For effective and hassle-free services to the customers, it is highly important to deploy enterprise software, which is capable of managing various business operations, such as supply chain, customer information, sales, accounting, web services management, and so on. For large enterprises, the challenge to manage the business operations are even higher due to their wider reach. Hence, deploying the enterprise software application such as Software as a Service (SaaS) across various small, medium, and large scale enterprises prove to be beneficial. The high degree of automation such as planning, data analysis, and data management are primarily responsible for the growing adoption of enterprise software across the companies. Additionally, the ability of the enterprise software to integrate data from diverse business areas is set to provide a holistic and real-time view of the enterprise.
Applications of Enterprise Software
Demand Planning: Demand planning is primarily used to forecast the business outcomes such as new product launches and others by combining various current, past data in terms of sales, product launches, discontinuations, and others. The subsequent outcome will decide the production planning, which holistically provides the quantity and schedule for manufacturing the products.
Customer Relationship Management: The enterprise software captures customer orders, which include various parameters such as the first name, the last name, product requirement, billing address, payment method, and others. These captured details of the customers by the enterprise software is used to keep a track of the customer records and serve the customers more effectively.
Stock Planning and Inventory Management: The software is used to track the availability of the product and consequently compare the available stock with the requested delivery date, which provides a holistic view of the inventory, thereby serving the customers in the best possible way.
The above-mentioned are some of the key areas where the demand for enterprise software is increasing among the SMEs and large enterprises. Especially, in countries such as Brazil, there has been significant growth in the number of SMEs and large enterprises during the past five years and this trend is anticipated to continue in the future, which is set to boost the adoption of the enterprise software.
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R&D Investment & Initiative, Funding
In 2018, SoftBank Vision Fund invested $100 billion in an enterprise software company named Cohesity. This massive investment is anticipated to increase the enterprise software development activities, thereby paving a way to the operational efficiency and cost reduction, which in turn drives the revenue growth of the end user companies. Additionally, there has been a significant growth in the R&D investments of enterprise software in the European region. This is anticipated to continue in the future, increasing the likeliness to develop effective enterprise software products which can store, analyze, and visualize large amounts of data faster and securely.
Lack of standardization of enterprise software coupled with the data security concerns is anticipated to hamper the adoption of enterprise software, especially by the startups.
The world is transforming rapidly with the increasingly available structured and unstructured data day-by-day, creating the need for enterprise software with new storage capabilities and high response time to process and analyze the data. This increasing data provides challenges for the enterprise software companies to develop enterprise software, which can process the abundant data quickly. However, some of the enterprise software companies have started using cloud for data storage and processing, which has addressed the challenges to some extent.
Key Enterprise Software Solution Providers:
Salesforce.com, HP, Microsoft Corp., EMC Corp., SAP, Symantec, Oracle Corp., CA Technologies, VMware, and IBM Corp. are some of the key companies actively involved in the development of enterprise software. These companies have been continuously focusing on the R&D of enterprise software, addressing the security concerns and the integration of cloud services for quick processing and analysis of data.
Increasing number of SMEs and large enterprises globally, coupled with the growing data volume is more likely to provide challenges to the faster retrieval of the data. Will the companies of enterprise software be able to ultimately address the data security issues and the faster retrieval of large volumes of data?
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