Top 6 ERP Trends For 2021
The Executive Headlines
In 2020, many companies have faced unprecedented challenges as a result of the pandemic and the subsequent economic upheaval. However, the corona crisis has also triggered a real boost in digitization and modernization of ERP systems.
Whether you are a developer looking for some insights and a self-orientation in this changing world, or an IT leader determined to re-invent your business models and revamp your processes to not lose touch with the competition, you’ll find out in this post in which direction enterprise resource planning systems are developing and the relevant trends in the ERP market in 2021 and beyond. These trends are already taking hold of a wide range of industries and creating big opportunities in the era of digital enterprise.
Streamlining a business’s operations with cloud-based ERP software isn’t a recent trend, but it continues to be a game-changer. ERP solutions used to have expensive startup fees and hardware expenses. However, all of that changed with the introduction of cloud computing.
This ensures that businesses don’t have issues with expensive maintenance and updates of software. Also, they can choose the modules that they need for a department and save running costs.
Companies now take this one step further by integrating hybrid ERP solutions. This combines the strengths of on-premise and cloud-based ERPs without their weaknesses. This provides an ERP system that is ideal for businesses that focus on products and assets.
“Artificial intelligence and machine learning are moving from the hypothetical phase to real-world use cases, such as fraud detection in financial services and banking, anomaly detection in business contracts and procurement to reduce costly errors, and in the form of robotic process automation (RPA) to automate routine business processes,” — Forrester analyst Liz Herbert
3. ERP with Real-time Data
There are numerous benefits of real-time data for organizations. Some of these are:
● In-depth insights
● Improved customer experience
● Streamline business functions
This is why many businesses are integrating ERP systems into their significant operations. According to an essay help at custom papers, ERP systems will aid business data communication across the different departments in an organization. This is because it combines multiple tools that the various departments use.
ERP with real-time data also helps to improve the customer service of the organizations. This is another significant advantage as the customer service department has all the information they need about individual customers.
4. Integration of IoT
The Internet of Things (IoT) and massive data stream are affecting the ERP landscape by presenting new possibilities for workflow automation and opportunities to fuel operational excellence and business growth. According to Fintech News, it is estimated that 35 billion IoT devices will be installed worldwide by 2021 and 75.44 billion by 2025.
Manufacturing, logistics, and transformation industries are the ones that are expected to experience the integration of IoT in their ERP systems the most.
5. Mobile Application
Gone are the days when mobility was a stand-out feature. In today’s world, it is the standard. ERP systems must have mobile support as basic functionality, and there are many benefits to this apart from accessing data on-the-go.
The ability to undertake business operations anywhere and at any time is an obvious benefit. So, mobile devices like smartphones and tablets provide both front-end and back-end activities. This helps to boost overall productivity.
It also makes the process of capturing data more convenient and accurate. It enhances communication, thereby reducing the risk of delay in production. These benefits can help to increase efficiency, make decisions quicker, and improve the workflow.
6. Digital Marketing
You can hardly talk about ERP systems without mentioning marketing. The growth of these solutions means that companies have to adopt them in their marketing processes. Without an ERP system, a marketing campaign will lack the relevant metrics that are required.
The rise of social media and its usefulness for digital marketing means that ERP systems now integrate capabilities for social media platforms. This aid post publishing, link gathering, getting analytics, etc.