New year, new challenges. Now, ERP Solutions are being enhanced with exciting innovations to help businesses cope with the changes of 2021. Read more about the latest trends in the world of ERP systems.
Technology develops at such quick speed and ERP (Enterprise Resource Planning) Solutions are no exception. The ERP software market is constantly evolving each year. A collection of ERP statistics by Finances Online revealed that there is a growing demand for ERP and that its adoption is increasing. This growth is supported by many new innovations, many of which we can expect this 2021.
Is brushing up on the latest developments part of your 2021 ERP resolutions? Or maybe you want to leverage new ERP technologies to help you achieve your digital strategy for the year? AlphaBiz has got you covered with a run-down on the developments the new year holds.
1. Accelerated cloud and hybrid ERP solutions
The cloud may not be a groundbreaking new discovery but the remarkable increase in SaaS (Software as a Service) adoption has certainly changed the ERP landscape. Cloud ERP eliminates some limitations of older versions and provides easier expansion and integration with other applications, as well as automatic updates.
In the past, ERP software that is now called legacy systems were only offered on-site, at greater expense and with additional hardware. Now, more ERP vendors provide modular, cloud-hosted solutions, making the technology more accessible to small and medium-sized enterprises.
An off-shoot development from this modular approach is that more businesses are also opting for hybrid solutions, utilising both on-premise and cloud technologies. According to Accenture’s 2019 ERP Trends, while 51% of chief information officers (CIOs) prefer cloud ERP and 35% use on-premise solutions, 10% of companies now use hybrid ERP tools and it’s set to grow in the coming years.
On top of this, more businesses are migrating massive amounts of ERP data into cloud storage and because of this, the cloud computing market is projected to reach $258 billion by the beginning of 2021.
2. Improved AI functionalities
With the rise of Artificial Intelligence (AI), what was once an add-on feature to ERP systems has become an increasingly common built-in functionality. Business management software with AI is sometimes called Intelligent ERP of iERP – an enhanced solution that can analyze historical data and information from multiple departments to develop more effective workflows, reduce errors, and automate hours’ worth of routine processes. Overall, iERP is a game-changer in improving business productivity and efficiency.
3. Mobile ERP
Mobile ERP is another technology that has gone from “nice-to-have” to “must-have” because of its myriad of advantages. In December 2020, Sybiz followed suit on this trend by creating specialized mobile applications for their systems – the ESS app and the Visipay app.
Mobile solutions allow employees to carry out business from any time and anywhere, accessing all the key information accurately and conveniently with a tap on their smartphones while on the field. As a result, it lessens the risk of miscommunication and delay and improves decision-making, workflows, efficiency, and productivity within the operations.
4. Direct-machine integration
Direct machine integration, sometimes called IoT or the internet of things is the term used for the connectivity of computers with machines and other devices. Examples of these can be sensors placed on manufacturing machines that are synced with ERP software to capture data in real-time.
By connecting IoT to ERP, companies will be able to collect, gather, analyze, and process operational data such as machine performance and production processes. This can result in faster, more productive and automated operations.
In a report by Gartner, it was projected that businesses will integrate 8.4 billion IoT devices into their operations this 2021 which will require systems, such as ERP software, that will serve as an interface for this network to optimize IoT capabilities.
5. Personalized or niche ERP Solutions
Along with the modular-style implementation of cloud computing which has resulted in a more personalized ERP experience comes a growing demand for similar personalized solutions. According to an article by Finances Online, it is expected that in 2021, one-size-fits-all ERP software will become less common.
More businesses are searching for industry-specific systems with functionalities and features that support the needs of their niche market. A perfect example of this is the MYOB Manufacturing Edition, a specialized version of MYOB Advanced targeted towards manufacturers.
And as the ERP industry leans towards the direction of providing consumer-centric, flexible, and accessible solutions, these specialized systems are expected to increase for the use of not only programmers, technicians, or IT experts but for the entire workforce.
Interested in finding out more about these innovations? Contact the AlphaBiz Team to consult on improvements you would like to see in your ERP software.