Enterprise Resource Planning (ERP) software since the 1990s represented a larger whole of application integration which went beyond manufacturing. As we know it today, ERP systems cover a wide array of functional areas such as finance & accounting, human resources, supply chain management, and project management among others.
Over the years, ERP software solutions have included trending technologies to achieve operational excellence.
Let’s look at a few trends which have been gaining popularity in the last decade and which will surely take centre-stage going into 2020 and beyond.
ERP Trends: Recap of Past Decade
2010s saw ERP integrate processes such as supply chain management, quality assurance and planning and scheduling. Few organizations also began to introduce modules of CRM into their existing ERP applications.
Global tech pundits had predicted early this year about evolving Enterprise Resource Planning (ERP) software solutions for 2018. Featuring predominantly among these predictions was the growing effect Cloud Computing, Artificial Intelligence (AI), Blockchain, and Augmented Reality (AR) had on existing ERP architecture to aid enterprises in improving their process management, cash-flow and mitigating risk.
A look at the full report developed by Oracle helps us understand the impact of evolving technologies in shaping current trends in the area of ERP solutions.
It can be gathered from the report that taking ERP to the cloud seems to be the preferred choice of existing enterprises who wish to upgrade their platforms for better security and related economic benefits.
In the context of financial processes AI, Blockchain and AR seem to be garnering favor with Machine Learning (ML), Robotic Process Automation (RPA), and Internet of Things (IoT) following closely behind.
ERP Solutions for Medium and Large Organizations
Though implementing an ERP application for their enterprise may sound quite novel to business owners, the software has been critical in improving business performance through streamlining organizational processes and serve customers better.
In addition to that, management processes also thrive as redundancies are curtailed. Though ERP implementations take anywhere from 6 to 12 months, the results are worth the wait.
Here’s why medium sized as well as and large organizations need ERP implementation.
It can be noticed that respondents have favored implementation of an ERP software to improve business performance while ensuring workforce related processes are streamlined.
Future Trends of ERP: 2020 and Beyond
While it had become common for companies to invest in legacy ERP systems which suited their business needs at that point in time, it is now imperative for them start upgrading their existing ERP platform to a cloud-based application for renewed scalability and improved profitability.
Legacy IT technology and the ERP systems they are built on do not deliver the data that is needed most. In this evolving scenario, it becomes inevitable for firms to slowly but gradually integrate Artificial Intelligence (AI) and Machine Learning (ML) with cloud ERP platforms.
Blockchain technology though widely known for enabling crypto-currency platforms can also help firms significantly. For instance, electronics conglomerate Samsung announced in April 2018 that it will be soon implementing Blockchain technology to reduce its supply chain costs by at least 20%.
Which means that going into 2020 and beyond, both medium and large firms will be migrating their existing ERP infrastructure to cloud platforms, following it up with implementing emerging technologies for robust operational processes in an effort to enhance customer experience.
To add to the existing list of innovations taking place in the IT domain, leading online publisher on tech trends Industry Week has recently listed five future ERP trends for the IT industry.