The world of enterprise resource planning (ERP) and is changing so rapidly, the industry is scrambling to keep up.
From wearable ERP devices to hybrid cloud implementation, it take users a while to keep pace with the various applications available.
ERP software comprises several modules such as finance, sales, marketing and human resources. Business functions are effectively integrated by implementing ERP software. Doing so enables a seamless function of each of these business applications.
The benefits lead to a large adoption of ERP software among customers. Included in the various functions, finance alone will drive the ERP software market significantly by the year 2020, and will contribute to about 30 percent of the overall market revenue, according to a new report by entitled, "Global ERP Software Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013-2020." The report predicts the global ERP software market to reach $41.69 billion by 2020 and is expected to register a compound annual growth rate, (CAGR) of 7.2 percent during 2014-2020.
ERP Cloud Technology
Using ERP with the cloud is growing. It is also causing a shift in how ERP is being deployed from an in-house system to the cloud. Cloud systems are less expensive to implement, hence many organizations are looking to investigate the technology as well as look for more flexibility as well.
magazine covered some options for how ERP is being implemented today:
- One of the biggest challenges with ERP is considering the new hybrid cloud computing components. Once you have a good understanding of how your data is being accessed, created and modified, you can then make a decision on which piece is visible.
- With more companies on the road, mobile ERP will be necessary as businesses expand globally and warehouses are no longer in single locations. Employees spend less time in the office and are looking for mobile friendly applications.
- "In-memory computing," a process designed to keep the data in a server's RAM and allowing it to process at a faster rate is a desirable option for ERP users. It especially applies to processing problems that require extensive access to data–analytics, reporting or data warehousing and big data applications.
- 2015 is predicted to be a big year for business intelligence and ERP solutions, according to , business analytics strategist. Richardson suggests that there are a few steps to help you incorporate business intelligence into your ERP implementation. Traditional ERP focuses on automating operations.
- predicts that ERP and customer relationship management systems will get more integrated as the applications overlap. Instead of allowing the information to sit is disparate systems, a single structure makes more sense.
If you are ready to see how far you can take your ERP system, be sure to .
by Technology Management Concepts
