Most companies today rely on enterprise resource planning (ERP) application for their functional and organization-wide tasks. Setting up an ERP involves huge costs, similar to setting up an extensive on-premises data center. Naturally, many companies are reluctant to take the leap, and relegate themselves to manual functional management, impacting productivity. The answer to this is here—cloud-based ERP applications. Not only is this a cost-effective means of automation, but it also provides flexibility and productivity as desired.
A recent survey by Nucleus Research revealed that in order to set up on-premises ERP systems, companies incur an average a cost of around $8 million. Compare this with an ERP application in the cloud—it takes only around $2.6 million for an end-to-end implementation, including hardware and software, consulting expenses, personnel, and training. This cost advantage, combined with the agility of the cloud-system, makes it a win-win for companies looking to build ERPs for operational success.
1. Enables analytics-based decision making: Most cloud ERPs today come inbuilt with analytics and machine-learning capabilities, and hence are able to make the most of rich organizational data. Data management and in-depth data analysis help business leaders take data-backed, informed, and more precise decisions. Moreover, machine learning adds an element of unique intelligence to functional areas such as HR, finance, supply chain, etc.
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