Over the past one year, organisations and individuals have had to fast adapt to the unforeseen paradigm shifts spurred by the pandemic. While lockdowns and the consequent social distancing mandates affected businesses of all sizes and industries, technology proved to be the saviour. This wave of new digital innovation will continue creating significant economic value and revolutionise business practices in India.
From facilitating seamless communication between employees or to bolstering cybersecurity measures and boosting productivity, emerging technology solutions have been ably serving every industry. The multi-faceted benefits of technologies like cloud, IoT, AI and ML have compelled business leaders to embark on digital journeys to cope with the pandemic. Now that digital has gone mainstream across sectors, it is critical for companies to maintain the newfound momentum to differentiate in the new normal and truly become next-gen.
Achieving sustainable business growth with digital adoption
The Indian market for digital consumption is among the largest and fastest-growing in the world, ranking second only to China. Considering present trends, it is expected that India will have about 800 million internet users and 700 million smartphones by 2023. These numbers not only reflect great opportunities for businesses but also reveals the prevalence of empowered consumers who have expect from a brand in terms of experience and service.
Similar changes in expectations can be seen within the workforce as well. Research suggests that a greater percentage of employees want to continue to work remotely and demand corporate flexibility even after the pandemic recedes. For an organisation looking to leverage this digital rush to its advantage, the need to maximise digital potential is mandatory. The key to which lies in effective planning and efficient digital adoption augmented by futuristic tools like ERP and cloud.
Take the lead in digital adoption with cloud ERP
One of the unexpected effects of COVID-19 was the sheer speed at which businesses had to adopt remote working practices. Now that remote working is here to stay, and consumers are increasingly expecting seamless online services, organisations that need to execute key processes, manage complex systems, analyse data spread across multiple locations, or effectively collaborate require a robust infrastructure to thrive. It is here where a flexible cloud-based enterprise resource planning (ERP) platform can create the difference. It can simplify processes, improve compliance with internal controls, foster a data-driven decision-making culture, and help organizations cut costs through better technology integration.
The following are some of the key benefits of cloud ERP that can help a company streamline and scale operations:
Greater visibility into business operations
Companies must focus on uniting all core business functions by creating a single source of truth for all the information that’s easily accessible to all stakeholders as well as secure. Disparate legacy systems are, however, incapable of providing accurate, actionable, and comprehensive insights into business operations. This makes gathering information from different business units, resource-intensive, error-prone, and costly. Thus, when it comes to decision-making, companies are always on the back foot, unsure of their data’s reliability, timeliness, and relevance.
The implementation of a centralised ERP solution provides decision-makers with the assurance that the information they receive is accurate and current. By increasing organisational visibility it enables faster and more effective decision-making, which in turn allows a business to respond quickly to changes in market conditions and customer needs.
Reduced business costs and increased productivity
Keeping the costs in check has been a constant priority for businesses everywhere. Compared to traditional solutions, cloud ERP is more cost-effective in the upfront stage and has a lower total cost of ownership. In addition to upgrades, cloud providers also take on additional responsibilities depending on the type of managed service offering a business selects. This backed with ERP’s automation abilities can help companies reduce workload of internal resources and free up IT staff for strategic planning.
Enhanced workplace diversity
Cloud ERP systems facilitate seamless collaborations and foster a diverse workplace culture by providing mobile device support. This ensures real-time access to data and collaborations whether a user is at home, in the office, or somewhere else. In other words, ERP systems make it possible for a company to implement as well as better manage hybrid work models and diverse global teams.
Innovation and agility integration
Cloud-based ERP solutions are helpful for businesses looking for secure, scalable, and flexible ways to manage their operations. As demands change, cloud ERP systems can accordingly adapt. On the other hand, adding or reducing users and features with on-premise systems is expensive as well as time-consuming, something businesses cannot usually afford.
For more information on cloud ERP and how it can help your business scale and succeed, get in touch with experts today.
https://www.mckinsey.com/~/media/McKinsey/Business Functions/McKinsey Digital/Our Insights/Digital India Technology to transform a connected nation/Digital-India-technology-to-transform-a-connected-nation-In-brief.ashx
https://www.mckinsey.com/~/media/mckinsey/industries/retail/our insights/how covid 19 is changing consumer behavior now and forever/how-covid-19-is-changing-consumer-behaviornow-and-forever.pdf