As businesses grow and build on their reputations, Enterprise Resource Planning (ERP) solutions are a crucial way for them to stay organized and increase efficiency. ERP software enables maximum agility by keeping all departments throughout an enterprise connected with seamless communication and excellent resource management. Cloud-ERP solutions, in particular, have become very popular for enterprises because of the convenience they provide as well as their capabilities.
Departments such as inventory and order management, accounting and finance, human resources and customer relationship management (CRM) can all be linked together by Cloud-ERP solutions, making everyone’s lives a little easier.
According to Paul Taylor, Senior Columnist at SAP, industry analysts believe that by 2020, four out of every ten large organizations will have at least 60% of their ERP applications in the cloud. “The cloud-ERP Market, worth $21.1 billion in 2015, is forecast to grow at a compound average rate of 15.5% through 2020 to reach $43.3 billion,” he adds.
It’s no surprise why Cloud-ERP solutions are on the fast track to becoming the default model for medium and large scale enterprises. Between the accessibility benefits and on-demand shared pool of information, Cloud-ERP is preferred over the on-premise options.
Although there are security concerns with Cloud-ERP, Taylor explains that cloud services have proven to be more secure than corporate data centers and much less susceptible to social-engineered cyberattacks. Cloud-ERP solutions will also last a longer amount of time, and can be updated as needed. This digital transformation will most likely boot out old “legacy” ERP solutions.
“Innovators like Amazon, Uber, and Airbnb have already demonstrated the potential of digital to disrupt whole industries. In the process, they have also had a profound impact on consumers. Business leaders need to better understand what’s happening in their business right now and to act on that insight in real-time,” explains Taylor.
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