Enterprise resource planning (ERP) solutions have matured over a period, and they support most business functions, from core processes like accounting, HR, procurement, sales, and manufacturing. Businesses use ERP to manage not just operations but to cut costs by eliminating redundant processes and automating repetitive tasks but also to provide key decision makers access to critical information to make better decisions, faster supported by Data.
In current era, we can observe few of below trends in ERP market space.
- Cloud ERP / ERP on Cloud
Companies are moving towards cloud ERP to leverage benefits of a quick & easy implementations, lower capital cost, flexibility to scale up / down, new features & functionality, less need for internal IT resources, and the ability to easily add users and functions to accommodate business growth. Recent pandemic has further increased penetration of cloud ERP and accelerated the shift from on-premises software, partly because cloud-based applications allow employees to get their work done from anywhere with an internet connection—they don’t need to be in an office.
We hear about the internet of things (IoT) a lot these days. It is nothing but direct machine integration, refers to the connectivity between computers and other devices seamlessly. IoT provides better asset management, efficiency, forecasting, real-time business insights, communication, BI and much more. This technology also supports self-governing vehicles, real-time analytics, eCommerce retail and more. This is a real boon to manufacturing sector for real-time monitoring and decision making.
Artificial Intelligence (AI) is making huge presence in our life with everyday technologies like Alexa, Siri, Spotify, Netflix, Xfinity and more with voice activation and providing movie/TV show recommendations based on what you’ve already watched. So, AI has so much power with Machine Learning (ML) that it can easily fuse with ERP programs to automate business processes. And it’s already thriving in the manufacturing and accounting domains. AI can analyze large amounts of data using ML, selecting the few nuggets of information that are critical to decision-making. The end users might not feel the presence of AI technologies, but the user experience has become richer, and the systems are becoming easier to use. These AI-driven developments are making adoption of new features and functionalities are becoming much easier.
ERP offers businesses to configure and customize as per their processes. With latest trend it has gone a step further to industry specific personalization and even at individual user level personalization. No code or low code options gives great flexibility to businesses to make ERP UI and processes so agile that its adaptability and user productivity is increased to optimum level. It’s all about relevancy—what’s meaningful to user as a consumer, including the reports, KPIs, charts, workflows, and even more that will help your business succeed. And you can make the solution yours without relying on an army of highly skilled developers.
Businesses are leaning towards best-in-class applications to fulfill their need on digitization journey. This trend lends business with multiple application in their IT landscape and calls for seamless integration between them to get real benefits from each of the applications. Integration helps businesses to maintain single source of information, real-time reporting, automation, and efficient workflows.
Access over mobile is becoming inevitable. ERP access on mobile gives users power on-the-go. It helps to access critical business data, allowing employees to conduct their routine tasks, enabling decision-makers to access approval workflow tasks no matter where they are, from their home to a shopfloor to an airport. ERP on Mobile can also encourage collaboration for dispersed workforces in different time zones.
In a nutshell, we are going to see a trend of businesses moving to cloud ERP or taking their on-premises ERP to cloud. IoT, AI / ML is going to optimize more business processes, provide new insights and create personalized interfaces. There will be a huge demand for technical consultants / developers who can work as integration experts and industry domain experts and help businesses on their digitization journey.