As ERP solution is the very backbone of any business. It not just streamlines the various business processes but also bring in a lot of efficiency, accuracy, and speed.
“By 2020, those organizations who have transformed their ERP are going to see almost 75 % improvement in business agility”-Gartner
ERP software solutions are modifying themselves to brace the latest trends to help their customers achieves maximum results. Here are some trends that will shape the future:
1. Trend Analysis
With the implementation of ERP data of various business processes is stored in the database regularly. But so far it has been used primarily to report the business transactions as they happen. But with data analysis technology all that is set to change. Now, this data will be used for forecasting future. And this is especially useful for marketing where businesses will able to know in advance what lies ahead in terms of product demand and warehousing etc. A business owner will be able to make better decisions for success. In fact, even smaller changes in data can be used to make better trend predictions. ERP software companies will have to modules which enable their customers to find future trends.
2. Embracing Cloud
Traditional ERP implementations did one thing well, they streamlined business processes. But where it lacked was:
It is where embracing cloud helps. For instance, if you have a large scale business with diversified work-force who wants to use the ERP on their desktops, laptops, smartphones, and tabs then accessibility challenges with traditional ERPs wasn’t allowing this to happen. But with cloud ERP, they are able to access the ERP from anywhere and any device.
If your ERP is cloud it comes with another added advantage. You can expand your business the way you want without having to worry about making large investments in creating infrastructure in far-off locations. All your work-force will need is laptops or desktops to run the ERP. So you have the agility that you always wanted.
Cloud ERPs also help you focus more on your business as you don’t have to invest in buying expensive hardware. They work on a subscription like model where you pay for what you use.
3. Internet of Things-IoT
IoT has permeated our lives. From smart-watches that maintain a record of health data in the computer to security systems that alert you over the phone. IoT has started to be implemented in ERPs. For instance, there are inter-connected machines that alert the issues directly to manufacturers so that faulty machine parts can be repaired or replaced. With IoT, the data can be sent from the devices to the ERP for the analysis. This data is used for reporting or forecasting etc.
In fact, leading ERP vendors have woke up to this emerging trend and you can find the modules integrated into the system.
4. Ease of Customizations
Not all businesses are alike and if you go for an out-of-box solution then customizations can be very expensive. But all that is not much of problem with many ERP vendors ready to do it for less, mainly cloud providers. It has led to many leading names becoming flexible with customizations and connections outside the applications in the ERP.
In The End
These are trends that leading ERP software solution vendors have to watch out for as it will help in rendering better solutions to their customers who will be relying on the technology to maintain and grow their business.
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