An ERP is what most companies spend a substantial amount of money on. Buying an ERP will affect your company’s financial stability and affect the functions and works of your company. Newer platforms and technologies are still being introduced, allowing organizations to capitalize on the best of the old while staying ahead of the curve. So it’s necessary to understand the future trends in ERP software that will take place in the ERP systems and ERP trends in 2023. Let’s look into the current & future trends in ERP systems.
ERP Software Market Trends in 2024
Acceleration of the Cloud
Businesses continue moving to cloud ERP. The global cloud ERP market trends is expected to grow 13.6% annually and reach $40.5 billion by 2025.
Statista
Cloud-based ERP software allows business operations to be streamlined – a trend that has remained constant in recent years. The Cloud ERP software trend has been in use for quite some time now, but it is one of the trends that is still going strong. Traditionally, ERP solutions were expensive to implement and to purchase hardware for. Meanwhile, cloud computing revolutionized the entire industry. This benefit is that business owners no longer need to spend money on software updates and maintenance. Additionally, choosing modules according to needs will help meet each department’s requirements by selecting modules according to their needs. A 2020 survey of finance executives also indicated that 20% expect to spend more on cloud ERP technologies.
Integrating the Internet of Things
The IoT is spreading across several industries, including manufacturing and construction, and shows no signs of slowing down. Statista predicts the IoT market will hit $1.1 trillion worldwide by 2023.
Bringing IoT and ERP together can provide business organizations with numerous advantages. Taking advantage of IoT, physical devices access the Internet without human intervention, but customer-centric approaches are necessary if ESR systems benefit from IoT. Organizations can collect, analyze, and assess vast amounts of data by incorporating sensors with this technology. Real-time views of machine performance can better monitor the production process. The automation of operations will also result in a reduction in the number of technicians needed.
Implementing a Personalized ERP System
According to a research by Forrester, the market for personalized ERP solutions would reach 15 billion US dollars by 2020.
In the past few years, personalization has become a sweeping trend affecting many industries. And this is an emerging trend in ERP. One-size-fits-all solutions will become rarer and rarer over the next six years. The trend is expected to continue into 2024 and 2025. User interfaces are a critical component of embedded software from ESR. The effectiveness of the system will be increased by improving accessibility, flexibility, and customer-centricity. Despite their complex nature, these tools are simple enough even for non-technical people to use. Customized ERP solutions can handle exponentially growing technologies such as artificial intelligence and the Internet of things.
AI Integration
Adding artificial intelligence to business processes has long been a popular trend across many industries, and ERP integration is no exception. A growing amount of complex and unstructured data is being collected by companies. Analyzing it better is required for it to be used effectively. Integrating artificial intelligence delivers what we need.
IFS’s 2019 study found that 40% of manufacturers planned to implement AI for inventory planning and logistics, and 36% intended to use it for production scheduling and customer relationship management.
If you want implementation, then choose NetSuite ERP implementation services to do your work. In the era of rapidly growing data, it is critical to ensure you have the resources to collect, evaluate, and deliver actionable insights. Without the ability to retrieve unstructured data, businesses cannot find helpful information. Adding AI can incorporate artificial intelligence into ERP systems to provide this capability.
Two-Tier ERP
The market is experiencing globalization and localization at the same time. Even though businesses are increasingly expanding internationally, many corporations still wish to increase their domestic presence. By customizing the ERP tool in two tiers, global and local customers can both benefit. Both large corporations and small businesses can benefit from accounting software. The headquarters and each regional office and affiliate are part of the same ERP system for many companies. One-size-fits-all became increasingly impractical and inefficient as implementation became more common. It was often difficult to fully implement subsidiaries because they had special needs. Because of this, a two-tier ERP implementation is a significant trend in ERP in 2023.
Accessibility Via Mobile Devices
Mobile support is one of the benefits of an ERP system designed for modern businesses, and it must include basic functionality and support for mobile devices. Business operations can be conducted anywhere and at any time, which is a clear advantage. The dual functionality of smartphones and tablets enables them to handle both front-end and back-end tasks simultaneously, enhancing productivity.
