Ashvin Gami is the founder and managing director of StrategicERP and IIT Bombay Alumni. A firm believer in offering excellent customer experience and IT solutions to ease the management, develop flexibility of project-related data, and empower industrial operations. Ashvin is an industry veteran who has extensively spent three decades in the IT industry. Ashvin is the crucial person who drove the StrategicERP to the next level. He was also featured in The Economic Times, Financial Express, DNA, Construction World, Business World, EPC World, Data Quest, Construction Opportunities, Silicon India and other prominent media.
COVID-19 altered the essence of life and business as we know it today and the full force of the change was absorbed by the global industrial sector, facing insurmountable limitations like falling demands, supply inconsistencies, limited production etc. Hence, businesses were compelled to shift gears, go into survival mode and embrace technology as a survival medium.
The go-to tool in this era of disarray was the Enterprise Resource Planning software, which streamlined business functionalities. The global ERP software market is projected to grow from $50.31 billion in 2021 to $93.34 billion in 2028 at a CAGR of 9.2% in the forecast period, 2021-2028.
ERP acted as a survival kit for businesses as it solved a host of finance and enterprise-related challenges such as cost analysis, supply chain, working capital predictions, finance planning, procurement, and other aspects of the business, as well as financial closing processes and billing models. As industrial players move towards more data-driven models, players can avoid unnecessary risk while capitalising on revenue opportunities that shift from time to time.
Why is ERP demand increasing?
The initial big push for ERP software was rooted in business survival and continuity. However, now the recovered BFSI, logistics and manufacturing sectors followed by increased government expenditure are the new primary factors for the boost in the new world. Since it helps companies identify and save costs from multiple sources, businesses are making it more popular by benefiting from avoiding revenue leakage and prioritising critical expenditures.
Effective planning and streamlined project management also contribute to the rising ERP trend. Customised modules paired with the latest technologies assist in better optimisation of resources and promote rational and effective decisions.
The changing consumer behaviour and buying habits also compel the industry to embrace proactive ways to engage customers. This has given businesses another initiative to give up their conventional methods and become more insightful and sensitive toward using data for better sales.
A Foundational Technology
ERP software’s standing as a business resiliency agent is profound and widespread for all sectors, as the technology has become the foundation for integrating new-age technology solutions. Other new-age technologies like AI, robotic process automation (RPA), low-code application platforms (LCAP), and virtual assistants are found on the bedrock of a robust ERP system.
IoT facilitates data collection, analysis, and processing are integrated for empowering enterprises to make better decisions and strategies. It enables construction enterprises to embrace effective supply chain and customer relationship management (CRM).
How ERP Software Helps Businesses Navigate COVID-19 Disruptions?
With global markets in dire straits, ERP is now playing an even more significant role in the continuance of business operations through remote access, automated reporting, digital data exchange, and real-time work floor control.
Makes Remote Working Possible
The pandemic compelled enterprises to shift from physical offices into remote working setups. From drafting work to managing routine workflows, the cloud-based enterprise resource planning software makes business operation management relatively frictionless and maintains employee engagement easier.
Mitigate Operational Risks Through Analytics
Real-time access to the data and advanced analytics capabilities in ERP systems enables businesses to gain active visibility into critical business components and anticipate disruptions. Hence, the solution prepares you to adjust strategies for appropriately mitigating their impacts quickly.
Enable Systematic Financial Planning
ERP system’s ability as a transparency agent through data digitisation and accessibility is also a lucrative feature. The integrated data view removes departmental silos and allows you to do systematic financial planning, which reduces budget flaws.
Maintain Information Security
Ensuring data safety is a prime goal for businesses today. Therefore, robust ERP software with a strong authentication protocol for accessing and updating business data becomes necessary. This ensures that all information stored and transferred through the system is safe from external attackers.
Scope and Possibilities for Construction Players
Cloud-based ERP solutions have helped industries to progress a lot. The construction enterprises have reaped benefits from improved ROI, increased efficiency and achieved greater scalability. The ability to stay in tandem with the advancement of the industry through cloud-based ERP has empowered decision-makers to select the best solutions that manifold the profit margins. Whether automating construction processes or improving audit levels, the cloud-based ERP has completely evolved the construction game. Embracing it helps accelerate the productivity of construction firms dramatically.
Advanced solutions have freed the contractors, builders and stakeholders of the modern day from overwhelming and cumbersome construction process monitoring and management tasks. Although adopting ERP technology in place of traditional norms might seem difficult initially, an excellent strategic partner can help reap the full benefits in the long run with less downtime. So to boost the project progress, enhance productivity and earn profit margins, the construction industry needs to join hands with the adoption of cloud-based construction ERP.