V. Competitive Analysis

Competitor 1
Competitor 1 is an American developer and marketer of software products and is also a cloud-based business management software provider. It offers features such as sales management, receivables management, purchase management, payables management, inventory management, accounting management, manufacturing management, comprehensive tools, job costing, inventory, invoicing, and production management. The system is easy-to-use, offering all the needed basic functionalities minus the complexities of most solutions.

Competitor 2
Competitor 2 is an American cloud-based software company headquartered in [insert location]. The company was founded in [xx] by [Founder1], together with [Founder2], as a software as a service (SaaS) company. It is a cloud-driven enterprise business management software for SMEs. The product offerings include human resource software with features such as case management, payroll, workforce management, analytics, talent acquisition, onboarding, and more.

Competitor 3
Competitor 3 is a cloud-driven enterprise with a major focus on providing resource planning software. The company provides enterprise resource planning, supply chain management, and human capital management software that is simple, reliable, and affordable. It also provides POS solutions to help manufacturers & retailers perform operations, including order management, payments, return & more. The company caters to the manufacturing, distribution, retail, hospitality, and services industries. 

Strengths

• Quality service at a very competitive price will make the company a go-to-option for its target market
• Customization as per the needs of the customers
• Cloud-based software that provides AI-enabled predictive forecasting
• Founder’s extensive experience

Weakness

• A large marketing and outreach budget may be required to break into the targeted market.
• Being new to the market can cause a significant lag in establishing goodwill and trust.

Opportunities

• The growing implementation of advanced technologies such as artificial intelligence, the internet of things, connected devices, and big data are expected to fuel the software's demand.
• The global ERP market size was valued at $39 billion in 2019 and is projected to reach $86 billion by 2027, growing at a CAGR of 9.8% from 2020 to 2027.

Threats

• The industry already has established players in the market.
• Competitors could look to copy the company’s business model