Businesses of all types and sizes including small and medium enterprises (SMEs) can impact their bottom line in a marked way by using Enterprise Resource Planning (ERP) software. ERP is a tool by which enterprises can retrieve, collect and store information about their business processes and activities in a more efficient and effective manner with the goal to manage them better.
Price Waterhouse Coopers has predicted a two-fold growth in cloud based ERP spending by the end of the current year. There are two types of ERPs: the on premise and the cloud based ERP, the cloud based is seen to have greater potential for growth in the future and attractiveness for small businesses.
The cloud based ERP offers the benefit of lower investment requirements and the flexibility to store and have access to information anytime and from anywhere as long as there is access to the internet. The cloud model for ERP is fast gaining popularity amongst leading SMEs.
Some incentives for adopting an ERP for a small business are better real time monitoring of business processes, problem solving, inventory reduction, lower operational costs, better compliance etc.
Cloud based ERP is popular amongst American enterprises too partly due to the growing interest of the analytics features of new mobile platforms, stricter project deadlines and cost cutting imperatives.
Adopting a cloud based ERP could be the game changer for any business no matter how small.
ERP integration with mobile platforms is becoming a necessity and social media integration is next.