Blog Technology industry trends
The field of enterprise resource planning (ERP) is always changing. ERP systems now cover a wide range of business activities, including HR, accounting, procurement, manufacturing, marketing, and ecommerce.
For companies that want to undergo digital transformation, keeping up with the latest ERP trends and software developments is crucial.
By staying informed, businesses can choose the most suitable software that will meet their requirements both now and in the future.
This blog explores 6 ERP trends for 2023 and beyond to help your business stay ahead of the curve.
According to the IDC Corporation prediction, by 2026 Cloud-Native architecture and its ability to provide continuous innovation will be the primary selection criteria in over 80% of IT-led enterprise application deployments. This means that cloud models bring various advantages, allowing smaller companies to increase their IT investments. While there are pure cloud vendors, with systems like Sage X3, you have the option to implement it in the cloud or on-premises, which provides a certain level of in-house IT control.
Organizations cannot achieve transparency on their direction and performance solely through data and transaction visibility. They require an additional layer of intelligence provided by ERP that analyzes and processes the data to offer actionable insights.
Intelligent ERP solutions are incredibly useful when it comes to simplify the business processes, enhance workflows, and increase efficiency. They can also help reduce errors that stem from manual data entry and processing, freeing up staff to concentrate on more critical tasks.
Using automation tools to manage repetitive tasks like data analysis and capture can lead to better business efficiency and provide strategic insights based on accurate data, which can make significant changes to business operations.
IDC Corporation has made several predictions for the year 2022 regarding Intelligent ERP systems worldwide. One of their predictions states that by the year 2023, 40% of Global 2000 companies will be using their ERP system as the central hub for their industry-based ecosystem. This shows that having access to real-time data and transactions is vital for businesses, not only at an operational level but also at a strategic level.
On a practical level, individuals can observe up-to-date information about the current situation in the production area, identify the location of any problems in the supply chain, and monitor the stock levels on specific shelves. This valuable insight enables businesses to make well-informed decisions, which is crucial during times of supply chain disruption and labor shortages.
An ERP system has the potential to enhance the visibility of the supply chain by enabling you to oversee and control aspects like suppliers, market changes, late deliveries, and much more. By incorporating supplementary supplier monitoring features, an appropriate ERP system can empower you to constantly monitor and manage the supply chain.
The Internet of Things (IoT) refers to a group of physical devices that are interconnected to share data. These devices can monitor, report, send and exchange data. For instance, machines on a manufacturing production line can provide crucial information via embedded sensors about the production process and maintenance requirements.† According to the prediction of Gartner 63% of businesses anticipate attaining financial returns within 3 years for their IoT projects.
By integrating IoT data into the ERP system, it enhances the visibility and provides real-time information, thereby reducing the need for manual data entry, which can lead to errors. This integration enables efficient forecasting, planning, and performance monitoring, which ultimately leads to increased efficiency.
Migrating your ERP functions to the cloud allows you to access business insights from your mobile device. This is especially important given that 87% of businesses expect employees to use their mobile devices to access company apps. Additionally, it is important for companies to cater to the needs of a mobile and remote workforce. A mobile-friendly ERP can help your workers be more proactive even when they are not in the office or warehouse.
Today, ERP with the integration of cloud computing has transformed the business operations, making it super easy to access. The world of business is constantly changing, and as a result, Enterprise Resource Planning (ERP) systems must also adapt to meet the needs of organizations.
These systems will continue to evolve and shape the way businesses operate, becoming increasingly integrated and specialized to cater to specific industries. It is clear that ERP will remain at the forefront of innovation and progress in the business world.
ERP systems are constantly evolving and revolutionizing the way we conduct business. Keeping up with the latest technologies integrated into ERP systems is crucial to remain competitive in the market. Therefore, prioritizing ERP implementation should be a key focus to stay ahead of the game.At IBR Infotech, we specialize in implementing NetSuite ERP and Microsoft Dynamics ERP systems to help businesses thrive. If you're interested in taking your software solutions to the next level, our team of experts is ready to assist you. Contact us today to learn more about how we can help you implement these systems. Visit: www.ibrinfotech.com