In today’s time, businesses do not rely on inflexible solutions that could hamper their digital transformation. This is completely true for the majority of them, including ERP software.
But when it comes to ERP, it is important to stay abreast of state-of-the-art ERP trends since it is beneficial for both your business as well as customers. The market for this software is also constantly increasing, its adoption is growing, and though slowly, innovation is happening.
The initial years of ERP innovation were completely focused on transitioning the entire software to the cloud. However, in the past few years, various appealing trends have emerged in the business realm!
In this article, we have mentioned the top 3 ERP trends that you must be on a lookout for in 2021.
Before that, let’s understand a bit more about –
ERP and Why You Must Implement It
Businesses have been leveraging ERP software for quite some time now!
But, over time, it has gone through multiple transitions so much so that its older versions are now known as ‘legacy systems’.
Yes, these systems severed a lot of organizations, especially enterprises. However, with transformations happening at lightning speed, trends have started endorsing modernization.
This is why most businesses have started implementing modern-day ERP systems. Here is why you should adopt it:
Improves your business’ efficiency
Easily integrates with third-party systems
Makes tasks easier for your employees
Replaces legacy systems
ERP Trends You Need to Look Out For
Here are the 3 ERP trends that every business should look for:
Trend #1 – ERP Software Offering Real-Time Data
Real-time data has always proven to be beneficial for the majority of organizations. Some of the common benefits include:
Streamlined Business Functions
Enhanced Customer Experience
Accurate and In-Depth Insights
This is why it is not surprising to know that most businesses are making ERP software a part of their integral operation.
ERP systems are a combination of multiple tools that are used by various departments. This means ERP is by far the best software to smoothly communicate all your business data across multiple departments.
Another incredible advantage of real-time data offered by ERP systems is, it helps you improve your customer service.
All you need to do is integrate your CRM software with your ERP system and you’ll be able to access your customer’s vital information under one roof. This will also arm your customer service department with customer data like habits, order histories, and other important details.
Trend #2 – Cloud Acceleration
Although leveraging a cloud-based ERP software to streamline business operations is not a new trend, it is still a game-changing option.
Earlier, ERP systems were available only as an ‘on-premise’ solution with hardware expenses and startup fees. But ever since the launch of cloud computing solutions, many businesses have switched to these cloud-hosted systems.
With these solutions, organizations no longer need to fret about expensive software updates and maintenance. In fact, they have the option to select only those modules that are required for the available departments. This has further helped businesses keep their budgets under control.
But it does not stop here!
Along with cloud ERP, companies have started integrating hybrid ERP systems. These solutions comprise the strengths of both cloud-based and on-premises ERP while eliminating their weaknesses.
This has resulted in them becoming one of the best ERP software for businesses, especially those who focus mainly on assets and products.
Trend #3 – Internet of Things (IoT) Integration
Both Internet of Things and ERP, when integrated, can offer organizations an array of opportunities.
IoT provides a seamless connectivity for every physical device or sensor in your network without the requirement of human intervention. However, only with the help of a customer-centric approach, ERP solutions can leverage IoT.
With both ERP and IoT, organizations can easily collect, evaluate, and assess a huge amount of data via sensors. They will also be able to gather real-time data about their machine’s performance and take a closer look at their production process.
The integration of IoT with ERP systems reduces the requirement of manual data entry, meaning you won’t have to rely much on technicians and can quickly automate your operations. But this is just you scratching the surface, as ERP and IoT bring a lot more benefits to the tables.
The Bottom Line
We are no longer living in an era when ERP systems were available only for large-scale enterprises.
With the constant advancements in modular solutions, cloud computing, and other technologies, small-scale businesses can also leverage these systems. This means, as more and more businesses start using this solution, it will become more popular among both innovators and developers.
This is why trends related to ERP will keep shifting and growing.
There are many organizations that have not yet invested in ERP systems or aren’t quite sure about it. Now while we cannot be sure if you absolutely need one, we are confident that these systems are worth a shot!