LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global ERP software market and the market is poised to experience spend growth of more than USD 20 billion between 2019-2024 at a CAGR of over 9% during the forecast period. Request Free Sample Pages.
The implementation of ERP software is becoming a necessity across the BFSI, IT, manufacturing, and automotive sectors who deal with multiple service providers that result in the generation of a huge number of invoices on a monthly basis. Meanwhile, ERP software suppliers are implementing automated and integrated process controls within the software that are enabling buyers to automate their procurement and sourcing activities, thereby reducing management effort and the TAT for the payment of invoices. This is favoring a large-scale ERP procurement across the globe.
The availability of a sound cloud infrastructure and expertise is favoring a large-scale adoption of cloud-based and social ERP solutions in North America. The growth of end-user industries such as retail, BFSI, and telecom is propelling ERP software procurement to handle information systems.
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Insights into the ERP software price trends
- ERP software suppliers are increasing their investments in the latest technologies such as AI, RPA, and big data analytics to automate their software development processes and reduce the requirement of labor. This is making significant additions to their technology expenses which are impacting ERP software procurement expense for buyers.
- The growing shortage of skilled labor and stringency of regulations pertaining to employee benefits across the globe is increasing employee expenses borne by suppliers in the ERP software market.
Insights into strategies that will help buyers optimize their ERP software procurement spend
- Buyers should evaluate the compatibility of the ERP software with existing products used in their organizations. This will ensure the smooth transition of data from the existing software to the new ERP software while allowing the use of legacy systems. This strategy will help buyers to avoid any incompatibility and IT-related issues. It will also help buyers run their organizations smoothly.
- Buyers are advised to identify specific goals of their business and then focus on the features and modules needed for each business process to achieve these goals. This will help buyers integrate required modules into the ERP platform while reducing costs and improving efficiency. The cost is reduced by not paying for additional modules, and efficiency is improved by understanding the required modules better.
COVID-19 Impact Assessment and Market Insights
SpendEdge’s reports now include an in-depth complimentary analysis of the COVID-19 impact on procurement and latest market data to help your company overcome sourcing challenges. Our ERP software Procurement Market Intelligence Report offers actionable procurement intelligence insights, sourcing strategies, and action plans to mitigate risks arising out of the current pandemic situation. The insights offered by our reports will help procurement professionals streamline supply chain operations and gain insights in the best procurement practices to mitigate losses.
To stay on top of latest trends and supply market information, check out SpendEdge’s knowledge center on COVID-19 impact assessment.
The top ERP software suppliers enlisted in this report
This ERP software procurement market intelligence report has enlisted the top suppliers and their cost structures, SLA terms, best selection criteria, and negotiation strategies.
- Oracle Corp.
- SAP SE
- Microsoft Corp.
- Infor Inc.
- SYSPRO Proprietary Ltd.
- Fidelity National Information Services Inc.
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Some of the key topics covered in this report are:
- ERP software market spend segmentation by region
- ERP software supply market analysis
- ERP software procurement best practices
- Regional spend opportunity for ERP software suppliers
- ERP software suppliers cost structure
- Total cost of ownership analysis in the ERP software market
- ERP software suppliers pricing models analysis
- Category management objectives to promote an optimized ERP software procurement
- Cost saving opportunities in the ERP software market
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