Enterprise Resource Planning (ERP) software technology has undergone several changes. The upgrades of this technology favour various industries, companies, and businesses. No enterprise would want an inflexible system to be an obstacle for growth and expansion. The COVID-19 pandemic created the need for better risk management and business continuity via digital means.
The innovation in ERP systems is happening gradually and we have seen a few interesting trends in 2020. These trends gave us a holistic understanding of what can be expected in near future. This article explores some of the relevant ERP trends gaining momentum in 2021.
Most of the things today are just one click away on our phones! Today, mobility is the standard feature for almost every technology. Therefore, ERP software will also support basic mobility so that users can have access to data anytime, anywhere, and on the go. This is a huge advantage for businesses to communicate or operate from anywhere. It enhances communication and reduces the chances of delay in tasks. Mobility will only increase efficiency and boost productivity for the business.
Though cloud-based ERP systems are not new to the industry, there has been a significant switch from on-premise ERP to cloud-based ERP systems. More and more ERP software companies are now offering cloud-based ERP solutions due to the ever-increasing demand. Businesses realise that installing an on-premise ERP system costs more to their company and demands maintenance from their end. For small and medium-size businesses that may not have an IT department, it is feasible to opt for cloud-based ERP solutions. They do not have to worry about updates, maintenance, or the initial installation charges that incur with on-premise ERP. Further, there are hybrid-ERP solutions too, that offer a combination of on-premise and cloud-based ERP systems.
Integration of AI
Artificial intelligence (AI) technology has been penetrating many industries. It has also been a part of emerging trends in ERP systems. Companies have to deal with complex data, and ERP solutions with integrated AI can aid them with innovative data processing. It can help to collect unstructured data, use it effectively, analyse it, and get meaningful insights for the business. AI can reduce the chances of errors and create better workflows.
Integration of IoT
The internet of things (IoT) can provide opportunities to organisations if combined with enterprise resource planning systems. This integration of IoT and ERP software can be used by companies to collect, assess and evaluate a large amount of data. Real-time information helps in improving machine performance. Thus, less reliance on technicians will be required to automate different business operations across all departments. IoT makes connection easier for devices that are within the network, without any human intervention.
Attention To Digital Marketing
To measure the success of marketing, businesses will require a tool that can offer analytics and insights. This is where ERP can benefit in marketing processes and campaigns. Organisations can leverage the relevant metrics, CRM, and other resources for planning and strategies. For social media marketing, ERP software helps to acquire data regarding links, posts, social media analytics, and much more. Due to the several benefits of ERP for digital marketing, organisations are now connecting their marketing processes to their ERP systems. It also allows accounting and finance departments to effectively respond or make operational changes.
More Involvement in Finance
Any ERP system provides modules that help with the general functions, including ledger, payroll management, cash management, fixed assets, and more. The latest ERP upgrades include modules that support both external and internal operations of the organisation. The role of ERP in finance is evolving due to easy access to analytics. With modern ERP systems, it is now possible to manage finance virtually and keep a record of the organisation’s performance.
Personalised ERP Solutions
Across different industries, you shall see the personalisation of services offered by different companies. With ERP solutions, personalisation is not new, but in 2021 you will see more and more ERP vendors offering personalised solutions to various companies. Companies using the general ERP will switch to personalised systems. It will help them in handling the integration of AI and IoT within ERP systems. Customised software can be operated without much help from IT experts. It helps you to make your business more flexible, accessible, and customer centric.
We, at SourcePro, are constantly working towards providing our customers with the latest features and adapt to the new trends of ERP systems. Consult us to understand the role of ERP in your company and how you can leverage this technology in 2021 for the growth of our business.