Why ERP Software Is Important | Reasons to Use ERP In 2021 | ERP Buyer’s Guide
Posted On June Tuesday 15, 2021
The ERP software wave is sweeping the world and how; allowing businesses to adapt to the new normal, helping to significantly improve productivity, increase business efficiency and most importantly ensure business continuity.
The magic potion for any EntERPrise, Big or Small!
If you are not already on it, we’ll give you a complete lowdown on what ERP is, plus a few compelling reasons why you must consider ERP for your business.
ABCs of Enterprise Resource Planning
Enterprise Resource Planning, more commonly referred to as ERP, is a modular business management software that offers integrated applications or modules to handle different business functions and processes within the organization – such as, Finance & Accounting, Manufacturing / Production, Materials Management, Purchase / Procurement, Warehousing & Inventory, Supply Chain, Shipping & Logistics, Sales & Marketing, E-commerce, Customer Relations, Human Resources and more, on one unified system.
The ERP Growth Story and COVID Impact
The global ERP market size was valued at $39,340 million in 2019, and pegged to reach $86,303 million by 2027, growing at a CAGR of 9.8%, as per the Enterprise Resource Planning (ERP) Market Statistics – 2027 Report by Allied Market Research.
And the reason behind this spurt in growth? ERP was traditionally preferred by large enterprises and organizations that had multiple business functions, complex processes and offices / resources across geographies. But with the digital transformation wave that is making ERP more agile, accessible and affordable, a lot of small and medium scale companies are also jumping on the bandwagon, since ERP offers a single, unified and integrated system to manage different functions efficiently.
Since the COVID-19 outbreak, there has been a significant upsurge in the need / demand for cloud-based ERP solutions that allow for business continuity with anytime anywhere access.
Those companies that had already made the transition were not affected much with the shutdown, following the curfews / lockdowns / strict COVID-19 protocols to curtain the spread of the pandemic; which were imposed without much time for businesses to migrate from legacy / on-prem systems to the cloud.
ERP solution for service industry
Most of the Small & Medium Sector (MSE) Companies and even Large Scale Businesses or Organizations that depended heavily on Legacy / On-premises Systems were adversely impacted in this scenario. Many companies have speed tracked the transition process, while some others are waiting to jump on the digital bandwagon soon enough. The main focus now is on adopting technology solutions that are not just aligned with their business goals, but also that which allow them to mitigate the impact of such pandemics / incidents in the future.
Apart from Manufacturing & Engineering, BFSI, Automobile, FMCGs / Consumer Durables, Healthcare, Retail & Distribution, Government & Utilities, F&B, Restaurants, Construction and such industries, the services industry is also rapidly switching to Enterprise Applications for Project Management & Service Automation, to improve productivity & efficiency and also reduce time & costs in service delivery. Currently, US and Canada are dominating the ERP market share, but Asia-Pacific is expected to grow faster with more and more SMEs gearing for expedited digital adoption to ensure business sustainability, with continued restrictions on non-essential goods & services in place during the pandemic.
Reasons why your business needs ERP Consultant solutions, now more than ever
The global pandemic has taught us quite a few lessons on being prepared and ensuring business continuity in the event of physical offices or systems being inaccessible or shutdown indefinitely. Here are some reasons why ERP software is important, the key ERP benefits, why you need to make the shift to ERP in 2021, and more specifically adopt cloud-based ERP solutions:
- ERP Software offers one Integrated Solution to streamline all your business functions and processes.
- Cloud-based ERP Solutions allow remote access and work from home, the need of the hour today, with the new normal way of work / life.
- With Business Process Automation, it helps to cut down on redundant, repetitive manual work and increase employee productivity as well as operational efficiency.
- Real-time Data Visibility & Analytics offers complete transparency and helps you to make informed and timely business decisions.
ERP benefits
- By integrating Customer Relationship Management (CRM) with your ERP solution, you can ensure a seamless multichannel experience for your customers.
- It enhances collaboration between different departments or functions within the organization.
- A good ERP system is usually fully customizable based on your specific business requirements to ensure Optimized Production & Delivery, Better Resource Management etc. All you need is the right ERP Consultant or technology partner to help you with customized and integrated end-to-end ERP implementation.
- Ensure Compliance and Risk Management based on the regulations that apply to specific geographies where you are present or likely to expand.
- Above all, Cloud ERP is Modular, Easy to Deploy, Agile and Scalable – which means, you can beef up the system even as your business grows. You can start small and then add new modules or features as and when required. It is also easy to upgrade to newer versions. This is one of the key reasons why Cloud ERP solution has become the preferred choice for small & medium businesses too.
- A Fully Optimized Business Environment = Better Efficiency + Improved ROI = Big Savings In Terms Of Resources, Time and Cost.
- Cloud ERP also serves as the gateway in your digital transformation journey, by integrating all your business operations on one platform and making AI / automation.
ERP software for small businesss
If you are a startup or a small / medium sized company (SME), you may find implementing a full ERP system unnecessary or expensive. But fact is, spreadsheets or random applications for different functions & processes can only take your business so far. As your business grows or expands, you will have to again reinvent and recalibrate your systems to accommodate your growing needs, whether it is accounting & finance, sales & marketing, customer management, production / project planning, procurement / purchase, inventory management, E-commerce, HR, etc.
Without an ERP software & consultant, all repetitive and redundant day-to-day tasks will be a manual and tedious process, taking up time and resources and also resulting in possible human errors, inefficiencies and less productivity. Financial reporting can get cumbersome. Diverse data formats from different systems can add to the complexity in interpreting your business performance. Also, if you are looking to expand to other states or countries, keeping up with the compliances / regulations that apply in the region can be a daunting task. A cloud ERP solution that grows as your business grows and expands, is just what you need to handle such complexities. So investing in the right ERP software will be a wise move to make this year.
There is an ERP software solution for every need
Whether you are looking for an ERP solution for Wholesale Distribution, Retail or E-commerce business; or an ERP software that integrates Manufacturing / Production Management, CRM, Sales & Marketing, Finance / Accounting, Supply Chain Management including Procurement, Warehouse Management, Inventory Monitoring, Shipping & Logistics… or simply the whole process from Order to Pay; an ERP solution for Service Industry to efficiently manage your services business or delivery, we can help you choose the right ERP solution for your business.
Techcloudpro has strategic technology partnerships with Oracle NetSuite, the World’s #1 Cloud ERP Solution and Odoo ERP solution, the World’s #1 Open Source Business Management Solution, and can help with a free assessment to arrive at the best solution’s that will work for your business. We can help your business with the ERP implementation, right from business consulting to product licensing, customized integrations to turnkey implementation, deployment to staff augmentation, training & support. For more information, get in touch with us at: hello@techcloudpro.com.
