With the boom in startups and the number of small and medium enterprises (SMEs) increasing exponentially, it’s time businesses start leveraging new-age technology. According to a recent report by Nasscom, the number of start-ups in India is the fourth highest in the world, at more than 3,100 start-ups. The report also predicts that the number is set to increase to 11,500 by 2020. However, start-ups have their own problems; more than 85 percent fall by the wayside. The government’s Digital India campaign is aimed at automating business processes, among other things so that running a business becomes simpler.
Enterprise resource planning (ERP) software is one such tool that promises to remove the headache of enterprises as far as all the different operations are concerned since all the accounting, inventory tracking, record keeping and invoicing are tedious tasks. ERP allows an enterprise to use a system of integrated and interlinked applications to manage business operations and automate several back office functions. The software integrates all operations of a business including product planning, development, manufacturing, sales and marketing—and all in a single database, application and user interface. Thus, removing the hassle from the everyday running of a business and increasing their operational efficiency. From Financials, Inventory and Customer Service to Payroll, Recruitment and Projects, the ERP can take care of all aspects in the lifecycle of a large, small or medium enterprise.
Trends and Predictions in ERP
According to a report by Gartner, a global research firm, by 2018, at least 25 percent of new core financial application deployments in large enterprises will be public Cloud Software as a Service (SaaS). Similarly, according to a survey conducted by Deskera, a cloud-based ERP provider in the South East Asia region, 67 percent SMEs think that problems of inventory management and invoicing can be tackled more efficiently with the help of an ERP. With rapid spread in the Internet and Cloud services coming within the reach of small enterprises, Software as a Service (SaaS) ERP will become increasingly cost-effective and easier to deploy, helping SMEs catch up with their bigger counterparts. Modern technologies such as ERP will no longer remain the bastion of big corporate; they will be accessible to most. Gartner has further predicted that, by 2018, at least 30 percent of service-centric companies will move the majority of their ERP applications to the Cloud.
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