Legacy vendors in the $36-billion-dollar* Enterprise Resource Planning (ERP) market are under pressure from agile, cloud-based providers like Icertis. We’ve seen an increasing number of customers ditching the built in functionality in their ERP suites to adopt solutions like ours.
According to a December 2016 report by Gartner, “Market Opportunity Map: Enterprise Resource Planning, Worldwide,”
Traditional, monolithic ERP deployments focused on stability and standardization at the expense of agility. Like a slow-moving oil tanker, those deployments, while vital for business operations, were expensive to maintain and slow to turn. Today, they are perceived to be bloated, inflexible and unable to keep pace with rapidly shifting business requirements in the emerging digital economy.
Today’s companies have to move quickly to capture market opportunities and drive higher valuations and can’t be held back by technology. Gartner continues:
Over the last 25 years, the single monolithic vision of a comprehensive, integrated, end-to-end ERP suite has been rendered obsolete as organizations have rapidly shifted and begun adopting cloud-based specialist solutions that better support their requirement for agility and user centricity.
Cloud platforms like Microsoft Azure allow companies to couple a variety of cloud services together – each one a best-of-breed solution. One of the key requirements of a best-of-breed solution is the ability to exchange data with existing enterprise applications.
Listed as one of six “Vendors to Watch” in the Gartner report, Icertis was the only Contract Lifecycle Management (CLM) vendor mentioned in the report. The Icertis Contract Management (ICM) platform easily integrates with sourcing, procurement, CRM, configure-price-quote, product lifecycle management, project management, service management and document management solutions. This integration capability – combined with ease-of-use, out-of-the-box flexibility, and enterprise-wide visibility – provides the kind of comprehensive contract management solution needed by modern businesses.
In this new era of business software, customers aren’t asking for the solution with the broadest offering. They’re asking for a cloud-based, specialty solution that integrates into any existing system involved in managing the contract lifecycle.
* Gartner, Market Opportunity Map: Enterprise Resource Planning Worldwide, December 2016 (“ERP is a $36 billion market worldwide, with a five-year CAGR of 6.4%. The top 10 ERP vendors account for 50% of total market share.”)