The bigger a business gets, the more diverse its software needs to become. Enterprise solutions are designed to integrate multiple facets of a company’s business, from accounting to customer relationship management, to unlock the power of real-time information. With the right program, companies can boost productivity and workflow visibility, reduce human error and streamline processes – all leading to an increase in revenue. With year on year growth frequently exceeding 10 percent, the enterprise solutions software market is the fastest growing segment in the IT industry.
Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) are two types of software commonly used by companies to assist their operations. ERP is a modular software system that integrates the main functional areas of a company’s business processes into a unified system. Worldwide spending on ERP surpassed $82.6 billion in 2017 – with the top ten ERP vendors accounting for nearly 37.1% of the market. SAP led the pack with nearly 7% market share, followed by Oracle, Intuit Inc, and Microsoft.
While ERP has historically been associated with expensive end-to-end implementations, cloud versions allow easier deployment and scalability – enabling a greater number of small and medium businesses (SMBs) to take advantage of this software solution. Many ERPs are also offering next-generation capabilities such as AI, IoT and advanced data analytics, pulling the enterprise solutions software space, and the companies that utilize them, firmly into the future to gain a competitive advantage. The implementation of ERP in a business can be invaluable; a report by Aberdeen Group showed that manufacturers who use ERP software increase their inventory accuracy and on-time delivery by 97%, while reducing administrative costs by 13% and operational costs by 14%.
As the adage goes, “Customer is king”, and a well-crafted CRM strategy ensures that they feel treated as one. As a tool, CRM software helps businesses build a relationship with their customers that fosters loyalty, advocacy, and customer retention – all boosting the bottom line. Nucleus Research calculates that CRM software pays back $8.71 for every dollar spent. California-based company Salesforce is the leading of provider of CRM software worldwide with a 25% share of the market, followed by Adobe who recently acquired Marketo for marketing automation and Magneto for eCommerce.
Innovation, increasing adoption, and digital transformation is driving incredible demand for enterprise solutions software and for professionals with the necessary skills to design, programme, and implement this cutting-edge technology. Recent forecasts suggest that this trend of rapid expansion will continue in the coming years with market revenues expected to reach $560bn by 2021. While the Bureau of Labor Statistics projects that the employment of software and systems developers will grow by 21% and ten percent respectively over the next decade – far faster than the average occupation.