Enterprise resource planning or ERP is the integration of business processes and functions with the use of technology and software. This is done through the collection, storage, management, and interpretation of data that is gathered from different business activities and departments.
The benefits of software like enterprise resource planning and customer relationship management can be reaped by various industries, whether it is healthcare, education, manufacturing, or hospitality. Given the different ways in which a cloud ERP system can improve the efficiency and productivity within a company, it is no surprise that projections made for 2020 show a growth of $462 billion in terms of IT spending on enterprise software. According to Statista, the ERP software market is expected to grow to $97 billion by 2023.
Considering the expected growth of the industry in the coming years, it is interesting to look at some of the top facts about ERP software and systems.
One of the key benefits of using ERP software, especially through a NetSuite partner in Singapore, is that the software promotes the growth of the business as well as the industry. A cloud ERP system considers the unique challenges of the industry, for instance, manufacturing or media, and develops features that address these challenges.
However, enterprise resource planning and even customer relationship management tools also consider the unique requirements of the business, whether they are a small business or a global enterprise.
An ERP software can thus be customized so it is the perfect fit for a business. This means that a business can achieve its targets and objectives by integrating systems and also enhance business operations and processes so they take place in a seamless and efficient manner.
By being flexible and agile, cloud ERP software will promote the growth and expansion of the business in several ways. One of the ways in which this is done is through features like product management and supply chain management. By optimizing and enhancing the production process, an ERP system can have an impact on pricing, product planning, and resource allocation.
Warehouse and fulfillment can also minimize the cost of ownership, while financial management tools will enable a business to make quick and informed decisions on the future of the business.
One of the biggest misconceptions about tools like a cloud CRM solution or a cloud ERP system is related to cost. While ERP software can be expensive, a NetSuite partner in Sri Lanka can offer a business different pricing and rates depending on the size and requirements of the business.
However, one of the top facts about ERP that often gets overlooked is how the software can reduce the operational costs of a business. A cloud ERP system, like other cloud-based software, reduces the investment business is required to make for IT infrastructure and resources.
With a cloud CRM solution, for instance, a business will not have to invest in servers and teams to operate, maintain, and upgrade the software. Instead, software updates happen with minimal disruption to business processes and employees can work remotely as they will have access to the data stored on the ERP or CRM software.
This gives the business resources to allocate to other projects, which will, in turn, allow the business to expand and grow.
A report by Panorama Consulting Solutions on ERP systems and enterprise software found that a fear of data loss was one of the top reasons companies did not implement a cloud ERP system, with 72% of the respondents saying they feared a loss of data and 12% fearing the risk of a security breach.
However, the report was published in 2017 and these security concerns have been addressed since then, with many businesses now seeing how a cloud ERP system or cloud CRM solution can offer enhanced security to a business.
This is due to the fact that developers are constantly looking for ways in which ERP software can be improved and businesses can access one of the top ERP solutions by contacting a NetSuite partner in Singapore. Not only are data backups constantly created on secured servers, but access can be restricted depending on the requirements of the business.
In addition to this, there are several regulations that apply to enterprise resource planning and customer relationship management software and developers ensure compliance with these regulations.