Enterprise resource planning (ERP) systems are essential for organizations of all sizes, helping them manage their core processes, including accounting, HR, manufacturing, and supply chain. Although traditional ERP technology has been available for decades, globalization, automation, and big data are heavily influencing the ERP market.
If you’re looking to upgrade your legacy system or are searching for the first time, here are some of the latest trends that you should pay attention to:
The adoption of cloud applications is one of the fastest growing trends, with more and more businesses choosing to deploy their ERP systems in the cloud. Cloud solutions offer a number of advantages over on-premise systems, including easier scalability, greater accessibility, and the elimination of maintenance costs.
Businesses are becoming increasingly aware of the need to implement digital transformation planning into their overall corporate strategies. Business leaders are using ERP systems to support their initiatives through automating manual processes, streamlining workflows, and improving data visibility.
ERP systems are becoming more customizable as “low code” platforms with features that allow organizations and individual users to easily tailor the system to their specific needs and preferences. This is making ERP software more user-friendly and efficient.
AI-powered insights and improvements
Artificial intelligence (AI) and machine learning (ML) are being improved and implemented into modern ERP systems in ways that drive real business benefit. For example, AI is being used to auto fill information, identify trends in data, predict future outcomes, and recommend actions to improve performance.
More powerful analytics
ERP systems have always provided reporting capabilities but are now able to present the data in advanced ways that allow decision makers to see what has happened in the past and more reliably predict what is going to happen in the future. Predictive analytics can be used to forecast customer demand, predict supply chain disruptions, and identify potential risks.
Modern ERP systems are being designed to enable a mobile workforce, providing on-the-go access via multiple types of devices. If desired, employees can complete tasks from anywhere, anytime, improving productivity and providing companies with increased agility.
The future of ERP is bright
As businesses continue to adopt new technologies and leverage software tools to support their initiatives, ERP systems will become increasingly intelligent, automated, and personalized, enabling companies to operate more efficiently and effectively.
In addition to the trends mentioned above, here are some other issues to watch for that will impact the future of enterprise resource planning:
- The rise of industry-specific ERP: Amidst fierce competition, new vendors are looking to develop ERP solutions tailored to the specific needs of different industries. This may make it easier for businesses to find an ERP solution that meets their unique requirements.
- The growing importance of sustainability: Businesses are tightening their focus on ESG (environmental, social, and governance) and ERP systems can play a role in helping them achieve their sustainability goals. For example, ERP systems can be used to track and reduce energy consumption and identify other areas of improvement.
- The increasing role of ERP in decision-making: ERP systems are becoming more important for decision-making at all levels of an organization. This is due to the fact that they provide visibility and tools to generate insights that employees, managers, and executives need to make informed decisions.