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 9% during the forecast period. Request Free Sample Pages.
Read the 128-page research report with TOC and LOE on "The Global ERP software Market, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
ERP software is gradually becoming indispensable to drive operations in the BFSI, IT, manufacturing, and automotive sectors. Buyers from these sectors deal with multiple service providers that are resulting in the generation of a huge number of invoices on a monthly basis which is creating the necessity to implement ERP software. Driven by these prospects of demand growth, suppliers in the ERP software market are leveraging automated and integrated process controls within the software. Tools fitted with these advanced features are enabling buyers to automate their procurement and sourcing activities, thereby reducing management effort and the TAT for the payment of invoices. This is contributing to the demand growth in the ERP software market to a significant extent.
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Insights into market price trends:
- ERP software suppliers are staring at an exponential increase in their technology expenses on AI, RPA, and big data analytics. A sizeable portion of this OPEX is expected to be passed on to buyers who can expect a major hike in their procurement expense in the ERP software market.
- 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.
What are the strategies that buyers must adopt to optimize procurement spend in this market?
Strategic partnerships with suppliers will play vital roles in unlocking avenues to save costs for buyers during the contract period. Insights into some of the strategies that buyers must follow while negotiating and during the contract period with suppliers are given below:
Assess if suppliers can offer customization as per buyers' requirements to avoid conflicts
Buyers are advised to check if suppliers can offer customized cloud-based ERP solutions before engaging with them. This will reduce the training cost incurred by buyers. The deployment methods should also be confirmed to avoid any delay in the implementation of ERP software. Some of the factors that buyers must consider regarding support and training offered by suppliers are:
- The transition process from the legacy system to the new ERP system
- Availability of the source code of ERP software so that buyers can fix bugs in-house
- Web-based and onsite training in case of any upgrades
Identify ERP software that is in line with their business goals to reduce cost
Buyers must identify the 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.
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Some of the key topics covered in this report are:
- ERP software market spend segmentation by region
- Total cost of ownership analysis in the ERP software market
- Regional spend opportunity for ERP software suppliers
- ERP software suppliers cost structure
- ERP software pricing models analysis
- ERP software procurement best practices
- Category management objectives
- Cost saving opportunities in the ERP software market
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