Significance of ERP in Mid-Market Segment

Significance of ERP in Mid-Market Segment

Importance of ERP in Mid-Market Segment:

In today's aggressive business environment it is crucial to be equipped to face a massive and competitive world. In this time of weakening worldwide economic situation, the most worried sectors are the small and mid-market businesses. They are challenged by the requirement of the customer and compliance directives, effective management of supplier, procurement, costs control and finding new customers to grow the business. Relying on internal manual processes have been a grave handicap and more and more establishments have felt the need and are embarking on investing in automation and process enablers.

Most of the mid-sized organizations were living with home-produced applications which are non-integrated and on different technology architectures. This has resulted in living with obsolete technology, no-support, and non-availability of critical information at the right time resulting in overall business loss. A lot has changed with the recent emergence of the mid-market segment that has now companies re-looking their processes and procedures, and put in place proper ERP solutions for better, effective and more efficient businesses. For all but the smallest organizations, an ERP (Enterprise Resource Planning) system promises big gains, helping to grow revenue, increase productivity companywide, improve efficiency throughout the enterprise and manage costs. ERP integrates a variety of disparate systems, such as financials, SCM (Supply Chain Management) and CRM, automating time-consuming processes and streamlining operations. With a unified view of cross-company information, executives can ultimately make better decisions about corporate objectives and strategies.

The key drivers of introducing an ERP solution in a mid-sized company are introduction of industry standard processes which are already embedded in the application, adopting integration across business functions leading to transparency, access to real time information, analytical reporting for business decisions and adopting state of the art technology. Another key reason for the choice of a ready-made ERP instead of a customized development is the speed of implementation resulting in achieving a quicker return on investment. The implementation of ERP systems has helped mid-sized corporations, significantly improve their business metrics by process optimization, improving the entire supply chain process, integration across functionalities and increasing transparency across the organization. The introduction of ERP in any organization has also helped it move up the value chain in terms of market credibility and building the confidence of its stakeholders.

The objectives to implement ERP in the mid-market segment are to:

Introduce efficiency and improvement of its business processes

Achieve transparency and availability of data across functions

Obtain right Information at right time for effective decision making

Improve utilization of human capital and assets

Improve financial management

Cater to requirements of legislations in financial reporting

Streamline the supply chain processes

Improve Customer Relationship Management

Achieve efficiency in organizational reporting

Ensure data security and data scalability

Adopt systems that address changing technologies

Investments in ERP implementation for organizations in the mid-market segment is a significant decision. Therefore the evaluation of an implementation and benefits accrued is a significant factor in the overall success of an implementation.

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