ERP is the heart of any mid to large size enterprise. An ERP has to constantly evolve to match the dynamic requirements of the different growing businesses. An organization’s ERP system play a crucial role in shaping the company’s growth, it not only streamlines the business process but also helps to achieve efficiency, speed and accuracy. In this article, let’s unfold some of the ERP trends that are robust, affordable and powerful to use.
1. Migrating to smart ERPs
In today’s fierce competitive world, organization leaders prefers migrating to some of the smartest ERP Software systems. ERP vendors are keen to incorporate AI capabilities into the existing ERP offerings. An intelligent ERP system that’s built in with enhanced features & integrated with the cutting-edge technology to drive efficiency with capabilities of IoT, advanced Analytics and Artificial Intelligence (AI) that allows slicing and dicing of data. Intelligent ERP systems have the real-time forecasting, excellent analyzing capabilities which enables users to gain real-time insights of the business process, improved decision making & efficient usage of resources.
2. Internet of Things (IoT)
In today’s connected world, multiple products & devices are connected to the Internet, enabling more data to automatically push into the ERP systems. It gives a transparent view of the activities including supply chain management, inventory, shipping partners etc. The appropriate usage of data funnel is incredible which is essential for business and industries of all verticals. Being an expensive affair, many organizations cannot afford to connect majority of the products to connect to the Internet. However large enterprises began to implement IoT ecosystems and leverage ERP tools to plunge on the data created by establishing this connection.
3. Cloud ERP
One potential trend to watch out in 2018 is the extensive usage of cloud software. Using Cloud, you can readily access information from any ERP. ERPs exist both on cloud as well on- premise but several organizations use legacy ERP that’s installed in house with the flexibility of cloud functionality offers. However traditional ERPs are preferred over cloud hosted ERP as it’s faster & easier to access.
The key benefit of having a cloud-based ERP is, it doesn’t require any infrastructure, nor requires any hardware or software. Cloud ERP has the scope to be the next biggest trend featuring its convenience & flexibility and all it requires is a stable internet connection. Cloud being scalable, you only pay for what you use. With cloud, irrespective of any location you work from, you can access any information that’s available at your fingertips.
Customization is an expensive aspect. However, ERP vendors are now designing ERP software intended to think out of the box, since every business is different and not every business functions are covered by an ERP, hence business functions might change. This often results in huge expenses just to incorporate few changes or in enterprises creating systems outside of the ERP to handle their unique business requirements (which defeats the purpose of an ERP as an integrated system). Recently, small ERP vendors made their presence using cloud, and there’s more scope of competition. Bearing this in mind, legacy ERPs offer more customization options that are flexible making it seamless to integrate with any ERP system.
Designing efficient ERP systems is a necessity and ERP vendors put efforts to redefine their existing systems to meet the demands of the dynamic business requirements. Gone are the days when ERPs were confined to large enterprises. 2018 is all about small to mid-sized companies moving to ERP systems. Irrespective of the size of the organization, cloud deployment enhances the usability which increases growth of ERPs usage across any vertical. Due to increased
competition, reduced implementation costs adds as a major advantage enabling ERP to be a viable option for companies of any size.
If leaders were asked, how they plan to spend their resources, investing on ERP would be their ideal answer. Based on research by 2020, companies which have remodeled their core ERP have 75% more probability to succeed in their business and IT response agility.