Enterprise Resource Planning (ERP) software solutions have advanced to being intelligent systems that support most business functions, such as accounting, procurement, manufacturing, distributions, and much more. Businesses rely on ERP to not only cut costs by eliminating redundant processes and data automation by cutting unnecessary time but have also proven to reduce waste, provide critical information faster, and enhance decision-making.
ERP systems continue to evolve to incorporate innovative technologies to support an extensive range of business functions enabling organisations to accelerate and futureproof their success.
The ERP market is constantly evolving, with new trends emerging all the time. Here are the top 10 ERP industry trends to watch in 2023:
- Accelerated Cloud adoption
Cloud-based ERP systems are becoming increasingly popular, as they offer the business necessary advantages such as…
- Increased agility and flexibility
- Improved efficiency and productivity
- Reduced costs
- Enhanced decision-making
- Improved customer service
- Increased compliance
- Enhanced security
- Improved sustainability
A recent study by Gartner, reported that the global cloud ERP market is expected to grow to $27.2 billion by 2023.
- Industry Specific ERP Adoption
ERP vendors are increasingly developing system solutions that are tailored to the specific needs of niche industries and also their individual customers. This is because businesses in different industries have different business requirements, and a one-size-fits-all ERP solution is often not ideal.
- Ai and Machine Learning Integration
Artificial intelligence (AI) and machine learning (ML) are being used to power new and innovative features in ERP systems. For example, AI and ML can be used to automate tasks, improve forecasting, and generate insights from data. This means that an organisation can obtain information quicker for decision-making purposes.
- Mobile ERP
Mobile ERP solutions are becoming increasingly popular and a newfound necessity, as they allow employees to access ERP data and functionality from anywhere, anytime. This can be especially beneficial for businesses with remote workers or employees who travel frequently, or even being able to be mobile with devices around the manufacturing and warehouse floors.
- IoT Integration
The Internet of Things (IoT) is another technology that is being integrated with ERP systems. This allows businesses to collect and analyze data from IoT devices in real-time, which can be used to improve operations and make better decisions.
- Real-time Analytics
ERP systems are increasingly providing real-time analytics capabilities. This allows businesses to gain insights from their data immediately, so they can make informed decisions quickly.
- Personalised ERP Experiences
ERP companies are developing solutions that can be personalised to the needs of individual users and seamlessly integrated with other business software. This can help to improve the user experience and make ERP systems more efficient.
- Subscription Based Pricing
More and more ERP companies are offering subscription-based pricing models. This can make ERP more affordable for businesses of all sizes, and it can also make it easier to scale up or down as needed. This however, is only suited for small to medium businesses as they don’t offer a tailored solution the individual customers’ needs.
- Two-tier ERP
Two-tier ERP is a strategy that involves using two different ERP systems. One at the corporate level and one at the business unit or subsidiary level. This can be a good option for large businesses with complex needs.
- Increased Focus on Security
ERP systems contain sensitive business data, so security is a top priority for ERP providers and users alike. ERP providers are investing in new security features and technologies to protect customer data.
These are just a few of the ERP solutions trends to watch for in 2023. As technology continues to evolve, we can expect to see even more innovative and powerful ERP solutions come to market.
If you are considering implementing or upgrading an ERP system, it is important to choose a solution that meets the specific needs of your business and is aligned with the latest trends. It is also important to work with a reputable ERP vendor that can provide you with the support and guidance you need to implement and use the system successfully.
If you are considering an ERP implementation, it is important to factor in these trends so that you can choose a system that will meet your needs in the long term.
By staying up-to-date on the latest ERP trends, you can ensure that your business is using the latest technology to improve its operations.
- Businesses continue moving to Cloud ERP to reduce operational risk and improve agility. As a result the global cloud ERP market is expected to grow 13.6% annually and reach $40.5 billion by 2025, per Statista.
- Artificial intelligence (AI), and specifically machine learning, help optimize more business processes, provide new insights and create personalized customer interactions.
- Integrating ERP to leverage specialist functions across an organisation and improve business velocity is becoming more common across all industries. Evolution in the internet of things (IoT) devices, CRM and social media are facilitating a more connected enterprise delivering more impactful decision making within the enterprise and a more compelling customer experience.