According to recent market research, the cloud ERP market is predicted to grow at about 10% CAGR (compound annual growth rate) from 18.52 billion US dollars (2016) to 29.84 billion US dollars by the year 2021.
The key driving forces behind the cloud ERP market are rising demand for functional efficiency, greater awareness, and adoption across both large organizations and SMEs working across different industry verticals. Other factors include the implementation of business mobile applications and cloud infrastructure.
Cloud ERP solutions are helpful in streamlining business processes, achieving greater user-centric communication, avoiding redundancy, and increasing productivity and efficiency. Also, the rising demand for cloud ERP services from SMEs across a variety of different industries is predicted to drive higher market growth in the forecast time period.
How NetSuite is positioned in the cloud ERP market
According to Gartner data calculations, NetSuite is the financial management system that’s growing at the fastest rate globally, the third year in a row (report published in March 2016), among the top financial management system vendors. It is the industry leader in providing cloud-based financial or ERP as well as single-channel commerce software packages.
NetSuite managed to demonstrate huge gains on numerous metrics as per the last market share research by Gartner on FMSs. These include
- The growth rate of the FMS market share of NetSuite is 45 percent (globally). This is over 3 times the growth rate of its toughest competitor by market share.
- Among the top fifteen global FMS vendors, NetSuite stands to be the single cloud software provider.
- The FMS revenue growth of NetSuite globally was 40.3 percent. This is almost 4 times more than the growth of the provider’s closest competitor.
What makes NetSuite stand out among other financial management systems?
NetSuite ERP can be defined as a scalable, holistic cloud ERP solution aimed at high growth for both large and mid-sized business enterprises. It is used for automating front and back-end office operations including financial management, order management, revenue management, fixed assets, inventory management, and billing. Everyone in the organization including the top management and the clerical staff gets a customized view of all the important performance indicators as well as reports.
NetSuite is used by several thousand companies to manage their accounting requirements, expense management, financial closing, auditable revenue management and real-time view of important data related to the financial performance of the company. The module can be seamlessly integrated into the other NetSuite software such as inventory, e-commerce functions, order management, and CRM.
The inherent ERP integration in NetSuite offers an extensive 360-degree view of user data and communications. This includes a look at financial transactions. As compared to the CRM-only software packages, NetSuite provides sales staff visibility to orders, quotes, invoices, credit limits as well as outstanding receivables.
Amzur’s NetSuite Consulting Services
The deployment of new business solutions could be a daunting task as well as a high-risk area. Amzur’s NetSuite Consulting Services can assist with the implementation of NetSuite quickly and efficiently with minimum risk, as well as with minimal impact on your operations and staff. At Amzur, our aim is to allow customers to gain maximum value from their investment via an implementation methodology that takes into consideration business objectives, timelines, and operation processes.