People in Singapore will think you are talking about “Electronics Road Pricing” if you say the words “Enterprise Resource Planning” (ERP). People tend to mix up the two ideas because they are so similar. Also, they might think you work for the Land Transport Authority (LTA) of Singapore.
Enterprise resource planning, also called ERP Accounting Software, is a type of business management and accounting software made for medium-sized to large companies. It has more specialized functions and features than regular accounting software.
To manage, collect, store, and interpret data for the company’s many business activities—tasks that the small accounting software might not be able to do—the company usually has to either package or customize the necessary software.
There is several affordable enterprise resource planning (ERP) solutions for small and medium-sized businesses (SME) that want to grow but don’t want to spend a lot.
ERP software usually starts at a base level of 20,000 dollars and can go up to 200,000 dollars, with the price depending on how many specific features your company needs.
ERP software is very flexible and scalable, which means that upgrading or adding new app features doesn’t cause any problems.
Does the Government of Singapore make money from the ERP?
Yes Government of Singapore makes money from the ERP through companies selling SRP systems.
The ERP software market in Southeast Asia made a total of $1,580.0 Million USD in 2019. It is expected that this number will grow at a compound annual growth rate (CAGR) of 15.36% from 2020 to 2024, bringing it to 2884.8 Million USD in 2024.
By the end of 2024, it is expected that Singapore will lead the ERP software market with a share of 36.86% and revenue of USD 1063.2 Million.
The enterprise resource planning (ERP) software market is doing well because more businesses are using ERP software and the rate of industrialization in the Asia-Pacific region is getting faster.
ERP software helps organizations be more efficient by letting them work at their fullest capacity and getting rid of the problems that come with their work processes. This lets the business make as much money as possible.
In Southeast Asia, the use of enterprise resource planning (ERP) software has grown by leaps and bounds in a wide range of industries over the last ten years. These verticals include the banking and financial sector, government and defense, manufacturing, information technology and telecommunications, and others.
Some of the most important ways to use enterprise resource planning software are to manage the supply chain, budget, human resources, customer relationships, payroll, and so on.
The software helps both small and large businesses be more productive and clear, and it also makes it easier for decisions to be made.
Why business buy ERP systems
Direct and indirect cost savings
ERP systems help cut costs in a number of different ways. For example, they can help simplify and automate complicated business processes, which cuts down on the time people spend working.
They can also get rid of processes that don’t add any value to the organization and unify functions across the board. This will make employees more informed and give them a greater ability to change.
They can help improve quality and cut down on waste by making it possible to do things the same way over and over again.
They replace many software systems with one, which means you only have to deal with one technology vendor. Most of the time, this saves money on licensing costs, integration needs, application administration, and training staff on the different processes.
If you choose a software-as-a-service (SaaS) enterprise resource planning (ERP) system that is hosted in the cloud and managed by the service provider, you can cut down on your IT tasks even more.
Opportunities to increase revenue
ERP software has the potential to increase sales by assisting in maintaining the appropriate level of inventory to fulfill the needs of customers and fostering repeat business through the provision of continuously superior customer service.
Your staff will be able to provide quicker responses to client inquiries, achieve higher rates of order accuracy and on-time delivery, and add more self-service alternatives so that customers can buy from you whenever they are ready thanks to ERP’s capabilities.
In addition, because it maintains a centralized database for all of a company’s financial data, an ERP system can assist a company in determining which of its goods generates the highest profits, as well as improve cash flow and accurately estimate customer demand.
Greater business effectiveness
Today’s enterprise resource planning (ERP) systems enhance the efficiency of businesses by making collaboration simpler and more expedient, integrating industry best practices and automation into business processes, and distributing real-time data to all of an organization’s teams regarding the performance of the company.
They aid in the process of making strategic and operational decisions by assisting managers in the identification of emerging trends and opportunities.
When ERP is implemented, teams may share the same data rather than manually integrating data from numerous sources of varying ages and degrees of accuracy. This saves a significant amount of time.
ERP systems, once deployed, should also provide a platform for growth and transformation, enabling you to introduce new products or services or enter new markets in a more expedient and less difficult manner.
Signs that you need ERP software
If you’re having trouble with your legacy system and reading this, you might be wondering if now the perfect time to make a switch is. The following is a list of warning flags that indicate you require new ERP software:
The basics aren’t letting you grow
You may have been able to get by with only the most basic tools, but if the software you’re using now is making it hard for you to grow in new markets or around the world, it might be time to invest in a better enterprise resource planning (ERP) system that can adapt to growth.
You’re dealing with disparate systems
Since technology has gotten better, you have found that the different systems you use don’t work well together.
It’s possible that your company’s new accounting software isn’t compatible with its old human resources management system, and you’re tired of wasting time and money trying to piece together a workaround.
You can’t meet customer expectations
If both your employees and customers are always on the go, but your current system can’t keep up with their needs, it’s time to upgrade to a solution that can work for everyone.
You can keep your business ahead of the competition if you put money into meeting the needs of your customers and giving your employees the skills they need to do well.
If you or other members of your team are interested in a new system but there is resistance to changing ERP software, you should plan a demonstration so that everyone can see what options are available.
When everyone feels like they are part of the decision-making process, it will be much easier to carry out the plan.