ERP or enterprise resource planning is the heart of a growing company that adopted this system.
It helps to automate an organizational activity, making operation easier and increasing productivity. But the digitalization is occurring more rapidly, and companies are looking for more extensions in their system and automation processes.
So ERP solution providers need to meet the demand of the market. And they constantly come up with more reliable solutions for the business and enhance digitalization.
BUT, what are the newest ERP feature and trends?
In this blog, we will try to provide you with a quick overview of that. Stay tuned.
Five of the Newest ERP Features and Trends
The new and transformative ERP software and its feature that we may don’t, are accelerating business performance like never before.
And integration may include:
Many firms have traditionally relied on on-premises ERP applications and have been hesitant to trust essential business applications to the cloud, but this is increasingly changing. Businesses are turning to cloud ERP for a variety of reasons.
The reasons can be implementation, lower costs, elasticity (the ability to use only the resources needed at any given time), new functionality, reduced reliance on internal IT resources, and easily adding users and functions to accommodate business growth.
As the world moves faster in this post-pandemic world order, the trend is that companies accept ERP as a part of their digital transformation. The reason is that integration of this kind of technology helps make more impact in the daily operation.
This is for increasing revenue and also have a competitive advantage in the market. The ERP solution makes the customer service quicker and trustworthy.
By automating most of the work and procession of a company, an ERP solution can be the best acceptable solution for any organization to solve a bigger problem in the present and make way for a better future.
Moreover, the companies are more flexible in accepting the ERP even in this post-pandemic world.
Some of the new trends and features of this year ERP:
- Integration of the IoT and ERP.
- Adoption of AI-based advanced analytics.
Integration of other technology with ERP
While modern ERP is a critical part of a company’s digital transformation, it is only one component of a bigger technology investment. Companies are merging their business apps with other new technologies, such as IoT, to improve essential processes.
And the trend is that retailers are employing warehouse management systems to collect data from mobile scanners and smart conveyors to track the flow of commodities throughout the warehouse.
On the other hand, by automating order fulfillment, updating inventory levels, and recording payments, some organizations mix ERP with ecommerce to optimize online order operations.
Personalization of the Experience
Normally ERP mechanism and its language are very complex for customization, and traditionally we have seen that. But things are changing as we have cloud-based ERP these days. It is also called a low code platform, and this technology can provide a more personalized experience.
And to meet the increasing number of demands, the improvised ERP is available for the organization’s particular needs. Eventually, for personalized and relevant experience, companies are more interested in customizable ERP solutions.
Features you can have in the modern-day ERP solution:
- Customized dashboard
- Emerging trends are AI-based Chabot.
AI-Powered Insights and Improvements
AI will make things easier and help to meet the increased customer demand. The more advanced ERP comes up with these kinds of features to meet the larger need of the organization to make the business more trustworthy and provide better governance of the organization.
The new integrated features will be able to:
- Providing greater insights into the business and organization
- Enabling the system to solve a bigger problem
- Accelerating the optimized process
Businesses are continuing to move their ERP systems to the cloud. According to Statista, the global cloud ERP market is expected to grow at a rate of 13.6 percent per year to $40.5 billion by 2025.
AI, specifically machine learning, can help with the optimization of more corporate processes, the production of new insights, and the creation of personalized consumer experiences.
ERP is becoming more integrated with other technologies, such as internet of things (IoT) devices and social media, to automate even more operations and give better visibility and customer service.
As a result of the coronavirus, businesses are increasingly dependent on distributed workforces, making a solution that allows for remote work critical.