With the enhancement of industrial standards, the significance of ERP for a company is hard to ignore. Assembling the overall functionality of the entire enterprise over a single platform, it integrates the overall productivity. Quite a powerful tool, ERP software has emerged as one of the utmost requirements for streamlining various business processes such as CRM, HR, management, and accounting which are vital for the smooth sail of the company. Looking at the current ERP cloud market share, it is safe to predict that, the cloud ERP market is booming at a CAGR of 9 percent annually and expected to become a USD 37.5 billion industry by 2024.

While going for ERP software, the main dilemma is whether to opt for an on-premise ERP or cloud-based ERP. The major difference between the two systems lies in their deployment. On-premise ERP is installed in the servers and systems of the organization; whereas Cloud ERP Software in 2020 is hosted by the dealer which needs to be accessed by the help of a web browser. Easily accessed under a conventional price, benefits of cloud ERP is more owing to various advantages including safety and security of data.

Some of the benefits of cloud-based enterprise are mentioned below which can certainly draw a more detailed graph about the concept before our readers.

1. Easy to Implement and Execute: As there will be a requirement of minimum initial capital, cloud-based ERP is quite affordable. Apart from contributing in cost savings for the organization, cloud-based ERP is easy to implement and execute in the enterprise. It rules out the different pitfalls happening during the implementation of ERP such as the installation of different hardware and software on the systems, which helps in an easy establishment of connections across the systems and departments.
2. Integration of Data: Improving the flexibility and accessibility of data, cloud ERP model can effectively support the dynamic business requirements, Crafted as per the specific demands satisfying the business needs of the company, cloud-based ERP gives a customized result by integrating data with new-age technologies.
3. Security: Security breach and theft of information is currently one of the key problems witnessed by the industry. Providing a secure hosting environment and storing the data in the cloud, a cloud-based ERP ensures the proper safety and security of data.
4. Increased Collaboration between the Departments: Providing proper inter-dependable coordination among the employees, cloud-based ERP enhances accountability, transparency, communication, and cooperation across the various levels of the organization. By ensuring a smooth and flawless flow of data and information, it reduces any confusion and hence improves the company’s functional capability to dissolve issues and respond at the earliest.
5. Enhanced Business Performance: In cloud-based ERP, it is faster and easier to update data which results in improved and optimized business intelligence. Due to its scalable properties, cloud ERP assists in restructure business functionality across all key areas of operations. As a result of which, the company can focus on business objectives and core competencies.

With the availability of many cloud-based ERP options, it is easy and convenient for businesses to find suitable cloud-based ERP solutions as per their preferences, needs, and objectives. Many organizations are embracing cloud ERP, as it is a better initiative to automate and modernize their efficiency. With technological revolution taking place frequently, selecting a cloud-based ERP for a more advanced and customized functionality raises the standard of the company significantly.