Latest Trends That Are Transforming ERP Software In 2021
2020 has been a rollercoaster ride for organizations and ERP has proved to be a gateway offering flexible and agile solutions. From managing accounting, inventory, operational data, and other reports ERP has been offering accessible and affordable solutions for small and large enterprises.
The ERP market continues to grow and enhance at a high speed especially with the emergence of breakthrough technologies. There is no sign of stop as most of the business leaders are changing their on-premise system for all their critical business functions. As per reports from Gartner, the ERP market would be worth $44 billion, and it would see further increase in the coming years.
New Trends For ERP in 2021
With such enormous success and installations, there is no doubt that in the year 2020, most of the organizations have either implemented or planned to implement ERP. However, let’s go through the major changes happening in ERP in 2021 that would not like to miss. Some of these trends have already started gaining momentum for years, while others are in their early stages of inception.
1. The accelerated cloud Adoption
Although storing data in the cloud is no longer a new trend, but what is new is the involvement of the community because previously there was a fear of keeping an organization’s data in the cloud. But with the optimization of more vendors entering the cloud-hosting market, ERP solutions are even becoming more accessible for organizations.
The global market for ERP is expected to reach a whopping $832.1 billion by 2025. More organizations now prefer to move their data to the cloud while they don’t have to worry about security. Organizations don’t have to invest in expensive resources to keep them upgraded, rather cloud ERP solutions are much easier and handle even with a low budget.
2. Integration with AI
Yes, Artificial Intelligence and machine learning are new concepts in ERP. Gone are the traditional days when there was no connection between artificial intelligence and ERP. When you integrate AI with ERP, it even offers organizations unique and innovative data processing capabilities that help your business transformation.
From managing accounting to report generation, inventory management, better customer service there are huge benefits of integrating AI with the ERP. Moreover, it also helps to solve the manual labor efforts and cost. The organization could be more productive as it frees the employees productive time and can utilize it in performing more important and valuable tasks.
The Integration of AI with ERP is proved to be quite beneficial during the time of pandemic as the organizations struggled with the workforce shortage.
3. IoT Integration
IoT and ERP are opening new doors of opportunities and possibilities for operational excellence, better automation, and excellent customer service. Modernizing our ERP helps drive better results and business values that can be tailored as per our unique business needs. With sensors and cameras embedded in the products, you get a clear picture in real-time and information about the product and performance right from the very beginning.
It significantly reduces the manual work and allows you to automate complex business processes through intelligent data processing. ERP solutions have been cutting down pressure to maintain complex business operations, allowing results to display in real-time, team collaboration in the best possible way.
4. Trend of Mobile ERP
It is obvious that mobile phones and apps are trending and people are shifting paradigms as it instantly allows access to information. From small to large every brand expects to have a mobile app for more reach. With the ERP mobile apps, you get to push notifications, create an event, helps control sales, expenses, and much more. This facilitated more work completion and was accomplished with the availability of real-time information.
5. Demand and Rise of 3D Printing
The advancements in technology have made 3D printing a seamless process. Printers improve the parts, helps to cut cost, and boost operational efficiency, with which products are cheaply made and manufactured instantly without much human labor.
Sectors such as automotive, healthcare, electronics are already embracing this technology and many other industries are excited to make products using this technology.
With the much-advanced technology, organizations need to keep up the pace with the cutting edge technology and software like ERP solutions.
The future of ERP stands with agility, digitization, and product optimization. Most of the industries and sectors are already adapting and upgrading to new ERP systems to reap its full benefits.
ERP offers a comprehensive system that benefits the organizations and will further see integrations with more digital technologies and features.
ERP solutions are not only for large enterprises but also offer efficient results for small and mid-sized businesses. If you have read the blog you already know what to look for in a future-ready ERP system. ERP will continue to grow and there will be many changes in the coming years. Hope we have provided enough information to help you stay informed and implement the right ERP for your organization.
If you have not yet equipped ERP for your business, we are here to help you implement ERP with the latest and most advanced features.