FEATURE : ERP
Intelligent ERP enables the digitalfirst agenda
IDC is forecasting the enterprise resource planning ( ERP ) market to grow from US $ 29 billion in 2020 to US $ 36.2 billion in 2025 at a compound annual growth rate ( CAGR ) of 4.5 %. ERP is software designed to manage and integrate the functions of core business processes like finance , HR , supply chain , CRM and inventory management in a single system . Widely used in businesses of all sizes , ERP is considered a must-have for large enterprises and is increasingly being deployed in growing small businesses too . Industry experts look at the complexity of the global economy , modern customer demands and the impact this has made on ERP .
ERP is a modular software system designed to integrate an organisation ’ s business processes , such as accounting , HR , inventory management and purchasing , into a unified system . Before the popularisation of modern cloud computing in the late 1990s , ERP systems ran inside the owner ’ s facility , or “ on premises .” The cloud ERP era started in 1998 with the debut of the first ERP system to be delivered over the Internet , NetLedger , later renamed NetSuite .
Forward to now , research and analyst firm International Data Corporation ( IDC ), is forecasting the enterprise resource planning ( ERP ) market to grow from
US $ 29 billion in 2020 to US $ 36.2 billion in 2025 at a compound annual growth rate ( CAGR ) of 4.5 %. IDC states that public cloud use continues to increase at a 17.5 % CAGR , while on premises continues its decline by a CAGR of 3.4 %.
IDC noted that the market for on premises continues to decline with organisations shifting to cloud over time and many of the enterprise shifts have been hybrid to start , moving to private cloud and ultimately to public cloud over time .
“ Organisations have suffered through a worldchanging pandemic , finally recognising digital is
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