Technology is evolving at a lightning-fast pace, so is Enterprise Resource Planning.
ERP (Enterprise Resource Planning) software can significantly help manage every process of a business , whether it is the purchase, sales, accounting, human resources, or marketing.
ERP today is the outcome of over four decades. This is because of the continuous advancements taken place in buyers' behavior, market conditions, competition, and technological innovations. Modern-age ERP allows organizations to achieve excellence in their operations and meet their financial goals without any friction.
From a simple MRP (Material Requirement Planning) system, which basically used to focus on only inventory management and raw materials procurement, to the current ERP, we have been witnessing the progress and innovation of enterprise resource planning as businesses evolve. At present, the companies are using a multi-functional and extended ERP software that is capable of providing intelligent insights, creating personification in client interactions, supporting remote working and is ready for enhanced automation to meet the growing demands of the customers and gain a competitive advantage.
The below-mentioned 10 latest ERP trends to watch out for in 2022 can help you make the right purchasing decision, and efficiently unify critical business functions which would further benefit your business..
Let's now dive in-depth into each of these ERP trends.
#1 Artificial Intelligence Will Dominate Along With Machine Learning
Artificial Intelligence (AI) contributes to a great extent when it comes to transforming the way ERP operates within organizations digitally. Whether it is about automating repetitive tasks or proactive problem solving, AI can help you mitigate inefficiencies and improve productivity within your business organization. AI takes ERP integration to the next level through predictive analytics and hyper-automation, leading to better decision-making and enhanced customer experience. Precisely, AI-enabled ERP systems using machine learning, natural language processing, and chatbots can help you achieve your ultimate business goals - reduced costs, high productivity, and improved operations.
#2 Cloud-Based ERP To Witness Highest Growth
Cloud ERP system, also known as SaaS ERP software, has been in use for a long time. But, after the emergence of the pandemic, businesses have started giving more importance to cloud technology because of easy implementation, low deployment cost, and enhanced collaboration features it offers. The demand for cloud-based ERP is growing as it is capable of extending access to real-time information, facilitates remote working, and at the same time ensures high-end data security. Moreover, deploying a cloud-based ERP software doesn’t require a huge upfront investment, advanced technical infrastructure, and resources, making it a favorable option for small and medium enterprises too.
#3 More Demand For Healthcare ERP
Hospitals and healthcare organizations need an integrated system to keep support services, back-office operations, and core services unified for better patient experience, reduced operating costs, and overheads. The new innovations in ERP have made it possible for healthcare organizations and multi-specialty hospitals to enhance their patient care by keeping patients, doctors, and clinical staff connected on a real-time basis. Additionally, ERP is used as a database to store safety protocols that help healthcare organizations to stay compliant with government and industrial rules & policies.
#4 Internet of Things (IoT) Enabled ERP to Rule
IoT-enabled ERP systems are being highly used within manufacturing units or businesses requiring fully automated data collection. Depending on the type of business, many parameters must be monitored and tracked 24/7, like raw material shipments, assets, warehouses, etc. IoT devices installed at places and components that need to be tracked round the clock send the information to the ERP systems, which then compile the information and generate real-time reports for better visibility and decision making.
#5 Straightforward Approach With Headless Architecture
Getting multiple tasks done from a single interface is an approach that has always been in demand. Headless Architecture in ERP makes complex tasks easier and simplifies user experiences to a great extent. The headless architecture powered-ERP separates business logic from data making it easy to execute task-specific interfaces exclusively designed to provide each end-user with unique encounters. For example, a warehouse manager, while accessing ERP, would come across different interfaces but will have access to specific modules only depending on the tasks and requirements compared to a sales executive in an organization.
#6 Mobility Will Continue To Be A Game Changer
ERP mobility is the game-changer for every organization in this competitive era. For example, your salespeople require visiting clients out of the office, empowering them with the capability of viewing real-time sales figures and stock information from their mobile device, which becomes extremely important to close the deals. An ERP system that is responsive to multiple platforms and devices can positively impact your employees, suppliers, and stakeholders as it keeps them connected even on the go.
#7 The Rise In The Use Of Three-Tier ERP
ERP applications are now progressing towards multi-tier architectures also known as n-tier architectures. A three-Tier ERP is distributed among three or separate devices in a connected network. The application logic, database, and user-interface, are all separately stored in three connected devices in a network. The three-tier systems are known to be more scalable, fast, secure, flexible, and robust, and can integrate data from multiple sources making it a perfect option for the growing companies.
#8 Go Faster With Low Code / No Code Applications
Many ERPs now come with low code/no-code customization abilities that enable the employees to tweak the application as per their requirements even if they lack technical capabilities. Gone are the days when people used to take months altogether to add a feature to their ERP. With greater development flexibility provided by low code/no code, you can quickly make changes to your ERP, make it work as per your industry standards, thus allowing you to innovate and stand out from the competition.
#9 Automation & Simplification With The Best ERP Platform
Business leaders are now looking forward to using best-in-class technologies that include advanced automation across multiple departments and processes running within the organization. With automation, the need for manual entries is eliminated, and the team working on mundane tasks is now ready to take up new tasks that really matter for running and growing the business. Automation in ERP allows simplifying the processes, resulting in improved productivity and efficiency. With all the information in a centralized location that can flow through the entire organization automatically and in a simplified way, you can be sure that you have the right information on your fingertips at the right time.
#10 Make Data-Driven Decisions Using Big Data & Analytics
Big Data analytics-powered ERP solutions can pull data from multiple sources and compile that data in the form of comprehensive reports, enabling you to discover deeper & futuristic business insights. As the companies now are more inclined to make data-driven decisions and prioritize forecasting to lead the competition, it becomes necessary to ensure that you invest in ERP solutions that prioritize big data & analytics.
Adapt the Latest ERP Trends to Thrive in 2022 and Beyond
Taking note of all the above-mentioned latest ERP trends, businesses must understand that deploying ERP that can help them achieve operational efficiency, make data-driven decisions and facilitate mobility can become an effective tool that can promise better results in terms of business growth in the near future.
Due to these advantages, the adoption of ERP software has highly increased even among small & medium-sized companies falling under industries like automotive, steel, consumer durables, engineering, and manufacturing. As per recent research, the ERP market is expected to reach $86.30 Billion by 2030, growing at a rate of CAGR of 9.8%(2020-2027).
In 2020, Oracle was leading among the cloud ERP application vendors followed by Intuit Quickbooks, and Athenahealth. RealPage, and SAP.
Leading ERP Software Companies Worldwide in 2021
(Source: appsruntheworld.com)
Conclusion
Currently, we are already in a digital transformation era where it is clear that interoperability, agility, and hyper-connectivity are the must-have attributes of ERP (Enterprise Resource Planning) solutions. It is also fortunate that even small and medium enterprises have realized that ERP can lead them to a path to establishing a dynamic, data-driven, and multi-dimensional business environment. Moreover, organizations of every size and type are looking to sustain in highly competitive conditions with agility. Clearly, the businesses have no other choice but to adapt to the tech innovations that ensure accurate risk management and seamless business continuity and growth. Finally, in this fast-changing business landscape, the need of the hour for any business organization is to quickly consider executing the modern-age ERP with the functionalities that help meet strategic business goals and achieve new heights.
