To keep business operations running smoothly, various software solutions are involved to enhance the productivity and efficiency. Businesses constantly evolve by adopting most reliable and emerging technologies to stay ahead of the competition. Enterprise Resource Planning (ERP) software solutions is one such example, that helps companies manage their payrolls, account receivables, inventories, vendors, scheduling and deliveries. In fact, an ERP system takes care of everything that is required to augment productivity level through streamlined business operations and lower operational costs. Specially, when combined with Cloud and Artificial Intelligence (AI), ERP can produce results that can contribute to your revenue growth exponentially.
Why Cloud ERP?
Most of the companies do not have a full-fledged IT department and creating one can be a tedious task. The cost associated with maintaining a data center, IT team and regular upgrades increase the operational cost, which would not be affordable by SMEs. Therefore, companies opt for an ERP software on a Cloud platform to avoid the additional costing. Also, Cloud ERP is considered to be a viable option for the following reasons:
- Easy Implementation: Since there is no cost associated with setting up a dedicated IT team or maintain an in-house data center, the initial investment goes down considerably. Also, the Cloud ERP vendors charge annual/ monthly subscription, which makes it easy for companies to decide the plans they want as per budget.
- Advanced Security: To have an in-house team for a particular function, one has to not only on-board the candidates but also train them to execute projects and manage crisis. In IT industry, certain cyber security protocols are to be followed strictly. This relates to data privacy, malicious activities and copyright issues. Cloud ERP guarantees secure encryptions with enhanced security.
- Flexible Integration: Keeping in mind the changing business dynamics, Cloud ERP software comes with flexible third-party integrations and customizable features to meet specific goals. The agile feature set leverages employees to access the information without the compulsion of being physically present at work.
- Enhanced Productivity: Cloud ERP follows industry approved processes and regulations strictly, which results into faster performance cycles. Multiple departments can be combined to access the common/ necessary information resulting into reduced downtime. This in-turn will boost the productivity.
Future of Cloud ERP Market
By 2020, the ERP software market is expected to touch approximately $40 billion with following industries to be the highest revenue generating segments:
The departments using Cloud ERP solutions will comprise of Supply Chain, HR & Finance.
The AI and ERP Marriage
Right from Siri to automatic cars, Artificial Intelligence (AI) governs the whole real-time visibility operations thereby reducing the human involvement. ERP when combined with AI results into smart predictions, creating better MQLs and SQLs, predictive diagnostics and enhancing the overall equipment effectiveness. The union or ERP and AI calls for scalable and profitable business solutions by identifying customer buying patterns avoiding resource mismanagement and cutting down the time required to asses certain processes.
It goes without saying that AI integrated with ERP will create a huge impact on the decision making skills of any business. Any technology when used at optimum level will create a reliable customer base, intelligent technology infrastructure reduced operational costs. With both domestic and global market flourishing with newest technologies, AI with ERP is something to look up to.