Enterprise resource planning or ERP is a type of business process management software that allows organizations to use integrated application systems to streamline their businesses. The software also enables them to automate back office functions, human resources, and services, thereby minimizing the chances of potential errors during the overall process. The latest technology of ERP software enables the consolidation of the processes included in any given business operation such as planning sales, product development, marketing, and manufacturing. Thus, ERP solutions ensure smooth and pertinent functioning of a business and its operations. In its latest report, Transparency Market Research, a leading business intelligence firm, indicates positive growth prospects for the global cloud-based ERP software market in the coming years.

Deploying and Managing On-premise ERP Solutions

On-premise ERP solutions are witnessing widespread applications since the last few years. These solutions generally boast niche applications, and are installed in the server as well as hardware system of a company. The in-house IT staff has the responsibility of managing the software. However, there are a few companies who outsource ERP management to third-party vendors. Either ways, once cloud-based ERP is deployed, the company can enjoy the perks of having a centralized system connected to the internet by an ERP vendor giving access to customers via a web browser. The cloud-based ERP software solutions, therefore, help organizations to reduce cost spend on getting the required IT resources. Furthermore, the technology does all these without compromising on flexibility and scalability of the system

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Cloud-based ERP allows Workforce to Access Critical Information Anytime, from Anywhere

The corporate sector as a unified segment is exhibiting a strong demand for cloud-based ERP solutions. Deploying ERP enables the workforce to access critical information and make relevant business decision anytime, from anywhere. Furthermore, organizations that deploy cloud-based ERP solutions can also capitalize on the intrinsic attributes of the system that reduces the IT operational cost and enables them to maintain data transparency on a real-time basis. In the last couple of years mid-size companies have appeared at the forefront of adopting the latest technology.

Latest Developments and Innovation to Further Boost Demand from Global Cloud-based ERP Software Market

With an aim to make cloud-based ERP software solutions more user-friendly, leading ERP vendors are integrating technologies to help make ERP solutions accessible via smartphones and tablets. While initial deployment of the technology may involve some investment, it shouldn’t be deemed as unaffordable by small or medium-sized companies. Rather, the technology is developed as a feasible option for small corporations with limited resources to carry on their business more efficiently. Despite such benefits, cloud-based ERP solutions are taking time to make an impact worldwide due to their limited availability and functionality in some regions. The technology also has limitations pertaining to customization, restricting it only to a few types of businesses using standardized process. Further risks associated with potential security breaches in the systems also inhibit the growth of the cloud-based ERP software market.

Global Cloud-based ERP Software Market Witnesses Increasing Competition

The global market for cloud-based ERP software faces increasing competition as players are focusing on offering more customized ERP solutions to suit customers’ needs. Some of the leading players in the market include SAP SE, Oracle Corporation, Acumatica, Microsoft Corporation, and Daffodil Software Ltd.

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