Technology and innovation has modernized every corner of our workspace. Likewise, new innovations are enhancing the ERP system in many ways. The cloud-based ERP software is expected to reach its highest potential with new technology innovations such as IoT, wearable technology, big data, advanced mobile based apps & AI tools.
According to the recent research data provided by market research engine, the enterprise resource planning market is expected to exceed more than US$ 49.50 Billion by 2024. In the ERP sector, Cloud ERP is preferred by most of the top companies, as it has many benefits over the old on-premise ERP systems.
The major driving factors of the cloud ERP growth are
1. Acceptance of mobile and cloud-based applications
2. Growing demand for the cloud ERP software in the small and medium enterprises.
3. Need for user-friendliness in business processes.
4. Requirement of operational efficiency in various industrial sectors.
Take a moment to check these useful tips to select the best cloud ERP software for your business.
Select the right vendor:
In the 90s, most of the business firms had to use the on-premise ERP system. But, this is not a case in the current situation. When you decide to move your company’s ERP system to the cloud, make sure that it takes complete benefits of the cloud platform. “Top ERP sellers that make a transition into the cloud platform often choose to host their solutions in the cloud rather than taking the steps to completely modify them for the cloud” says Juergen Lindner, vice president of cross-SaaS product marketing at Oracle. End-users should not trust these types of ERP vendors easily; these applications may not satisfy the recent developments and it tends to fail the users towards the end of the process.
Check the integration’s vital components:
Another issue to look out for from such vendor’s ERP—and other related services: Customers may get stuck in the vital components of the integration process. This issue arises when you integrate an incompatible technology with these components. Some of the vital components to look for are human capital management, supply chain management, CX cloud services, etc… If you don’t integrate the ERP system properly, your business will face issues such as data inconsistency, data fragmentation, costly integrations, and security risks.
Beware of third party applications:
Some vendors provide enterprise performance management solutions that must be complemented by third-party applications. An ERP software that does not have vital features such as financial consolidation, reporting, profitability management and other important elements will require you to add those capabilities separately and do additional work to integrate them into your ERP.
Experience & financial stability of vendor:
If your cloud ERP provider moves out of business, what happens to all of your critical financial data? It is good to choose a trustworthy ERP company which has a good financial background. The company which you select should have high experience in the ERP industry and strong client background.
Product research & development:
If your ERP vendor doesn’t invest sufficiently in product research and development, it will leave you and other users behind as time goes on. Choose a company that enhances their core product line.
Thinking about integrating an ERP software? At CEM, we have over 16 years of experience and are a certified partner to Microsoft. Get a quote today!