Reason for the Growth of ERP Market

 Since 1970, ERP is growing every year which you can find ERP history report. Growing rate of ERP in the market is 30% every year. There are many reasons behind this whose list, I am given below.

1.Good Inventory Control

In any ERP package, you will find the inventory control system. With inventory control system, you can add and raw data of raw material, work in process and finished goods in the database from anywhere. On basis of this database you can find, you can track the information of inventory availability. It is possible because ERP records are directly link with the records of all purchasing, beginning and closing stock.

2. Produce the Products Fastly

In ERP, both production department and sales department are inter-connected. So, when production department tracks the demand from sale department, it can fastly produce the products without any delay. It will reduce the production cost because correct and fast information will help to keep small produced stock and less invests money in stock.

3. New Product Development

When developer sees all the information together, they get more idea to create new product development. For example, recently, I saw in YouTube analytics, comparison of one video in two countries. When this option will see the YouTube video maker, he can take the development of new video for specific location. YouTube analytics are also developing the developers. ERP is also online software when they will develop its update, it will be helpful for businessman and working team to develop new product which increase the profit and decrease the losses.

4. Support of Multiple Languages and Currencies

ERP systems support multiple languages and currencies. So, more and more employees in different branches can work together because they can understand database language through better translation support. Better multiple currencies support will be helpful to do international business. When ERP software has started to give the multiple currencies support, then it can be helpful to calculate net gain from all the branches which are working in different countries whose currency is different. For example, SBI has its branches in almost all the countries. It uses bank link for managing the business in different countries in different languages and different currencies.

5. Vertical Market Solution

Before understanding the usages of ERP in vertical market solution, we should understand what is vertical market? As per Wikipedia,
A vertical market is a market in which vendors offer goods and services specific to an industry, trade, profession, or other group of customers with specialized needs. It is distinguished from a horizontal market, in which vendors offer a broad range of goods and services to a large group of customers with wide range of needs, such as businesses as a whole, men, women, households, or, in the broadest horizontal market, everyone.
Now, you have understood what is vertical market? Software developer can develop as per the need of vendor. Bank Vendor Company’s requirement will be different from automotive vendor. Telecommunication vendor’s requirement for managing his business will be different from transportation Vendor Company’s requirement.

6. Client Server

SAP, Oracle and Microsoft are the top client server ERP. One of main benefit, all files will be stored same store. All files will have automatically back up. If there is any bug, we can restore the back up. 






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Accounting Education: Reason for the Growth of ERP Market
Reason for the Growth of ERP Market
Accounting Education
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