Many organizations have reached a tipping point where they recognize the value of cloud deployment and are migrating from on-premises solutions
Key industries are the growth engine of any economy. From being a bell weather of development to leading the innovation curve, the sectors today are transitioning from industrial to the information age. This change is forcing a seismic transformation that is shaped by rapid advancements in digital technologies. Therefore, modern businesses need a robust technology framework like Cloud-based enterprise software to stay resilient and agile.
Accelerated digital transformation in key industries is enabling efficient management of supply chain disruptions, new delivery models, and remote work. As business processes become more complex, there is a need for more industry-specific software to manage evolving demands. While generic software may provide a broad range of features, it lacks the delivery of the last mile functionality. For instance, the compute requirements of an industrial manufacturing, construction, or food & beverage company are significantly different from those of a retail or a healthcare business.
Migration from legacy systems:
As industries evolve, legacy applications cannot keep up with the pace of change. Especially when it comes to aligning new technology trends, cost improvements, and meeting evolving customer expectations. Often, the gap between expected and derived functionality continues to increase with legacy applications. Hence for organizations to stay competitive, reimagining business demands with a modern technology infrastructure can deliver sustained growth.
Transition to cloud-based enterprise software:
A transition to Cloud ERP with industry-specific solutions can modernize the technology ecosystem to boost robustness and flexibility. According to NASSCOM, large scale Cloud adoption can contribute $380 billion to India’s GDP by the year 2026. With the right combination of data and software, organizations can grow the business aggressively, innovate faster and reduce risk by ensuring compliance is aligned. Additionally, automation can boost production and in-built security functionality to protect against sophisticated breaches.
Embracing Cloud-based software as the new normal:
Cloud-based software for enterprises offer a framework to react more promptly with changing customer demands and emerging business prospects:
- Built for Industry: Cloud ERP solutions that are built for specific industries can deliver better functionality with lower cost and risk.
- Accelerate Innovation: Cloud-based solutions allow businesses to stay competitive with new emerging trends. Organizations can seize new opportunities with innovative products for faster go-to-market capabilities.
- Business performance and scalability: Organizations are empowered to quickly adapt to changing business conditions for varying demand fluctuations.
- Design functionality for experience: Modern user interface (UI) and embedded business intelligence (BI) elevates a user-friendly experience to integrate a centralized decision-making process.
- Reduce the cost of ownership: By transitioning to cloud-based software, businesses can convert their software expenses from a capital outlay to an operational expense. This provides greater agility in responding to opportunities for growth.
Many organizations have reached a tipping point where they recognize the value of cloud deployment and are migrating from on-premises solutions. According to research by Market Watch, the overall ERP market is estimated to grow at CAGR 25.5% by 2024. As such, moving to cloud does not need to be an extreme all-in or nothing proposition to build resilience and agility. This is where the flexibility of built-in functionalities of an industry-specific Cloud ERP saves time and resources in building solutions from scratch.
Cloud ERP for the digital age
With the economy driven by data and software, traditional industries are undergoing a paradigm shift in the way they are delivering value to stakeholders. Hence, organizations are forced to reevaluate the way they interact with their customers and operate in today’s fast-moving environment. The impact of these shifts is far-reaching and has just begun to be explored. Key industry players can truly embrace the industry-specific Cloud ERP solutions for smarter, efficient, and sustainable outcomes.
