ERP is the most significant investment an organization can make. Its role is essential in making critical financial decisions and influencing other major business elements, such as marketing, accounting, human resources, etc., with practical solutions.
ERP advantage is not just limited to cutting down costs by minimizing the redundant tasks and automating the functions but extended to serve employees to access important information for quick and effective decisions.
With the increased usage of ERP for businesses, the ERP systems continue to grow to support various functions and include new technologies. Before getting to know the top ERP technology trends, let us look into the key points:
1. ERP solution supports remote work as organizations depend on a distributed workforce
2. Integrates with other technologies such as social media and IoT to give out the enhanced customer experience, greater visibility, and increased automation
3. Machine Learning techniques help leverage business processes, build personalized customer interaction, and generate valuable insights.
Top ERP Technology Trends
1. Digital transformation
Digital transformation is integrating digital technology into significant business operations for quality operations. Such an approach enhances customer service, productivity, and ROI and helps stay competitive. ERP significantly influences digital transformation and is set to bring about transformation changes in the current businesses.
ERP integrated with IoT, and AI adoption can be regarded as a modern digital transformation. The significant phases of digital transformation comprise the following :
1. Data cleaning
2. Regulating technology platforms across major applications
3. Focus on the customer, employer, and supplier processors based on the businesses.
4. Generate analytics that helps you detect what’s happening the real-time
Investing in the right ERP solution can help achieve digital transformation and other significant goals your business has.
2. Cloud ERP
Organizations were skeptical about placing the core business applications on the cloud. The organizations mainly used on-premise ERP applications. However, currently, organizations are adopting cloud ERP to enjoy the benefits of flexibility, lower costs, easy deployment, etc. Moreover, the other benefits include minimized usage of the internal resources, the latest functionality, and the expertise to add users easily.
The value of the cloud ERP is more felt as it enables employees to perform work from anywhere, anytime. So, most organizations are using it to save costs and support the remote workforce.
ERP software automates the required operation, and business functions provide a single data source, including supply chain management and inventory, and assist with distribution, production, procurement, etc.
Cloud ERP is always online, and the ERP provider handles the updates. You have to log in and use the ERP and the confidential data. Its ownership cost is relatively lower than ERP systems hosted on company-owned servers. Its key features are the ability to access financial data, customer information, sales histories, and supply chain status.
The traditional ERP systems having complex scripting languages are difficult to customize to the unique requirements of a business. The cloud-ERP platforms have been designed for more straightforward configuration, which can otherwise be named low-code platforms.
Moreover, there is a growing need for ERP solutions tailored to meet the specific needs of the industries. As organizations aspire to deliver more customized services, ERP systems have grown to meet the requirement.
Chatbots driven by Artificial Intelligence are the ability of the system to interpret the customer’s text or voice and respond using the information stored in the ERP system.
4. Mobile ERP
Mobile apps have become the standard. ERP solutions provide access to critical business data enabling businesses to manage the front-end and the back-end tasks regardless of their position. Mobile ERP even helps collaborate diffused workforces in different time zones.
Mobile ERP apps are designed with a user-friendly interface that helps accomplish tasks without a desktop or a laptop. Time tracking, call logging, and expense reporting are the various tasks that employees can complete.
Also, the system helps to know any approvals or the status of any critical workflow. Mobile ERP serves significant advantages such as remote access, enhanced productivity, improved agility, and quick and accurate data capture.
5. AI-integrated ERP
AI-powered ERP systems work to meet the growing demand for personalization and enhance the overall business processes. The significant advantages AI delivers comprise the following :
AI delivers valuable insights out of data. The technology proves vital to assess massive volumes of unstructured data, identify patterns and predict trends, which is complex and time-consuming with manual procedures.
Predictive analytics reveals the likelihood of the future. For instance, the ML integrated software technology can predict the breakdowns that are probable to happen. Thus organizations can leverage maintenance schedules to replace them with new parts before the problem occurs.
ERP has seen significant growth since its inception. It has completely transformed the way businesses function, enabling easy usage. ERP systems are primarily designed for large-scale industries, especially for process maintenance.
ERP will continue to cause business advancement. Now that its operations extend to small businesses and other financial organizations. ERP software trends will continue to refine business operations. The advanced ERP systems provide more specialized features according to the business demands. So, it is time you leverage the advantage.