An ERP Software Market Report published by Allied Market Research states that the global ERP Market of ERP is all set to touch US$41.69 Billion by the year 2020. ERP systems have been around for many years now, assisting businesses to organize and simplify their complex business processes. This has led to a tremendous evolution of the ERP technology in the past few years with a good number of
History is replete with instances of ERP system implementation failures. However, to call them failures would be a massive understatement. Such ERP failures could also cause tremendous loss of reputation and goodwill. Forbes mentioned in its list of “Infamous software disasters”, the “Nike ERP disaster” that led to a whopping 20% stock dip in the year 2000. Another on the list was the “not so sweet” experience for Hershey’s failure of
“Change is the only constant”. That’s one proverb we have heard way too many times. It is quite true that people resist change. It is even more protuberant in organizations that are on their way to make some significant changes in their working patterns. Employees are hesitant about new methods, policies, systems, etc. This is precisely why change management should not be viewed as a ‘redundant expenditure’ or as
We live in a “customizable world”, a world where we can get absolutely anything and everything tailored to our specific needs. Suffice to say that our generation is extremely accustomed to heavy customization. It gives you a sense of control as everything is “tailored to you.”
Well then, how can a business resist the temptation of over customizing ERP Software to its specific needs?
Every business faces a critical
What is Cloud ERP System?
When it comes to ERP, choice of deployment matters a lot to organizations. They can either opt for On-Premise ERP or Cloud based ERP application on their preferences.
Cloud based ERP Software is hosted on the internet and is available as a sort of Software-as-a-Service (SaaS). It has gained much more popularity in the recent years owing to its short implementation cycle and less
To keep striving towards innovation and strategic excellence, disruption is necessary to bring people out of their comfort zone. Information Technology is meant to accommodate such disruptions and to make space for any potential innovation. Integration of Artificial Intelligence (AI) and ERP is a kind of disruption which businesses must contemplate on. This integration certainly has numerous exciting possibilities lined up for enterprises and they must quickly jump on
The Enterprise Resource Planning (ERP) Industry has thrived and evolved rapidly over the past several years. The ERP Industry rides on several crests and troughs owing to new innovations, advancements and continuously evolving requirements of a business. 2017 saw plenty of changes with cloud implementations accounting for a major chunk of all ERP implementations worldwide. 2018 is expected to witness even more fluctuations in the ERP Industry with mobility
The Service Industry covers people-centric organizations and such organizations have specific requirements when it comes to selecting an ERP Solution for Service Industry. Project and Expense Management are integral to the Service Industry and a best ERP Software can help it achieve that, making them use resources in a prudent manner. Being people-centric, organizations are required to record every transaction in a system. Ideally, it should be an automated
SMAC – The Nexus of Forces
SMAC, a term coined by Gartner, stands for Social, Mobility, Analytics and Cloud and all these four components form an integral part of the contemporary business and digital landscape. It is critical for every business to expand its customer base at minimal expense. For this they need to formulate better communication strategies, understand consumer behavior and respond to their queries efficiently. SMAC creates
To define Employee Self-Service (ESS) in a nutshell, it is a feature which is a part of all modern Human Resource Information Systems (HRIS), using which employees can access the transactions related to them. It enables employees to perform job-related tasks that otherwise take a lot of time to complete because of the scattered information as well as workflows involved. ESS Portal typically helps organisations save useful personhours, which
Agile Manufacturing is the ability to respond to market changes in a swift and nimble manner. Agile Manufacturing is the key ingredient for the survival of any Manufacturing business which is prone to changes in market demands. Manufacturers who can adapt to market changes in a jiffy without compromising on the quality of production often rule their respective industries.
ERP Software can help manufacturers forge Agile Manufacturing in almost every kind of industry
To define Fixed Asset Management in a nutshell, it is the process that involves the tracking of Fixed Assets, their Accounting, Preventive and Corrective Maintenance, Tracking and Theft Deterrence. It is always a challenge for organizations to accurately track the location, condition, and status of their fixed assets, especially for organizations which operate from multiple locations. To maintain a proper Fixed Asset Register whilst simultaneously complying with Accounting and Taxation standards
Any organization cannot function at its optimum efficiency until all its departments are well connected and integrated. A successful organization is founded on proper communication and seamless information flow between all the employees, management, departments, warehouses, plant, stakeholders, suppliers, etc. An Enterprise Resource Planning (ERP) System is such a system which can serve as a bridge between all the departments and functions to ensure real time information flow throughout
Interest in the technology known as Blockchain has risen exponentially and is quickly passing from being a “geeky” topic to becoming a reasonably mainstream discussion. Companies are innovating to find newer applications of this technology. Simply put, Blockchain is an electronic ledger which is shareable either among public or private users and create an immutable record of transactions, where each transaction is linked to the previous one. Each transaction or
It is a known fact that there is no one-size-fits-all ERP Software. Keeping this in mind, software developers impart a reasonable amount of flexibility into their ERP packages, so that users can tailor the software to better align it with their businesses. ERP Systems are developed keeping the best practices within different verticals and market segments in mind. So they serve as a template for organizational adaptation. While some businesses will
Not much time has passed since India witnessed the biggest tax reform since independence i.e. the roll out of a unified tax scheme called Goods and Services Tax (GST). GST although seems to be very simple has enough complexities under the hood. Many businesses came to a halt since they were clueless about how to comply with the new tax regime. In these times of indefinites, some companies looked
One of the most striking changes that the GST rollout has brought is in the mechanism of availing Input Tax Credit. This change is on course to not only eliminate discrepancies but to also push more taxpayers into the tax net.
Before understanding the changes done in the mechanism, let’s have an overview of Input Tax credit. It is the credit a manufacturer receives for paying taxes on the
OMCs have always been in the midst of changing regulations andglobally oscillating oil prices. They have to be both flexible and proactive if they want to keep up with the globally fluctuating oil prices. Another potential challenge is a geographically scattered market, which makes the implementation of their marketing schemes difficult. There is no one-size-fits-all marketing scheme and it differs from region to region, client to client and product to
Technology should no more be seen one-dimensionally and as something which is only accountable for the sustenance of a business. Perceiving it merely as a facilitator of daily chores like Accounting or Payroll Management is a mindset that businesses are getting rid of, and rightly so. They are establishing an effective coupling with groundbreaking technologies, to strive towards innovation and excellence. This is a welcome shift in perspectives and
Ransomware has hit hundreds of thousands of businesses worldwide, especially small businesses, who had never expected to be impacted by such a serious virus threat.
For people who are still figuring out Ransomware, it is a type of malware which encrypts the entire system and then the hacker asks for the payment in Bitcoins for decryption. Unfortunately, even if the payment is made, the chances of data recovery is