07 Jun ERP in Digital Transformation
Digital transformation is big business-very big business. According to IDC, worldwide spending on digital transformation (DX) technologies is projected to be more than $1.2 trillion in 2017, an increase of 17.8 percent over 2016. IDC expects DX spending to maintain this pace with a compound annual growth rate (CAGR) of 17.9 percent over the 2015-2020 forecast period, reaching $2.0 trillion in 2020.
The speed of business is fast and companies that aren’t successful in adopting, implementing, and optimizing new technologies run the risk of being left behind.
Globally, digital transformation in manufacturing processes are moving forward – customers demand more of them, which means that they need to invest in gaining that edge, securing growth, improving products and winning in their markets.
Enterprise Resource Planning tools can have extensions into social media platforms. This might seem like a trivial change, but it has far-reaching implications. Social platforms are an integral part of the digital transformation, one of the key components that have allowed users to go digital. ERP can leverage that by having extensions into the social accounts of users. That way, the digital transformation of users on social platforms is no longer a leisure activity, but a business opportunity that you can use for your benefit using ERP.
A very efficient trump card ERP has in its deck is cloud-based services. The usual benefits of cloud-based ERP are well-known. It allows for easy access to ERP by anyone, as well as better utilization of resources. If you want to learn more about cloud-based ERP, here are its advantages.
Digital transformation has enabled companies to create multi-faceted tools. For a long time, ERP vendors were happy with what they had and had no motive to improve; at least, not at the rate that was required.
However, digital transformation accelerated that need to encompass multiple technologies into a single tool, making all major vendors strive to develop better ERP tools. The better tools, in turn, further facilitate the rate of digital transformation. It is a process that benefits both.
Extensions like social platforms, cloud and analytics are necessary to provide a wider range of functionality to ERP tools. When we achieve this, it naturally speeds up the digital transformation of organizations.
Perhaps one of the most important ways by which ERP can impact digital transformation is by being scalable. Technological advancement is exponential today, and new features and tools are introduced rapidly.