Recent Market Trends in ERP for constructions
ERP software is being used by several industries for process automation. For project-based businesses, ERP solves challenges that lead to an increase in the profitability of the projects. New trends have emerged in the ERP industry which serves the project-oriented construction sector. To thrive and survive in a competitive market, adapting to changing trends becomes necessary for businesses.
Let’s talk about seven recent trends connected with ERP for constructions and related businesses:
- The rise in use of ERP by SMEs
More and more Small and Medium Enterprises (SMEs) are migrating to ERP solutions. Earlier, the myth that ERP is suitable only for big companies had kept the SMEs away from considering ERP software. With growing competition in the market and inefficiencies affecting scalability, ERP solutions are being explored by SMEs.
SMEs have realised the benefits of ERP implementation to minimise costs and boost productivity in their organisations. In the construction industry, optimised usage of resources is already helping many SMEs to cut costs while delivering better projects to clients.
As per an industry report, the adoption of cloud-based ERP in SME segment is set to grow at a CAGR of 23% in India between 2016 and 2022. Cloud technology is helping businesses to run their construction projects from anywhere and at any time while using a device of their choice to access the ERP system.
- Compliance with GST
After the Goods and Service Tax (GST) law was passed in India, companies had to upgrade their systems to comply with the new accounting standards. The leading ERP solutions in the market now have accounting modules that are ready for businesses who have to perform automated calculations based on GST. The ERP solutions that were flexible released updates to support their finance modules wit GST compliance features.
- ERP usage on mobile devices
Mobile-centric organisations are leveraging the capabilities of intelligent ERP systems to manage tasks using their mobile devices. One of the growing concerns not only in the ERP industry but also in the overall IT sector is the concern about security on mobile devices due to intrusion threats.
In the construction industry, payments and large-scale orders are managed using ERP software. Developers in ERP companies continue to find ways to make their secure solutions even better with important software updates.
- Pushing productivity with automation
Earlier automation was all about reducing data entry tasks with automatic features in software. Innovative technology-based are emerging every day. Today, leading tech service providers including companies offering ERP for EPC contractors are harnessing the power of business intelligence tools to support human workers.
Nowadays, tools simplify the workflow by automating numerous tasks beyond data entry. The capabilities of the latest ERP solutions give more time for human employees to create valuable business strategies and focus on other critical business aspects.
- Making the right decisions with real-time insights
ERP solutions are continuously evolving. The quality of real-time insights is now getting even better with integrated devices and improved ERP architecture. In the construction industry, ERP solves several worksite-related problems with instant reporting features backed by real-time insights.
- Personalisation of capabilities
With user research insights and technological advancements, the level of personalisation that can be achieved in Enterprise Resource Planning (ERP) systems have gotten better. These days, ERP is not just treated as automation software. Intuitive design features are being added to improve user experience. Minute features relevant to a business are being included in the ERP plans as part of customised features.
To cater to the customised needs of construction-based businesses, ERP solutions such as OMNI ERP offer standard features with flexible modules. This way, personalisation takes a new direction, by being much more than just adding a company’s branding on the platform.
- Better collaboration internally and outside the company
Earlier, ERP solutions were implemented to solve an organisation’s internal challenges but it has changed now. Today, the ERP is used to collaborate with external stakeholders such as vendors, consultants and other key stakeholders.
For construction-based businesses, managing vendors through a vendor portal simplifies communication with vendors and improves productivity with a timely dispatch of materials from vendors. Other vendor management features also help to build relationships with vendors along with providing them a user-friendly platform to solve their queries.
Looking for the best construction management software in line with the latest trends? Check out the trusted ERP platform, OMNI ERP. To know more, contact _________