What does it take to be one of the best ERP software vendors? Gartner recently released its top picks for ERP software vendors, naming Workday, Workforce Software and Cornerstone OnDemand the top three, respectively. The top four firms are also all SaaS companies.
The research firm explained in a press release that Workday experienced an 86.1 percent year-over-year growth in 2013. Workforce Software saw a 57.6 percent increase in the same timeframe, while Cornerstone had a 57 percent year-over-year growth period.
Gartner also explained that the ERP software market is now worth $25.4 billion.
According to a recent Motley Fool article, it’s also important for successful ERP software vendorsto have a rapid development approach and produce major releases and new feature enhancements at a faster cadence.
Additionally, those organizations are capable of scaling quickly to adapt to the rapidly changing business model shifts by their customers. Each company is more flexible in its pricing structure and resource allocation model as well.
The Motley Fool added that “the rapid growth in some ERP segments is being driven by companies that view these cloud-based ERP systems as more agile and responsive to their needs. That’s why these SaaS movers are growing much faster than their traditional counterparts."