business?”To know more about an ERP application
In this article, I’m going to explain some of the crucial facts and figures concerning the Global Market of ERP and certain changes and what the future holds for ERP software. In this article, I will give your sharp bird’s eye of the ERP Industry and its happenings in the near future.
Enterprises Resource Planning (ERP) brings integration and cooperativeness to the organization in many ways and this makes it is possible for the company to communicate in every form between all its branches. In today’s highly competitive, hyper-innovative and super challenging environment, some companies cannot even survive without ERP.
ERP Software Global Market
ERP software market is estimated to generate a $42.50 billion by the year 2020 and is also expected to maintain a compound annual growth rate (CAGR) of estimated 6.20% to 7.5%. This will be different but we can clearly see that the future holds a great way for growth. As the prediction of reports, the Highest Revenue will come from America and then followed by Europe, APAC and LAMEA, but some are more hopeful about Asia, they say that growing Asia will bring lots of opportunities in the future. By function, Finance is to hold the first position and Manufacturing will rule the ERP market in terms of verticals. Many industry experts are predicting the future of Cloud ERP which is yet to take hold of the global ERP software Market.
As the result of research in the year 2017 SAP holds the number one position in terms of market share, with its executives declaring the migration of 3,200 clients to the new version of the businesses’ flagship product, SAP is said to be future ready. And next comes Oracle which is crucially a database company but it is expected to bring changes and challenges for its competitors with its great Cloud Services. Microsoft is another future ready competitor with its ERP brand Dynamics, which it has converted into Dynamics 365 with Cloud CRM and Cloud ERP combined into one. Others like Infor, Epicor, Netsuite, and ERP: FM is also preparing for the heated battle with their innovations, planning, and acquisitions. More the popularity of ERP software goes evolution of new technologies is more and the major question asked is cloud holds key to the future. Some say it is obvious but some it is not certain. No matter cloud will be going to stay or not but the cloud has many benefits and this will be for good. On the one hand, technologies like Amazon Web Services are bringing phenomenal change; this will replace many pieces in the equation of ERP software Solutions.
Any kind of businesses can implement ERP software, ERP will help to grow your business high. When your business front-end back-end systems run separately, it can ruin havoc on the processes that are meant to ensure your business is running smoothly. Having no accurate data from sales, inventory management may suffer, while not having the current information from accounting can trigger a ripple effect on everything from marketing budgets to payroll. An ERP software system integrates these systems so that every business function relies on a single database. Businesses are growing faster nowadays, which means employees need immediate access to key data, it is easily possible with help of ERP solution. In the financial report, sales and customer data can maintain efficiently. There is no limit like only this type of business should implement ERP software; any businesses which eagerly want to grow high in their field must have the benefits of ERP software.