As we enter the new year, it's important to keep an eye on the latest developing trends within enterprise resource planning (ERP) software. These robust systems continue to play a crucial role in helping businesses manage various aspects of their operations, such as finance, inventory, manufacturing, sales, warehousing, and customer relationship management (CRM).
Here are some of the key ERP trends I believe we should watch for in 2023:
Increased Focus on Cloud-Based Solutions
Cloud-based ERP systems have become the de facto deployment choice due to their scalability, flexibility, and minimal upfront start up costs. With cloud-based ERP, businesses can access their software and data from anywhere, making it easier to work remotely while collaborating with team members.
Growth of Industry-Specific ERP Systems
ERP systems through integrations and app installs, are becoming more chameleon like to industries, such as services, healthcare, and manufacturing, making it easier to adapt to the specific needs and processes of a particular industry. These systems will have dedicated functionalities, modules and processes specific to that industry, giving that specific sector more insights and automation without extra added costs associated with customizations in years past.
Greater Use of Artificial Intelligence and Machine Learning
ERP software is becoming more "smart", thanks to the integration of artificial intelligence (AI) and machine learning (ML) technologies. These technologies help businesses compile data, analyze data and make predictions, to ultimately lead to better human decision-making and improved efficiency.
Emphasis on Cybersecurity
ERP software stores sensitive information, such as the organization's financial information and employees personal data, making them a target for cyber-attacks. As such, there is a growing emphasis on security features in ERP software to combat these threats and ensure data is kept safe.
The Rise of Mobile ERP
With the increasing popularity of remote work and mobile devices, ERP that is accessible from anywhere is becoming more important. Modern ERP software allows employees to access their systems from their mobile devices, enabling them to work from anywhere while staying connected to their data while they're on the move.
More Flexible Pricing Models
With the continuous growth of ERP software, providers such as Microsoft are giving customers more options in terms of pricing models, like read only user licenses, essential licenses, and premium licenses. This allows customers to select a pricing model that best suits their business needs and budget.
As the business world continues to evolve, so too do the technologies that support it. By keeping an eye on these trends, businesses can stay ahead of the curve and take advantage of the latest ERP technologies to improve efficiency, increase productivity, and drive profitability.
To summarize quickly, the ERP market is continuously evolving with trends that are becoming more specific to industries, increasing emphasis on Cloud-based solutions, Artificial Intelligence and Machine Learning, Cybersecurity, Mobile Access, and more flexible pricing models. Companies need to stay informed and evaluate these trends in order to select the best ERP solution that fits their specific needs and business objectives.
Don't get left behind in the rapidly-evolving world of ERP software. Take the first step in staying ahead of the trends by researching the latest developments. Not sure where to start? Contact us to schedule a consultation and learn how the latest ERP trends can help your business improve efficiency, drive productivity and increase profitability.