Enterprise resource planning, or ERP, is one of the most powerful types of business software. It’s also one of the most expensive and difficult to implement — over half of ERP implementations fail and most exceed the expected budget. This is one reason why, in the past, only large companies and multinationals that could shoulder the resource investment enjoyed the competitive advantage that ERP offers.

With cloud-based ERP, however, SMBs across industries are able to take advantage of the operational, efficiency, and productivity benefits of ERP software. Cloud-based solutions come with predictable costs that most small businesses can afford. It’s also much easier to get started using the software because your provider handles the implementation process, which is a must for a lot of fast-paced small and medium-sized companies that can’t afford to wait months for deployment.

If you’re considering adopting a cloud-based ERP system but aren’t sure if it’s right for your business, take a look at what you stand to gain from a cloud solution. Also, what types of businesses can benefit the most.

What is cloud-based ERP?

Cloud-based ERP, like an on-premise solution, is modular business software that includes multiple applications and integrates them into one platform. The huge benefit of ERP is this unification — data is housed on one platform, which makes information easier for users to access, and easier for your organization to protect.

When your organization’s customer management, project accounting, financial management, inventory management, and other solutions are integrated into one platform, your business will save time. It will also run more seamlessly, and cut down on wasted time and resources.

Because a cloud-based ERP solution runs on your provider’s cloud computing platform, your business doesn’t have to invest in expensive servers. It also doesn’t have to worry about deployment, managing the software, or handling updates. Also, because the software and data are housed in the cloud, your users can access it anywhere, offering incredible flexibility. 

In addition to the accessibility and flexibility, cloud-based ERP offers:

• Easier IT budgeting – You only pay a flat monthly fee, which is usually based on the number of users.
• Performance you can count on – There’s no risk of poor performance due to a poorly set-up system. Instead, you can count on the experts — your cloud-based ERP provider — to ensure the system is well-maintained.
• Better security – Cloud-based solutions come with advanced security measures and robust access controls.
• Effortless scaling – With a cloud-based ERP, you can scale your software as your business grows.

Which businesses are well-suited to cloud-based enterprise resource planning?

Small to mid-sized companies that are ready for a more robust software solution and are struggling to unify operations. This is because of the use of separate apps can benefit from cloud-based ERP. Even new businesses are adopting ERP solutions to help them operate fluidly from the outset. Along with marketing solutions, new business owners are prioritizing ERP software platforms over other types of software.

ERP has always been an invaluable asset for businesses in the manufacturing, construction, health care, hospitality, and retail sectors. This is because of the time-saving benefits and business insights an integrated software solution promises. With its huge range of benefits, cloud-based ERP has the potential to completely transform your operations. No matter what industry you’re operating in. Learn more about how a cloud-based ERP solution can unlock your organization’s potential.