ERP solutions may seem like a simple business tool, but did you know that they have a rich history dating back to the 1960s? Or that some of the largest companies in the world use ERP solutions to manage their entire business? In this text, we will deal with some of the most interesting and interesting facts about ERP solutions.
From the evolution of ERP solutions to how they are used in various industries today, this text will give you a new perspective on the technology that enables businesses to grow. Whether you are an experienced ERP professional or simply curious about the topic, you are sure to learn something you did not know.
When was ERP created?
The term “ERP” was first used in the 1990s by the Gartner Group, but ERP solutions have roots in the manufacturing industry dating back to the 1960s. At that time, manufacturers were looking for a better way to manage, track and control inventory. Simple software solutions, better known as MRP (Material Requirements Planning) were created as a solution to all these problems. These solutions helped manufacturers track inventory, reconcile balance sheets, and featured simple manufacturing, procurement, and shipping functions.
In the following years, more manufacturers started to adopt MRP, and thus the solutions became more advanced. In the 1990s, the first, “real” ERP solutions began to be used. These solutions had advanced features that went beyond basic inventory management and production processes and began to connect disparate departments such as accounting, finance, and sales into a single entity. The ERP of that time laid the foundation for the solutions that are available to us today.
How big is the ERP market?
According to research published by Grand View Research, the value of the global market is estimated at $54.76 billion in 2022 and is expected to grow at an annual rate of 11% from 2023 to 2030. The COVID pandemic has caused a huge demand for solutions that help reduce operational costs, automate business processes, improve productivity, and make better decisions. The increased demand for cloud solutions by small and medium-sized companies is one of the main drivers for the growth of the market.
How does ERP increase productivity?
Although each of us has the same number of hours at our disposal every day, some entrepreneurs manage to achieve far more in a day than others, but how? The secret is automation, with the help of which you can save even a few days a year. Now anyone can automate business processes and focus more on the tasks that bring the most value to the company.
Not sure which ERP solution is right for you?
Microsoft Dynamics 365 Business Central brings the most modern technologies in business process management, allowing companies to focus on their business and growth. A modern tool that is part of the Dynamics family of business applications, fully integrated into the Microsoft ecosystem, facilitates the performance of daily tasks, with advanced capabilities for planning and predicting business changes.
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