Enterprise Resource Planning software can be defined as a complete business software solution. The main purpose and aim of this software is to systematically arrange and assimilate all the systems of entering data and processes, as related to business. It is one of the most important elements for any organization which aims to harmonize its business efforts and gives better results. When organization is growing fast and they cannot control on their all operation manually, like subcontractor details, customer details, outstanding payments, top customers, top suppliers, WIP (Work in Process), inventory status across all stores, production planning and production capacity, in this case organizations have to think about this software for their business processes.
Indian market is very competitive and growing. Every company wants to grow rapidly for this they are working 24x7x365. But apart from hard work they are also opting new technologies. Today, India has emerged as a lucrative market place for ERP companies. In India, lots of small and medium size companies are growing very fast and they need a software package to manage their growth. So companies are targeting small and medium size company. Nowadays, every top educational institutes, consultancies and companies are constantly working towards promoting themselves.
According to Frost & Sullivan research conducted in India, it has been found that due to rising competitive pressure most of the Indian companies are looking forward to equip themselves with modern technologies and business processes like ERP solutions that can further provide unlimited access to information and enable them to compete effectively. Higher ROI, Rapid industrialization and ease of integration with legacy systems are influencing the growth of Enterprise Resource Planning software market in India. In mid 90s, it was the dream for small and medium size company, but now it is implemented by many small and medium sized companies.
ERP has changed the way of businesses in India and at present, more and more organizations and industries are implementing it. One of the important reasons for growing market in India in SME segment is cost. Now this software is available in the range of Rs. 3 Lakhs to 25 Lakhs (For SME segment) with implementation cost. Even big brands like SAP, Microsoft, and Oracle have started their enterprise application for SME segment at lower cost with almost similar kind of functionalities. After entering of these big brands in SME segment, competition is increased for ERP Companies and more choices for companies.
Many India company performances have been improved rapidly by the use of software that includes management control, MIS, operational control, bird’s eye view for all operations etc. Their turnover is increased exponentially. It also contributes in the growth of Indian economy and market. Enterprise Resource Planning has changed the way of thinking, rules and procedures in the organization.
ERP market has a vast scope for the development and has great prospect in future for all sectors - Retail, FMCG, Pharma, Manufacturing, Engineering, diary, electronics, Jewelry etc.
To better understand the benefits of this software and its functioning, this website has gathered some of the finest books on business management.