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ERP stands for Enterprise Resource Planning. It is an all-comprehensive business management software that serves many departments within a business in one way or another. It provides a system with a single source of information to improve business operations and decision making at the managerial level. It guides decision makers with accurate data and business intelligence tools. It also aids in inventory management and sales forecasting.
ERP software is commonly used in a variety of industries, including auto, chemical, food, furniture, manufacturing, medical, pharma, among others. It can be hosted both locally or on the cloud.
According to a survey conducted by an Indian non-government trade association, National Association of Software and Service Companies (NASSCOM), in 2022, “One in every four enterprises has a cloud strategy with an allocated budget in place. The cloud spend is typically 5-15% of total IT budget. Four in every five enterprises are bullish about their cloud budget next year.” Thanks to the popularity of cloud technology, lower upfront & maintenance costs and other inherent benefits they offer, cloud-based ERP solutions are also gaining a lot of popularity in India.
The increase in the Indian ERP market is primarily attributed to the availability of the low cost ERP solutions, cheaper Internet connectivity, reduction in the hardware costs, and increase in skilled workforce.
India has seen an exceptional increase in the adoption of the ERP Application. In 2020, the Indian ERP market share was valued at $375.2 Million. It is expected to witness tremendous growth and reach around $576.2 Million by 2027.
The Indian ERP market is primarily dominated by manufacturing, pharma, food, chemical, automotive, oil, pharma, steel, and textile companies. In recent years, cement, construction, and power companies have also been adopting the ERP solution for their businesses. Many Indian schools are also implementing centralised ERP systems to eliminate the need of pen & paper for administrative tasks.
Why is ERP software important for modern businesses? Does its significance far outweighs the initial cost? Let us discuss some of its important benefits in the modern business landscape.
An ERP software contains multiple modules such as product management, customer support, human resource, inventory management, quality assessment, sales, etc. The core principle behind ERP systems is a centralised database with all departmental information. It provides key decision makers real-time access to company-wide data.
The best ERP software allows decision makers to analyse data from any department, at any time, from any location, and using any device. The ease of accessing and updating data ensures quick decision making and higher efficiency in business operations.
The centralised database in the Enterprise Resource Planning software allows employees of all departments to work together in coordination with access to the most accurate, real-time and authentic data. Teams can work in real-time and share bi tools data securely.
ERP software gives detailed insight into organisational functions in various customizable dashboards. This visibility across all departments allows decision makers to get insights into valuable company data. They can also generate detailed reports whenever they want.
As an organisation establishes its offices in different countries, it is required to adhere to local laws, regulations of that country. ERP software in India helps the organisation to maintain compliance at every stage — environmental, human resource, financial management, accounting and taxation, just to name a few.
The best ERP software can help provide timely customer service by reducing the delays in the delivery of the products. It can modernise backend processes, and streamline shipping operations. Moreover, it provides easy access to the information needed to better serve customers. Customers will experience lesser wait times, and quick resolutions to their queries. ERP software make customer relationship management easier and quicker for businesses.
Fixed assets are the assets purchased for a long-term such as land, buildings, office premises, furniture, fixtures, machineries, vehicles, office equipment, etc. The best ERP software can help register, track, monitor, classify, tag, maintain and depreciate various fixed assets owned by the business.
Procurement software helps reduce procurement costs, makes the procurement process cost efficient, transparent, and fully traceable.
ERP solution keeps a log of all production data, performs quality assessment checks, and notifies the production team about potential malfunctions. It helps reduce customer dissatisfaction, refund or replacement costs.
ERP software provides a variety of features to optimise factory and warehouse layouts. As a result, wear & tears, accidental injuries, deaths, are significantly reduced. Ultimately, it results in higher morale among the employees.
The 2020 Covid crisis changed the way we worked. It made "Work from Home" as the new working trend. The small accounting software used by businesses didn't have the features to update the books of accounts remotely. ERP software provides remote workforce management tools and the ability to remotely update books of accounts.
The Need for Cloud ERP Software in India for MSME Market
A cloud-based ERP solution can be a viable solution for many Micro, Small and Medium Enterprises (MSMEs). It can streamline their processes, reduce the chances of errors, and thereby, save costs and bring back lost efficiency.
Cloud ERP can also help Indian MSMEs to comply with complex government regulations by providing automated data insights. Unlike legacy ERP solutions, it is an affordable solution with no upfront costs or any need for hardware upgradation.
