Enterprise resource planning (ERP) is the integrated management of core business processes, which are often in real-time and are mediated by software and technology. ERP is usually referred to as a category of business-management software, typically a suite of integrated applications that an organization can use to collect, store, manage, and interpret data from various business activities
According to Computer Weekly, enterprise resource planning (ERP) and customer relationship management (CRM) remain the most vital categories for packaged business applications, with 53% of respondents naming these as priority areas for investment, reflecting a modest 3% growth for ERP in Europe, the Middle East, and Africa. Moreover, interpreting the data is crucial for decision-making; however, Oracle survey data suggests that current ERP systems are not delivering the meaningful insights needed. Further, according to Oracle, although 60% of people used their ERP system to generate reports directly, nearly half (49%) used spreadsheets with data pulled from the record system (survey on 400 finance and technology leaders).
The fact that businesses feel compelled to take their data further with ad-hoc spreadsheet reports shows ERP systems do not provide the insights businesses require. The problems with managing reports via. Spreadsheets are well-known, so it should, therefore, come as no surprise that companies have begun or are planning to move ERP to the cloud. Cloud is the future of most business applications, including ERP. Accenture's CIO (Chief Information Officer) survey finds that 78% of the UK CIOs believe that cloud is critical to their IT strategy and corporate strategy, and 50% say they are already running a hybrid cloud ERP and reaping the rewards of the total cost of ownership (TCO) reduction and increased agility.
Also, during cloud adoption, some organizations may prioritize by separating and migrating modules or functions to cloud-first (such as human capital management). At the same time, the remainder continues to stay on-premise. Other organizations may move the critical mass of their business applications to the cloud, finding little sense in retaining core systems on-premise. Additionally, 61% of the UK CIOs from Accenture's survey report that they already have more than half of their data and applications in the cloud. Still, only 6% plan to be exclusively cloud-based in the next three to five years.
The rapid shift to the cloud in North America is driving the studied market's growth for cloud enterprise resource planning (ERP). According to Epicor Software's 2021 Annual Insights Report, 94% of mid-sized essential businesses in the United States are adopting cloud in 2021, up from 25% that declared cloud a strategic priority in 2020.
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