Businesses frequently have a problem while choosing the best software solutions in their pursuit of operational excellence. Selecting between Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) solutions is one of the most crucial decisions.
Let’s review the ERP and CRM numbers first before continuing on in this article:
Market size and growth
- From 2021 to 2028, the global ERP market is projected to expand at a compound annual growth rate (CAGR) of 9.6% from its 2020 valuation of $44.9 billion.
- From 2021 to 2028, the global CRM market is projected to have grown at a compound annual growth rate (CAGR) of 13.2% from its 2020 valuation of $48.2 billion.
Industry-specific applications
- 63% of organisations use industry-specific ERP software, while 44% use industry-specific CRM software, according to an IDC survey.
- Industry-specific CRM software is mainly used in retail (61%) and professional services (58%), but industry-specific ERP software is more common in manufacturing (80%) and wholesale distribution (77%).
Defining CRM and ERP
Customer relationship management or CRM systems are made to streamline and consolidate tasks pertaining to customers, such as marketing, sales and customer support. Building trusting connections with clients and prospects, increasing revenue and improving client happiness and loyalty are its main priorities.
Enterprise Resource Planning or ERP, is a system that unifies different corporate operations and procedures onto a single platform. With its extensive coverage of finance, HR, supply chain, manufacturing, inventory management and other areas, it offers complete insights and control over organisational resources.
Key Differences
Focus
While ERP covers a variety of organisational departments and tasks, CRM is primarily concerned with managing customer interactions and relationships.
Scope
ERP systems provide a wider range of functions, encompassing everything from production planning to finance, whereas CRM systems are more focused on improving customer experience and increasing sales.
Data Integration
ERP systems provide an all-encompassing perspective of organisational operations by integrating data from multiple departments, whereas CRM systems concentrate mostly on client data.
Functionalities
While ERP systems offer modules for finance, HR, inventory control and other areas, CRM systems often incorporate capabilities like lead management, sales automation and customer service tools.
Choosing the Right Solution
Purchasing a strong CRM system is advised for companies that place a high priority on expanding their customer base and increasing sales.
ERP solutions may be more appropriate for businesses looking to improve resource management, achieve operational efficiency and streamline internal operations.
By combining the advantages of both CRM and ERP systems, some companies may be able to maximise overall business performance.
Final Thoughts
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