In 2020 the months of COVID-19 lockdown became a catalyst for accelerated digital transformation across industries. In a matter of a few days, businesses had their entire infrastructure and working model automated and digitized in an attempt to stay afloat amid the pandemic.
For most enterprises, the workforce had an on-site to remote transition almost overnight. Even the educational institutions moved to digital platforms to maintain the regularity of classes and administrative operations.
All these changes lead to a rapid increase in IT investments across industries. Enterprises and organizations wanted to create an Enterprise Resource Planning software including flexible and scalable infrastructure to meet future business and operational needs.
According to market reports, the education sector has been going through a paradigm shift in technology has increased its spending on IT services and products, notably the Enterprise Resource Planning Solutions (ERP).
As per reports, the education ERP global market previously valued at $7.8 billion in 2018 is projected to grow at a 3x rate, raking in huge revenues by 2028. It is poised to surpass the $15 billion mark by 2024 at a 16.20% CAGR given the current adoption rate.
Along with ERP, there has been an added interest and inclination towards cloud-based ERP systems. Educational institutes both big and small are integrating their existing system with this advanced technology, to meet the needs of the pandemic-induced new normal. With context to that trend, let’s delve deeper into cloud ERP services of education systems and the industry at large.
The relevance of Cloud ERP in Education
The integration of cloud ERP solutions helps educational institutions to augment their existing system into a comprehensive operating model. Such an inclusive system scales up to create new opportunities backed by innovative cloud technology. It adds value to the education infrastructure facilitating consistent scalability and operational enhancements.
It might be a sizeable initial investment for the organization but guarantees a worthwhile ROI in the long run. Given the current climate where most of the critical institutional operations are being executed remotely due to the coronavirus crisis, cloud ERP solutions can offer precision, accuracy, security, and speed, unlike any other.
How do Cloud ERP Solutions Benefit the Institutes?
The cloud ERP solutions are developed to facilitate efficient and stable business processes within an educational institute. Other than that, it is also instrumental in creating seamless interoperability across different applications within the ERP framework, ensuring easy access to data across departments. It also upholds data visibility and transparency to improve administrative operations, enhance student data security/privacy, reduce operational costs, and more.
Owing to these inherent features, it significantly adds value to the organizational architecture by:
- Creating a unified and secured database for storing and processing student and other related data.
- Enhancing workflow across administrative departments, faculty units, etc.
- Improving connectivity and communication between the administration, management, parent body, and other associated entities.
- Ensuring advanced security and privacy during remote exams, classes, and assignments.
- Providing a sound foundation for better compliance and decision making, along with improvement in the overall management.
- Allowing the system participants to access and use the applications with ease.
Integration of cloud ERP solutions in an educational institute creates a unified platform for processing and executing all critical operations limiting manual handling to a minimum. The advanced attributes of the ERP system ensures that the data is accumulated and recorded accurately while making it easily accessible to authorized entities across departments.
Due to the COVID-19 pandemic, most of the educational institutes are still operating remotely, and for smooth functioning, technological support needs to be efficient. Cloud ERP solutions can offer that support to the organizations to build a scalable infrastructure that suffices the educational requirements of the new normal.