According to Allied Market Research, the ERP software and services industry is expected to be a 78 billion dollar industry by the year 2026. This technology offers many benefits such as accessibility, ease of use and real time data tracking. With companies trying to save money and merge practices, many are turning to this cloud-based technology.
Below are the three anticipated factors on why the ERP market is projected to grow.
- Rise in Need of Operational Efficiency and Transparency in Business Processes: ERP software allows business processes to be streamlined and more efficient. Manual data entry is no longer and this new system allows you to see all the data gathered in one place instead of going multiple places for the information. This cloud-based software also allows for making complex processes, like a multi-step manufacturing plan, simple and effortless. Having an all-in-one database provides transparency in business practices by having all data and information easily accessible. In this scenario, think of an ERP system as a second set of eyes and hands, correcting any errors or duplicated data along the way.
- Surge in the Adoption of The Cloud and Mobile Applications: Mobile devices are crucial in today’s business world. Employees use their mobile devices to perform a multitude of job duties so adding the cloud software makes financial and logistical sense. One of the top reasons for cloud computing applications is the reduction in cost for the IT infrastructure. In fact, A Toolbox article states that, “twenty-two percent of companies that implement cloud-based ERP appreciate cost savings as a result.” Cloud applications also give employees access anywhere and anytime to information and data. Having at your fingertips access to information allows for enhanced productivity as well.
- Increase in Demand for Data-Driven Decision Making: Now more than ever, finances are a driving force for a company’s choices. Having real-time data and insights, strategic, operational, and tactical decisions in one place can be reviewed and assist leadership. Decision makers can then use these numbers to make choices and create predictive analytics. This data-driven decision making is not limited to big decisions but also day to day operations and business conditions.
There is a very positive outlook on the growth of the ERP market over the next six years. The three factors above are some of the driving forces for the growing popularity in the ERP software and services industry. If you would like more information on ERP systems and how it can shape your company’s future, please call 856-335-1010 or email satkins@4acc.com!
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