Are you aware that the global Enterprise Resource Planning (ERP) market is dominated by a whopping 31.9% coverage by just the top 10 players in the industry (as of 2018)? ERP is known to be a vast system which works to integrate, streamline and centralise all business activities, right from finance, human resource, daily operations to customer relationship management. It handles different business units, different versions, and different processes, all at once, hence the immense popularity.
Infact, with time, ERP is not just limited to Enterprise but also to small or medium sized businesses that handle complex products with multiple step processes. A few benefits of ERP are –
- ERP allows your business to go real-time and collect data on the go. This data is not just user friendly but also easily accessible for you, especially to analyse where improvements are needed in the business.
- All core business processes, be it procuring and paying, placing orders to financing, get automated and digitalised, reduce manual work and ensure speedy delivery.
- You can easily comply with financial norms and standards by the ERP Financial management tool with access to tools for cloud financing, financial reporting, billing and risk compliance options.
- Improve customer relations by easily customizing solutions after using ERP to understand worldwide operations, compliance, and needs. It is also about the value of the information collected by ERP software on duty.
- Forecasting sales, revenues, and game plans become easier as they are based on solid figures collected directly by an ERP system, which is trustable and verifiable.
- As a single software for all problems, ERP saves time, money and manpower, what else can one expect?
The benefits that an ERP system offers, often have a trickle-down effect on all stakeholders of a business but it takes time in carefully choosing the right ERP vendor and system for your business, depending on factors like need, cost, design, and results.
Here are the top five vendors in case you’re interested, especially if you have a specific vendor in mind.
Known to have a year on year growth of 4%, It is known to be the largest market share holder in the ERP segment. It is bound to have more than 12,000 customers for its latest ERP model in 2019 and doesn’t fail to match quality with its higher price model.
The German company has been in the business since 2006 and knows which markets to target. With on-premise deployment and availability in 37 languages, it works to target global customers while setting a foothold in 45 other areas as well.
A renowned brand in the IT industry, its ERP software promises a year on year growth of 4.2%. It exists as the top player in the customer relationship market but comes second in the ERP market. It has an ERP cloud model which was first introduced in 2012 while the company has an experience of more than 30 years in the technology industry.
The company was smart enough to launch its services in India in 2017 when GST was rolled out, capturing a high market share when customers where struggling to understand the new system. The company primarily focuses on Cloud technology over acquisitions or diversification.
IFS is one of the leading ERP software vendors. Operating on a global scale, organizations regularly choose IFS Applications to help improve their business efficiencies. You can read more about this vendor and their solution here.
Based out of Sweden, the company has closed some historic acquisitions in the past, about 8 companies over the past 10 years. In 2018, their latest model, IFS Applications 10 was well received and highly praised by the market. Along with ERP, their field management solutions are also very popular. With an honourable presence in North America, it is also available in Asian and South American markets.
Another household name, Microsoft works to provide mid-priced ERP solutions to small or medium sized enterprises that cannot afford costly options. Called as Microsoft Dynamics ERP, it has five primary products under it which can cover financial, retail, manufacturing, public and services industry without any difficulty in compliance.
Most of the products under this have been acquired by the brand, proving smart work by simply outsourcing the non-core activity of the business. The company forgoes the traditional ERP methodology and inculcates the Microsoft Power platform into the cloud model for innovation and customisation. The customer care benefit that comes along with this ERP software purchase proves how valuable customers are for the company.
Existing since 2002, Infor has more than 70,000 customers across the globe who can vouch for the quality of its ERP service. With economic pricing and vertical ERP, it becomes a power package for enterprises who have just started exploring the ERP world and need to start small.
There is Infor LN, Infor M3, Infor Distribution SX, and Infor CloudSuite Financials which work round the clock to effectively improve your business model. Infact, it has a mobile-first, user friendly model where the ERP software is easily supported and long lasting. It has options like key performance indicators, human capital management, and industry analytics to boost the end-to-end performance of the company.
Opt for ERP to not just standardise and monitor your business activity but to also jumpstart into the changing world where you need to match up to your competition by being the best in the business. There is a reason why the ERP world is now a multibillion-dollar space where big investments are being made.
The business risk goes down, daily functioning becomes efficient, accounting becomes easy and lead time reduces considerably. Wherever you go and observe, ERP always brings positive results, It is always just a matter of time and a matter of usage. Play smart, be observant and be effective, that is what ERP is all about.