ERP Trends to look forward to in 2021
Enterprise resource planning solutions have come a long way. The solution has become more and more user friendly and is able to offer affordable personalized services to small and mid-sized businesses. ERP solutions let businesses across the sector manage multiple business operations like accounting, financial, operational, etc. ERP systems create quick and accurate reports and this data along with the other data can be shared across the departments with easy access to the concerned people.
2020-2021 brought many changes in the ERP sector making it more advanced, useful and robust. Due to COVID-19, the business sector across the world had to shift to a work-from-home scenario and this remote-work trend pushed businesses to become digitally sound and rely more on the IT products than on human efforts to perform business tasks. The remote working scenario made one point clear: The business and its staff must perform faster and more accurately with an uninterrupted flow of data and communication.
Let us take a glance at the prominent trends in the ERP market and see if your business can adapt to some or all of these trends and implement them in your business in order to stay ahead in the market and get a competitive edge.
Trend #1: Cloud Acceleration
Cloud ERP is not really a recent trend in the ERP sector but it is one of the most prominent changes that changed the whole game. Earlier ERP solutions used to be mere on-premise systems which businesses could use with installation or startup fees along with the hardware costs. The overall cost used to make it an unaffordable option for small scale businesses.
However, with cloud ERP, more businesses across sectors and sizes can afford to enjoy the benefits of ERP systems with smooth and easy accessibility. Cloud ERP also reduces or mitigates the need for making expenses on ERP solution maintenance and updates. Business, on the other hand, can use or subscribe to only those solution modules or plans that are suitable to them. They can also go for a weekly, monthly or per use system.
Many businesses who used to use on-premise ERP solutions are now shifting to the cloud ERP. Due to the success of cloud adoption, Software-As-A-Service ERP systems are gaining popularity in the market.
Trend #2: Artificial Intelligence
The concept of artificial intelligence has improved both theoretically and technically over the period of years. Artificial intelligence is used by businesses to mimic human cognitive functions such as learning new things and solving problems. When this technology gets installed into ERP, the system can help users to make faster and accurate decisions, and reduce or eliminate the frequency of errors or mistakes in functions. With AI, you can convert business data into implementable or usable business insights.
AI provides new ways of analyzing massive, complex, and unstructured data.
AI-based ERP generates streamlined workflows, minimizes loading time.
Trend #3: Mobile ERP
Remote working scenarios became easy for many businesses using ERP due to its ability to support a mobile workforce. In remote working systems, most of the employees are working on their laptop or mobile from their homes. This made ERP more flexible and user-friendly so that the staff can use it even on-the-move. ERP mobile applications allow users to review sales orders, create sales orders, send push notifications, create an event, etc. Your staff can perform more tasks in a day with the help of the availability of real-time data.
Trend #4: Robust Analytics
ERP systems have always helped in collecting and organizing data. However, when it came to reporting and analysis, the ERP system used to disappoint. However, not anymore. ERP, in today’s age, comes with powerful data analytics enabling users to make fast data-driven decisions.
With robust analytical features built-in ERP, your business does not have to rely more on third-party applications. ERP systems can also showcase data in visuals.
# Trend 5: Finance Sector Attracts More Investment
The financial module is considered one of the most vital factors of a modern ERP system. The modern-day ERP offers advanced functionalities like payroll management, general ledger, cash management, currency management, fixed assets etc. You Can also make separate financial reports for every department. Modern ERP with a financial module also helps in recording every business transaction and incorporating them with other modules to get a complete view of the spending. Departments across the business can make more accurate decisions with the help of insightful data at the disposal. Sophisticated ERP of today’s age can survive in the market uncertainties.
Apart from the above-mentioned trends, ERP sector is getting disrupted due to the following trends:
Customer-Centric ERP
Developed User Interfaces
Integration of digital marketing and social media
Personalized ERP solution
Faster ERP Adoption in Additive Manufacturing
IoT integration in ERP
The world has already passed the phase where ERP was useful and affordable to large scale businesses only. The above-mentioned trends have made it sure that even small and medium scale businesses leverage this IT solution too. As more businesses are adapting to this solution, it is gathering attention from more developers and innovators too. This means the solution is most likely to grow and advance with time.
