Analysis by a leading market research company showed that the global value of ERP software in year 2018 will rise from $35.81 billion to $78.40 billion by 2026. More than two-fold value growth in a period of eight years depicts the trust of organizations in this process automation technology.
Enterprises adopt ERP across all verticals to manage their business activities and automate several back-office functions of departments like human resource, finance, and more. Earlier the software was extremely expensive due to which only well-funded organizations could implement it within their process. But now, upcoming ERP software development companies in London
are offering ERP systems which are bundled with everything, ranging from inventory process, marketing functions, CRM, etc that leadership needs to run the company.
Today, we will tell you all about Enterprise Resource Planning software and reasons why you should implement it to expand your business.
What is an ERP system?
ERP integrates the three pillars of every business; people, processes, and technologies into one unit and gives business owners more power to manage. In simple words, it is a software used by organizations in the United Kingdom to handle daily tasks and business-related activities.
ERPs promotes excellent and smooth flow of data between various business processes and syncs them together. The processes are not only limited to accounting and human resources; the new-age ERP software includes regulatory compliance, procurement, supply chain management, risk management, and more.
What exactly an ERP system does for you and the business?
Decision making is the most crucial function of every business owner and these decisions are taken on the basis of data collected from various departments. ERP system helps in gathering data from multiple sources and eliminate duplication to provide information that is accurate, honest and is available at the right time.
The technological advancements in the field of artificial intelligence (machine learning and deep learning) empowered ERP software development companies in London
to deliver systems capable of making future prediction, funds allocation, etc.
- Great ROI: ERP packages call for big investments, but it also offers great ROI by saving both money and time. These systems bring all the business functions under one big umbrella and boost the employees work efficiency as they will no longer have to move across multiple platforms to gather data. Also, ERP systems are easy to use hence the training time and cost is minimum.
- Boosts Employee Productivity: ERP automate processes across various functions, hence relieving employees from mundane and unproductive tasks. It gives them the time to focus on crucial functions that require their attention and efforts.
- Better Compliance with Policies: All the enterprise resource planning systems are powered to monitor compliance and regulatory changes. These modifications are updated in the system to help companies comply with the security and legal changes.
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- Reduced Human Errors: One of the best advantages of ERP solutions is the automation in many processes, which removes human touch and offering results which are error-free. This improves the organization’s operational efficiency.
The business benefits of enterprise planning solutions are not limited to the above list. Companies hiring ERP software development companies in London
have been able to leverage this technology to retain control over processes and stay ahead of the competition.