Before we discuss the best ERP software in India, let’s discuss the challenges faced during its implementation in India.
ERP implementation can be an intensive process. It may require hefty budget, careful planning and co-ordinations between teams. Here are some challenges faced during its implementation in India:
Many businesses, especially MSMEs in India, are unwilling to implement ERP system because they find them too costly. Another factor is upgradation costs as the systems constantly evolve with time, and risk becoming obsolete.
Implementing an ERP system throughout an entire organisation can be a complex and challenging task. It may require participation of all the employees who will be using the system. Since ERP software changes the way employees of all departments work, some employees may be unwilling to adopt the change and they may delay/ resist the implementation.
ERP software implementation is a time consuming and complex process. Some businesses in India are not willing to take the risks. The risk appetite of a business may depend on different factors such as organisational culture, management experience, financial strength, risk-reward ratio, and competitors.
Implementing a legacy ERP poses several technical challenges. It may require upgrading the server, computer hardware, and get a high-speed & reliable Internet. However, the hardware and server upgradation issue could be avoided by implementing a cloud-based ERP solution.
Sage X3 is an end-to-end ERP solution with a robust range of capabilities for modern businesses. It is fast, flexible, easy to implement, and has a simple & straightforward interface.
The software is built keeping in mind multi-language and multi-currency requirements for global businesses. It is scalable to accommodate growing business needs. It incorporates newer technologies into the system such as Internet of Things (IoT) and Machine Learning (ML), which makes it the best ERP software in India. It provides end-to-end integration with other business applications to connect with them and synchronise user data. It can be customized to meet the specific needs of each business.
Another best ERP software in India is Oracle Cloud ERP. It is a complete cloud-based Enterprise Resource Planning ERP suite for enterprises of all sizes. It offers a wide range of features to increase operational efficiency in the supply chain, financial management, project management, among others.
As a cloud-based ERP service, employees across all departments can access key data in real-time regardless of the device and operating system they use. It comes with integrated modules that cover all aspects of the business, and collaboration across teams.
Factors to Consider When Choosing an ERP Software
There are several factors that you should consider while choosing an ERP software for your business:
The initial implementation cost in an ERP software will be a financial investment for your company. The price will depend on the features required, the number of users, additional training, and other factors.
How long has the vendor of the ERP software been in the market? How solid is the financial position of their company? It's important to get answers to these questions and research about the vendor reputation.
A good ERP software should take security measures to encrypt and protect your organisational data from data breaches, Man-in-the-Middle Attacks, and ransomware attacks.
Many small and mid-sized companies lack dedicated in-house IT support. This shouldn't be a concern for large companies. The best ERP software should provide comprehensive technical support and knowledgebase.
ERPs are a significant investment. Be sure that your ERP vendor provides thorough training. It will enable your employees to handle systems more quickly and efficiently, which will ultimately boost your company's productivity.
Does the technology in the ERP system fits your current and future business strategy? Your ERP software must be scalable to support the future plans of your company.
Sage X3 ERP provides real-time visibility in to all aspects of your business. It reduces the amount of manual & repetitive work, allowing you to focus on more important thing — strategic decision taking.
Sage X3 is highly scalable, and adapts to the unique workflow of your business. You can further customise it to meet your industry-specific needs. Sharing data, and collaborating with colleagues in real-time becomes easier with Sage X3. Its unique sales forecasting, cash flow management and budgeting tools helps decision-makers take informed decisions.
The exact components of an ERP system may vary. Many ERP software have the following components: Asset Management, Business Intelligence, Customer Relationship Management, Financial Management, Business Intelligence, Human Resource Management, Inventory Management, Supply Chain Management, Warehouse Management, etc.
The exact cost of an ERP software may vary. It depends on different factors such as number of users, feature requirements, and modules. Additional training may cost extra.
Traditional ERP software cannot be accessed remotely. However, newer cloud-based ERP software can be access remotely regardless of the device and operating system one uses. You can access them from your desktop, mobile, tablet, with an Internet connection.
ERP software allows collection, storing and analyzing of business data from various business operations to improve efficiency.
An ERP software can directly import data from other systems using a dedicated interface. This method is considered the most secure and efficient. There are also other methods such as using a third-party Web service and file-based integration which are considered less secure.
Many good ERP software support ERP customization. They can be customized to solve specific issues to meet your organisational requirements.
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