Right Time to Be in ERP Industry
No one could have predicted the unprecedented events of 2020. The business world over the last 17 months has witnessed more digital transformation than the last decade. Beyond the obvious need for building remote workplace infrastructures, the evolution of Enterprise resource planning (ERP) solutions has also been a major driving factor. ERP solutions today have matured and extended their capability to support almost every business function – at scale, ranging from back-end departments like accounting, HR, procurement and manufacturing to front-office functions like salesforce & marketing automation.
The scalability coupled with affordability (thanks to data driven technologies, and of course the competition), let alone enterprises, even the MSMEs and startups find it easier to rely on ERP. It helps them not only cut costs by getting rid of dispensable processes and automating mundane tasks, but also to provide employees actionable information that will help them make better decisions, faster.
The ERP proposition is only going to get better. With cloud being the new normal, digital transformation being inevitable for businesses across the spectrum and 5G network expected to bring the network latency down, it’s the best time to be in the ERP software industry. However, the global market is still dominated by the whales like SAP, Oracle, Microsoft, Epicor and Infor. But the global cloud ERP market, which is expected to grow from $45.3 billion in 2020 to $101.1 billion by 2025 at a CAGR of 17.4 percent (according to marketsandmarkets.com), is ample enough to accommodate autonomous as well as solution partners of any size. The key to success in both the cases revolves around meticulously understanding the local businesses, having the knowledge of the latest technologies, and hence finding the right formula to build ERP solutions that not only solve challenges for customers, but also enhance their business outcome.
As far as the market is concerned, the faster & deeper you understand how ERP can solve your business challenges, the better the outcomes will be. But be assured that your competition would want you to hold on as long as possible.