Latest 2020 Trends Shape The Future Of ERP Industry
In the current era, no asset will be better than ERP Software Solutions to conquer the competition. A company's biggest investment for the wealthiest ROI is an ERP software solution. The technological headways and evolutions won't stop and will continue to ride at a greater velocity than ever in the coming ages. That's why to make a smart move, you must integrate your business with robust ERP software solutions.
A smart business person will not only keep his/ her eye on what the customers are looking for but also a research of trends that are coming down the pipeline in the field of the ERP industry.
This blog will too unveil some of the best and updated 2020 ERP trends, but before that let's have a brief on the significance of ERP software in our business.
According to some facts, 17% of the reasons for implementing the ERP system is to improve business performance, 14 % for easier jobs for employees, 14% to ensure compliance, 13% for integrated systems and rest 42% of accurate data on overall productivity.
Also, as per the facts of ERP Software Market 2018 Global Trends, the global ERP software market is foreseen to pick $47 billion in income from 2017 to 2022 at a CAGR of 7%.
An ERP software system is a gateway towards digitalization and modernization and so they are important for businesses to rule over the tech-headways and customer's increased dynamic demands. ERP software system leverages all sorts of business, be it restaurants, e-commerce, retail, transport, service providers, travel, etc. The software system with its powerful feature functionality helps such businesses to plan, coordinate, analyze and employ the most important and heterogeneous data seamlessly through its only collaborative platform.
Top 2020 Trends In ERP Software Industry
1. Analytics - On the comparison of conventional and modern ERP software systems, we will witness a lot of differences. And the most chief one would be that the modern ERP software system is more data-driven. To have a match with modern business needs, the ERP software system is getting day-by-day more advanced in its analytics capabilities. By integrating these modern analytics tools in your business, you can easily access the data visualizations of particular reports.
2. Cloud-based ERP - The Cloud-based ERP software is not something new in the market. But the industry has projected to grow with $29.8 billion by 2021. The aids from the cloud-computing software of lower infrastructure cost, broader access, and better management and security are known to all. Moreover, more and more companies have started opting for on-premise ERP solutions. And this shows that a few more alluring customization and features will continue in 2020 and in the coming years too.
3. Two-Tier Model - It is a well-structured model of more than one software or vendor. It is a strategy-based model that needs indispensable strategies to effectively manage the model concerning the modern business demands and customer's needs. In addition, it customizes and optimizes to meet ad-hock requirements and needs with respect to the customer's aid and convenience.
4. Risen Adoption in SMBs - In the contemporary era, where companies are making wise IT investments, there the mid-sized business tends to adopt the ERP software systems. Presently, the software has also become widespread in SMBs which is providing end-to-end productivity in a single system.
5. Real-time Integration - Though earlier versions of ERP software solutions offer an interactive dashboard and inbuilt reporting that turns the complicated process into a seamless one but the modern ERP solutions have some more powerful functionality. They can be accessed anywhere and at any time through its real-time insights. They are not restricted to a stationary place. With its cloud-computing flexibility, they can be accessed and worked on remotely too.
6. AI-based ERP Solutions - With the merge of intelligent tech, AI, the ERP system is also known as iERP. The modern intelligent ERP solutions will continue in the coming years too. They also build workflows, defeat errors, reduce information loading time, and more but in a bit smarter way. It automates the times’ worth of everyday processes. And this reduces the manual work that saves their valuable time.
7. Customer Centricity - We all know that ERP solutions are for easy management of accounts, audits, supply chain and warehouses in any business. But 2020 ERP has shifted the companies to give more significance and customer-centricity functions that appreciate and elaborate the business efforts associated with customer engagement across all the channels of communication to the potential customers.
8. Agile ERP Software Systems - The agile ERP model has taken over all the other models in the year 2020 and foreseen to continue in the coming years too. As in the Waterfall Model, there was an uncertainty of requirements and it doesn't follow the linear progression in project management. Thus, in this dynamic market era, the certainty of everything from customer needs to that of business resources is required. Therefore the agile ERP software system has worked better and has come in the list of 2020 ERP new trends.
To wrap up, it can be concluded as 2020 has witnessed and will witness more such new ERP trends in the future to give a different angle and shape of the ERP industry. And believe it or not, it will greatly impact the complete business and technological scenario. Hence, on a serious note, the decision-makers of the established enterprises plus the mid-sized business owners have to move their heads towards the 2020 trends. Furthermore, to beat the marketing tournament and be on the top, they also need to keep open their ears forever.
So now when you have got to know quite well about ERP software solutions and the 2020 trends, you must start implementing the ERP systems in your business too. And the jiWebTech would be a great option for you. Its integrated ERP/CRM solutions will help businesses to operate more productively and will make strategic decisions that keep them prolific and successful. So don't just wait, drop us a call TODAY! And to know more about our services, visit jiWebTech NOW!!