Future Trends - What is Next for the ERP Industry?
1. ERP solutions would be adopted more by SMBs and SMEs
Small and medium-size enterprises are moving faster toward adopting ERP solutions. Newer vendors are entering the ERP market with more innovative ERP software at competitive pricing, thus, making the adoption of ERP systems more alluring and easier for SMBs and SMEs, both in terms of usage and budgets.
With vendors providing end-to-end ERP software solutions that integrate all systems under one platform, the adoption of these applications by SMBs and SMEs will increase more.
95% businesses who deployed ERP systems significantly improved their processes.
2. Two-tier ERP systems
Earlier, corporations used to deploy a single ERP system for all their regional offices that handled only back-office functions, thus resulting in costly failures as the systems could not be used for hosting other requirements.
Today, the trend of deploying two-tier ERP solutions is catching up. Companies that are located in multiple regions deploy two tiers of an ERP system. The first is a legacy application that is used at the corporate level while the second ERP solution is used by its subsidiaries and regional offices. This second tier of ERP can be customized and optimized to suit specific requirements and would be connected to the first tier.
3. ERP embracing Artificial Intelligence
Perhaps the most significant of ERP trends in 2020 is how fast Artificial Intelligence is being embraced by businesses, especially when it comes to ERP solutions. Unlike earlier, when companies used to install add-ons related to AI, 2020 would see the rise of ERP with in-built AI. ERP solutions that are equipped with AI technology will be more adept at handling massive amounts of data, thus providing companies with more insights.
4. Customer Centricity
ERP systems are traditionally used to fulfill management related requirements. Their areas were earlier limited to accounts, audits, supply chain and warehouses. However, 2020 ERP trends mark a significant shift as companies are now giving more importance to customer-centricity than traditional ERP functions. Businesses want ERP solutions to complement and amplify their efforts related to customer engagement across all media.
5. Ease of Use, functionality, and personalization
With more and more vendors entering the EPR market, businesses are now more straightforward when it comes to personalization and ease of usage. An ERP system that has an easy UI and can be personalized, is more likely to be the preferred choice, even if its vendors are not in the big leagues.
Businesses have also begun to value functionality over-pricing. Further, an easy UI would make it simpler for the companies to train their employees in using the software. ERP providers in India have grasped on this emerging trend and are coming up with powerful applications that are rich in features and can be used without much technical assistance.
SMBs improve their real-time visibility by 48% through EPR systems
6. Previous trends that are still going strong
Apart from the ones mentioned above, some of the trends that were expected at the beginning of 2019 and are still going strong. For example, cloud ERP solutions are among the most preferred types of ERP systems in India and across the world that are constantly gaining acceleration in terms of usage across different industries. Further, direct machine integration and IoT has also caught up and has met wide acceptance in ERP.
ERP solutions in India have also adapted to mobility which has become a standard for all business applications. Data security continues to be a significant factor on which the preferability of ERP systems is based. Real-time insights and personalization are also among the most embraced trends that are going strong.
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As the world of business evolving at a speed never witnessed before, we at Focus Softnet keep an eye on the developing trends in ERP and provide our users with superior, smart, and intelligent business applications.
An Exciting Year Ahead!
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