ERP and Indian business market
As you, all know ERP is Enterprise Resource Planning. ERP system is an IT solution that helps companies to achieve enterprise wide integration, which results in faster access to accurate information required for decision-making. ERP combines all the business functions together into one single integrated system with a single central database.
ERP become fascinating, dependable and satisfactory model for all business applications .The business can easily complete tasks and steer towards more growth and productivity.
Nowadays open source ERP implementation is in high demand. By using right ERP implementation, the organization can save both money and time. Odoo is an open ERP hence, implementation time and cost can be reduced. Another advantage of Odoo ERP implementation is operating cost can be reduced and Return on Investment can be increased.
However, today we are going to deal with the current situation of the Indian business market and ERP. ERP has changed the custom of business around the world. In India, the number of organizations that are implementing ERP or integrating with ERP is increasing day by day.
ERP implementation will increase productivity, reduce overall cost, and of course efficiency.
How did the Indian Market come to adopt ERP solutions?
Even though ERP will bring almost everything in our hand, but before some years the Indian market is quite hesitant to implement ERP. Another interesting fact about ERP is, it is used as a back office solution or simply like a support function.
After the crash of the software market and other crises , everyone is starting to search the new trends which can able to overcome the situation and provide better end efficient result in the software business market At that time each and every company was forced to adopt the ERP solution where they find the perfect solution for all their problems . Finally, all these businesses and organizations aware of the benefits and they started the ERP implementation and integration.
At the primary stage, all were focused on the most popular ERP modules like Accounting, Finance, Sales, and Manufacturing. Now the ERP scenario in India has gone through an upswing.
Information Technology, Steel, Textile, Pharmaceutical, Oil, and manufacturing organizations are some of the many companies which depend on the ERP. Nowadays, Power industry, Food processing Industry and hotel Industries are also headed the ERP way. The initial delayed attitude experienced toward ERPs can be blamed on factors like ignorance, technical difficulties unfamiliarity and most important financial troubles.
In the current world Indian IT industry is flourishing beyond the expectations. Hence, all leading and dominant competitors were continuously trying to promote and expand their market / business. In addition, ERP is not only applicable for large sized business, but also it is suitable for small and medium sized business to grow and prosper.
ERP and Current situation in India!
Currently, the SME segment in India has become the most demanding category for ERP solutions. Nearly 60% of the SME sector have already integrated ERP solutions into their business.
We have to say thanks to those developers who developed the affordable and efficient ERP modules, hence SME s can now afford the financial needs to integrate and streamline ERP s into their Business needs. This helps the SMEs for smooth and efficient inventory management, time management, human resource management, customer relation management, Purchase management and in online data business.
Currently the majority of the SMEs are implementing ERP. The next step was the integration with ERPs on large enterprises, thus lift up the efficiency of organizations even further. There should be enough awareness floating through the air to let them know about the high profit to cost ratio that ERPs can bring to an organization.
Experts / Specialists have estimated that in the last decade the overall ERP market has experienced a growth of nearly 70% and many market researchers point out the number of benefits that Indian companies / organizations experienced after the implementation of ERP.
The benefits of ERP — Enterprise Resource Planning in any organization are beyond doubt. Some of the important benefits are listed below,
• Reduced manufacturing cycle time
• Reduced Planning cycle time
• Reduced inventory
• Reduced error in ordering
• Reduced requirement of manpower
• Enables faster response to changing market situations
• Better utilization of resources
• Increased customer satisfaction
• Enables global outreach
The list goes on and on…
Of course, ERPs include great features that can ease up the tasks, for many organizations finally resulting in easier work and thus indirectly increase productivity. The fact that the growth rate of ERP implementation in India is on the rising time.
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