Custom ERP Software Development Solutions
ERP stands for enterprise resource planning, but what does ERP mean? The simplest way to define ERP is to think about all the core business processes needed to run a company: finance, HR, manufacturing, supply chain, services, procurement, and others. At its most basic level, ERP helps to efficiently manage all these processes in an integrated system. It is often referred to as the system of record of the organization.
Sometimes described as the central nervous system of an enterprise, an ERP software system provides the automation, integration, and intelligence that is essential to efficiently run all day-to-day business operations. Most or all of an organization's data should reside in the ERP system to provide a single source of truth across the business.
Finance requires an ERP to quickly close the books. Sales needs ERP to manage all customer orders. Logistics relies on well-running ERP software to deliver the right products and services to customers on time. Accounts payable needs ERP to pay suppliers correctly and on time. Management needs instant visibility into the company's performance to make timely decisions. And banks and shareholders require accurate financial records, so they count on reliable data and analysis made possible by the ERP system.
The importance of ERP software to businesses is illustrated by the growing adoption rate. According to G2, The global ERP software market is projected to reach US$78.40 billion by 2026, growing at a CAGR of 10.2% from 2019 to 2026. ERP system offers many advantages — Higher productivity: Streamline and automate your core business processes to help everyone in your organization do more with fewer resources.
Deeper insights: Eliminate information silos, gain a single source of truth, and get fast answers to mission-critical business questions. Accelerated reporting: Fast-track business and financial reporting and easily share results. Act on insights and improve performance in real time. Lower risk: Maximize business visibility and control, ensure compliance with regulatory requirements, and predict and prevent risk.
Simpler IT: By using integrated ERP applications that share a database, you can simplify IT and give everyone an easier way to work. Improved agility: With efficient operations and ready access to real-time data, you can quickly identify and react to new opportunities.