ERP products are undergoing some key changes and giving companies new ways of handling the volumes of daily transactions tracked inside their systems. The overarching trend is that ERP and other financial management tools are more often being offered with a subscription over the cloud.
As alternatives to legacy on-premises ERP, companies are increasingly opting for ERP features provided via software as a service and realizing significant benefits from the move, including easier use and scale and more agility, according to a January report by Forrester Research.
Before SaaS, when ERP software ran on computers on site, customizations were costly, repetitive and time-consuming, and it was sometimes difficult to access data. Financial management tools delivered as SaaS offer strong security with encryption and automatic and regular updates managed by the vendor, though a user has less say on upgrades and pricing.
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