Many developing businesses avoid the significance of investing in a business tech stack that encompasses both hardware and software. A lot of businesses stick to their basic accounting solution or pieced-together solution or legacy ERP software unless and until a change is required.
A quality enterprise resource planning (ERP) solution is vital for any business, as its the core of a business or organization. A completely integrated ERP system enables the effortless flow of information crosswise different departments and functions.
Given a thought, the global ERP software market is anticipated to reach $250 billion by 2025.
Also, the businesses that implemented an ERP system witnessed a 30% decline in time-to-market for new products and services.
Hence, ERP helps streamline business processes and enhance overall business functions. Basically, an ERP solution includes broad and deep end-to-end processes like finance, human resources, warehousing, manufacturing, customer relationship, order management, marketing, sales, project management, etc.
Modern businesses recognize the significance of investing in ERP. about 88% of organizations consider the ERP implementation to be a success.
ERP solutions help unify fragmented systems in your organization. A business using stand-alone systems like CRM, supply chain management, warehouse management, logistic management, or human resources management solutions can benefit at large from the ability of ERP to unify it together. Possessing an effortless flow of information crosswise these different systems will deliver companies with cost-efficiency and data accuracy benefits.
ERP implementation led to business process improvement for 95% of businesses, this in turn, led to reduced operational costs by 23% and a boost in sales revenue by 10%.
ERP system has the ability to query data as you need and generate the required reports for your decision-making.
Around 60% of businesses use ERP analytics to identify revenue opportunities.
With embedded artificial intelligence and machine learning, a few ERP systems also arrive with predictive analytics. You are likely to have suggestions and guides as you use the system, so you can drive informed decisions in a timely manner.
The global market for AI-based ERP systems is expected to reach $12.3 billion by 2025.
Boosting productivity, saving money, and augmenting customer satisfaction are just a few reasons why ERP is essential for your business practices. This system can help streamline recurring tasks, assist you in managing multiple resources and combine multiple departments.
