Intelligent ERP – The Essential Ingredient in the Post-Covid Infrastructure Industry
The pandemic forced the world into an era of uncertainty and loss, but what it also brought is an opportunity for change. Considering the increase in dependency on technology and changing work culture, construction companies are looking forward to adopting ERP (Enterprise Resource Planning).
An intelligent ERP solution enables enterprises to manage all the information and functions from a single database. Thus, the solution helps to reduce the overall implementation cycle time and ensure quicker ROI. As per a recent Gartner report, the market for hyper automation-enabling technologies will jump to $596 billion in 2022, up nearly 24% from the previous $481.6 billion in 2020. This clearly shows a significant rise in demand for cloud-based resource planning solutions – ERP.
Reasons for the spiking demand –
Though ERP had a well-established market before, the extreme risk for survival and continuity were the primary driving forces for the construction industry to adopt ERP. Moreover, effective planning and management for delayed projects and the government’s increased expenditure in the recovery of BFSI, logistics and manufacturing sectors are considered to be the primary factor for fast-tracking the need for ERP. Infrastructure companies can dodge revenue leakage and prioritise critical expenditures using customised ERP paired with the latest technologies to optimise resources better and promote coherent and effective decisions.
Additionally, the Engineering, Construction & Infrastructure enterprises (EC&O) were compelled by the crisis to shift to more proactive ways to engage with the customers. This has obligated the widespread conventional industry to become more information-driven to create a vital sales function.
Howe ERP is empowering businesses in the wake of uncertainty-
ERP’s role as a business risk mitigator is crucial in the current situation. This gives a solid underpinning for the industry to integrate modernised technology solutions. In addition, other hyper-automation technologies like robotic process automation (RPA), low-code application platforms (LCAP), AI, and virtual assistants can be easily accommodated in the ecosystem with a pre-existing ERP setup.
When coupled with an agile ERP, IoT facilitates accurate data collection, analysis, processing and warehousing for businesses, empowering them to make insightful decisions, plans and strategies. It also established an intelligent supply chain network and a cohesive setup for customer relationship management (CRM).
Future scope and possibilities –
Adopting a tailor-made ERP will help small and large scale enterprises deal with the current scenario in the best way possible while ensuring long-term survival. It will provide better control of projects through end-to-end visibility across projects from different locations. Also, the long term use of ERP will ensure better governance, resource management and reduce costs and wastage.
Implementing ERP followed by effective project budgeting, planning, estimation, and overall management will allow sustainable management of assets, inventory, procurement, customer relationship, etc. In the future, the role of ERP in the recovering infrastructure sector will enlarge, making the industry ready for the changing reality.