40% increase in operational efficiency for companies that implemented mobile ERP
– Aberdeen Group
Furthermore, the collection of data becomes more efficient and accurate. Improved communications make it less likely that businesses will miss production deadlines. Productivity will improve as workflows improve, efficiency will increase, and companies can take decisions more quickly. Before, when ERP systems were not in use, sales representatives used to update client information when they arrived at their offices. This may still be possible when ERP systems become mobile since customers can do so. The use of bulky diaries and writing notes is not necessary. Nowadays, salespeople can work outside of regular work hours thanks to mobile ERP. Anyone with permission can access a mobile ERP using a cell phone, tablet, or another electronic device.
Marketing Using Digital Technology
A discussion of ERP would be incomplete without mentioning Digital Marketing. Since these solutions are increasing, businesses need to adopt them for marketing. A marketing campaign would be lacking relevant metrics if there was no ERP system in place.
ERP systems are integrating social media platforms into their capabilities now that social media has become an increasingly important aspect of digital marketing. In addition to publishing posts and gathering links, you can also get analytics on these platforms.
Connecting to Social Media Platforms
Including students and the elderly, social media users of all ages are present. Social media aids employees, entrepreneurs, and businesspeople in staying connected. The ability to organize work through social networking sites is helpful for marketing departments, which are now dealing with multiple ERP platforms and require precise reports to allow for strategic planning.
There are millions of social media users, with the global usage rate standing at 49% as of 2020
Statista, 2021
The trend-followers can stay competitive by following the latest ERP trends yet to be revealed and updating them accordingly. An organization needs to carry out extensive research and choose the right ERP system before implementing it.
If you want to look more into ERP, you can get in touch with NetSuite consultants. Now that we have finished with trends let’s look into some of the future forecasts of ERP systems.
ERP Future Forecasts 2024
The Best-of-Breed ERPs
In the future, ERP will be a niche product or a best-of-breed product. Clients expect more from vendors as industry-driven vendors become more prevalent in the market. Because of this, customers realize generalized software does not meet their needs in every circumstance. As vendors’ processes become more specific, the software is being developed to support them. To meet the specific and rigorous requirements of customers, a generic software product would not be sufficient.
Blockchain
An increasing number of enterprise applications are embracing blockchain technology. As well as the ERP, it will be included. Blockchain technology is an ideal platform for reliable transactions. Although currently only in its nascent stages.
45% of industry leaders will use blockchain as the primary intercompany transaction management technology.
International Data Corporation
A future version of ERP will feature blockchain, however. Businesses can use blockchain to improve the efficiency of certain organizational functions. The use of this technology makes collaboration between supply chain managers and customer acquisition departments easier. The parts of shipping and tracking are just two of the many services offered by blockchain consulting firms.
Talent Infusion for Smaller Companies
Several professionals in the ERP field are studying the possibilities of creating niche applications in areas where expertise lies. Along with larger software companies, they are also working with smaller software companies. These companies have become increasingly popular due to their ability to address specific customer needs. Businesses can customize the software to meet the specifications of particular customers as well as industry-specific products. The ability to cater to the needs of customers is imperative as they search for specialized applications. In 2023, best-of-breed ERPs will remain the industry leaders for this reason.
Transformation of the Digital World
2023 will be a year in which ERP will see more companies taking the time to examine legacy, customized applications and taking the necessary steps to rectify them. It is predicted that more organizations will make purchase decisions next year than ever before—the flexibility of working from home results in new digital assets being invested in by legacy IT departments.
Technology to Wear
Even though wearables are typically associated with consumer products or e-commerce products, such as fitness trackers, they are also applicable to the workplace. NetSuite also provides NetSuite eCommerce services. Blue-collar workers will be more productive thanks to Google Glass’ augmented reality system. PDA’s and smartphones are more susceptible to being misplaced or dropped than smartwatches due to their accessibility and low risk of losing them. By measuring elements like UV exposure and heat, health monitoring devices can help to improve employee performance.
Conclusion
ERP is an essential part of a business or a company, large or small, global or local. Nowadays, there are so many features of ERP available, and ERP does not intend to stop there; ERP’s have already decided the future too. Last year because of these trends ERP software market 2023 saw a considerable rise. And in the coming future trends in ERP systems, the companies will also make sure that their ERP systems are fully optimized. But still, some companies don’t think they should invest their money in ERP. But this decision can’t be taken by anyone for you; you have to decide for yourself if your company needs an ERP system or not
