Cloud ERP

Cloud ERP is an enterprise resource planning (ERP) system that runs on a vendor’s cloud platform as opposed to an on-premises network, allowing organizations to access over the internet. ERP software integrates and automates essential financial and operational business functions and provide a single source of data, including inventory, order and supply chain management and help with procurement, production, distribution and fulfillment. Organizations access the software over the internet, so all that’s needed is connection and a browser.

Because it’s hosted by the ERP vendor and provided as a service to businesses, cloud ERP software supports the same, or better, functionality as on-premises systems without most of downsides, like upfront licensing fees.  

In its report, IDC said “demand for cloud-based ERP systems continues to grow because of their ability to access and analyze massive amounts of data in near real time.”  

That means real-time inventory insights to sales teams and freeing finance teams to keep a close eye on cash runway and quickly respond to audits or other calls for performance data.

Components of Cloud ERP Software :

All cloud-based ERP software provides core financial and accounting functionality. From there, the types of modules or applications an organization chooses to implement depend on its industry and specific business needs. Available cloud ERP modules include:  

Financials and accounting 

Human capital management (HCM) and/or Human resource management software (HRMS) 

Customer relationship management (CRM)

Inventory management 

Order management 

Procurement Supply chain management

Project management 

Material requirements planning (MRP)