The global marketplace is not something that is known for standing still. Every year, many businesses get left behind in a market that rapidly changes, and one that demands innovation and evolution. Small-to-midsize businesses need to be prepared to tackle the tide of technological advancement, or else get washed away in the storm. Essentially, not going digital in the modern marketplace is dooming your company to mediocrity.
According to Digitalist Magazine, every company is a tech company in a global marketplace like this one. The only way to maintain and grow market share is to innovate, digitally. This is why real-time, integrated ERP systems are becoming the norm in the contemporary marketplace. There are a handful of reasons that digital innovation is so crucial, and why it is absolutely necessary to digitize in the way that cloud ERP can help you accomplish...
Data is increasing, exponentially
A major purpose of cloud-based ERP systems is to help you manage date in a way that is immediately accessible throughout your entire business enterprise. If you aren’t digitizing your methods of data management and planning, you will have exposed a major bottleneck in your organization. According to an EMC Digital Universe study, the amount of data in the digital sphere has been exponentially growing, as it doubles every couple of years.
In 2020, the human race is expected to generate 40 zettabytes of data. To give you an idea of this scope, LiveScience.com states that streaming a single zetabyte would be the same as streaming 36,000 years of HD video. If small-to-midsize businesses are not innovating to organize their data in a way that is cost-effective and highly efficient, specifically digitally, then they are in grave danger of losing market share.
Connectivity in your pocket is the way forward
This year marks the first time that mobile app usage has grown beyond that of internet domain usage. This is a trend that is born out of efficiency and convenience. In four years, there is predicted to be nearly 40 billion internet connected devices, mainly phones and tablet, in use around the world.
Any business planning strategy that does not take phone usage into account is lacking a major asset. Real-time, cloud-based ERP systems are designed for mobile efficiency, so that a business executive can keep track of important information, updated by the minute, from the seat of a car, an airplane, or even in the comfort of their own bed.
Consumers look for innovation
The ever-changing ebbs and flows of the marketplace is entirely caused by consumers and the relationship that they have with companies. People are fickle beings, and they never want the same thing for very long. However, they will always gravitate towards innovation, and so will their money. Cloud-based ERP systems, such as SAP Business One and SAP Business ByDesign, allow solid, tangible relationships to be built with customers and suppliers. The real-time interaction that business executives are able to have with prospects and information enhances connectivity, and allows for greater innovation that will draw people to your company, all at incredibly low costs. Avoiding the inevitable digitization of the world secludes businesses from their consumer base, and inevitably results in market share loss.
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