Enterprise software and services provider Ramco Systems today launched a new software for the cloud computing platform that will help companies manage their expenditures in an effective manner.

Ramco launched OnDemand Enterprise Resource Planning (ERP) (Rode 2.0) software for the cloud computing platform, the company said in a statement.

Cloud computing refers to a pay-per-use model, where applications and softwares are available over the internet and one pays as per the usage without owning them.

"Ramco OnDemand ERP Rode provides a large magnitude of cost savings to customers, by reducing the total cost for small and medium enterprises as well as large enterprises," Ramco Systems Vice Chairman MD and CEO P R Venketrama said.

The software handles thousand of business transactions and complex functionalities. It will support the requirements of new industry verticals such as trading, auto and auto component manufacturers, and dairy.

Its functionalities cover process and discrete production, cost planning and control, service management, and asset management.

Customers can also create portlets (web-based portals) that contain dashboards and other analytical and graphical reports, to suit every individual organisations' needs.

The software is build on the Software as a Service (SaaS). This solution can be run on the internet.

"One can choose only those functions you need, to achieve the perfect fit for your business. Because you pay only for what you use, on a subscription basis, you can save money and conserve capital," the company said.