The Emerging Trends In The ERP Industry

Enterprise resource planning (ERP) solutions have significantly developed over the decades. The current ERP software solutions cater to backend processes like accounting, human resource management, and manufacturing, as well as frontend operations such as Ecommerce, marketing automation and sales force automation. Now the industry is undergoing a massive transformation as it is incorporating new-age technologies in its software solutions. AI, predictive analytics, and cloud ERP are some of the latest ERP software trends, but this is just the tip f the iceberg. There are more! This article explores the hottest ERP trends of 2023. But what is an ERP?

What is ERP software, and why is it important for organizations?

ERP, or enterprise resource planning software, is a business management tool that automates and integrates business processes across various departments. It aims to simplify complex tasks, boost productivity, improve collaboration, and increase profitability. If you are still not using ERP software, your organization is paying a hefty price without you knowing. 

Unlike before, ERP solutions are no longer 'nice to haves'. They have become a necessity and for all the good reasons. There are some tasks that companies have to perform to stay in business, such as managing accounts receivable, paying taxes, etc. There are also a few things that a company has to do to grow in the market and build a loyal customer base. Thankfully, an intelligent ERP is capable of handling both tasks. Senior management at all companies constantly experiment with automation, standardization, and customization to find the perfect solution for their businesses. The latest trends in ERP help them realize their goals. 

The advantages of using ERP software:

ERP software solutions are a game changer for organizations. If you are looking for reasons to adopt an ERP, here are seven benefits of using ERP software that advocate the need for an ERP. 

1. Centralized database: ERP software enables you to integrate data from different departments and creates a central data repository. You can access all crucial data on one platform. ERP implementation also saves money by eliminating the need for multiple software.

2. Enhanced productivity: Intelligent ERP software automates complex business operations and saves time. It helps reduce errors and manual tasks and increases the enterprise's overall productivity.

3. Faster decision-making: Once you can access organized data in real-time from anywhere at any hour, you can make decisions faster. Well-rounded and data-driven decisions help shape a better future for the organization.

4. Improved customer satisfaction: Every organization revolves around its customers. ERP software helps you get insight into customer data and serve them better with touchless transactions, multiple billing, feedback management, and more.

5. Better connectivity and data sharing: ERP software connects different departments over one platform. Your teams can add, modify and share vital data in no time. You can also opt for ERP customization ERP software for improved connectivity. 

6. Better visibility of business processes: ERP software lets you get a better view of all business processes and helps you streamline them. You can take better control of inventory, supply chain, and logistics, amongst others.

7. Advanced data interpretation: Modern ERP software helps perform advanced data analysis and displays them conveniently, simplifying data interpretation. Access to comprehensive data benefits the organization and prepares them for challenges.

8. Improved data security: Data stored in legacy systems or manual records are vulnerable and easily exploited. But an ERP offers extra protection to vital and confidential company data through access control. 

Exploring the latest trends in ERP software:

Here comes the moment of truth, the sole reason for reading this article. Discussing the latest trends in ERP! 

1. Cloud-based ERP: In the last few years, cloud ERP adoption has risen exponentially, and it is not slowing down anytime soon. Cloud ERP is a business management solution that is delivered over the internet. You do not have to maintain an on-premise version. According to a report by Businesswire, the cloud ERP market will hit USD 130 billion by 2027. Organizations are turning towards cloud ERP to benefit from process standardization so they can focus on making and executing growth strategies.  

2. AI and automation: Artificial intelligence, machine learning and automation are not just fancy terms that make an ERP 'marketable'. These work in the backend to improve every aspect of the company- data collection, insight generation, customer relations, user experiences and more. Previously presented as add-ons, ERP vendors now offer these as built-in capabilities within an ERP.  

3. Mobile ERP: Mobile ERPs have been in the market for a while, but thanks to the emerging remote working culture, it is gaining momentum. It is one of the top ERP software trends! Today small businesses and multinational companies have their team working from every corner of the world. With advanced mobile ERP, the user can access their tasks from any device- smartphones, laptops, desktops, smartwatches and more – basically, any device that connects to the internet! Wokrations just got easier with the mobile ERP trend!

4. Real-time data: Today, markets change in the blink of an eye. So can companies afford to rely on siloed applications that gate-keep the data or do not show current information to all departments and decision-makers? The answer is no! One of the reasons that make cloud ERP highly sought after the system is its ability to display real-time data. Real-time data is information accessible right after it is obtained or created. But it does not put the data in a vulnerable spot. The management can grant access to only the concerned person as and when required. 

5. Integration with other systems: ERP systems are a significant part of a larger technical landscape in any organization. A company can have new Integration with other systems: ERP systems are a significant part of a larger technical landscape in any organization. A company can have nor old systems that it wants to connect with the ERP. Amongst the ERP trends 2023, system integration is one of the top trends in the ERP industry. In the coming years, ERPs will be integrated with social media platforms to gain deeper insight into customer behaviour. 

Modern ERP solutions are capable of all this and more. 

The future of ERP software:

The adoption of cloud ERP, integration with AI and the IoT, and the emergence of composable ERP are emerging trends that will gain momentum. Companies will leverage these capabilities that enhance productivity, promote connectivity and help in organizational growth. They will prioritize these user-friendly, secure, innovative tools that support remote, hybrid and distributed workforces.

In the long run, intelligent ERP systems will be omnipresent in organizations of all sizes. The new-age technologies will only bring human intelligence and artificial intelligence closer, but AI will not replace human employees. AI-powered ERP solutions will only increase their efficacy for one and all. Such ERPs will also revolutionize global supply chain management, drastically reducing disruptions. 

Conclusion:

Now that you know what are the future trends in ERP systems, it is the correct time to shift to a cloud ERP system. Want to leverage all the modern capabilities of an intelligent ERP solution? You need the right ERP implementation partner to assess your company's needs and connect you with the best-fitted solution. SAP Business One Consultants at Silver Touch Technologies assist you in optimizing and customizing ERP solutions for your remote and hybrid workforces. Contact us to learn more!

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