From paper-based systems and spreadsheets, ERP has been the emerging functionality for the past few decades, and many companies are implementing these systems with the main aim of improving efficiency. Today, the term ERP has become very common among businesses in the industry, and it only continues to evolve. What does this mean for the future of ERP systems?
Evidently, Artificial Intelligence (AI) has become a practical reality today. Even though it is still in the early stages for ERP software, it can be most beneficial in terms of improving customer insights, predicting future demands of clients, and verifying the accuracy of generated reports. It can also help with enabling virtual agents to assist with direct queries from the clients. Pairing this with Internet of Things (IoT) can further contribute by producing real-time performance, usage and repair alerts that make communication processes effective. With such capabilities, AI and IoT will help identify the next best actions for a business based on its past data, providing truly optimized efficiency levels.
The Bitcoin-associated blockchain is more than just cryptocurrency and is also among the current wave of advancing technology. Blockchain technology implemented for businesses can record all transactions across the business network. This will help integrate the data of all transactions within the ERP network, ensure a secure centralization of business processes, and help in sharing the data of raw materials between different departments while safeguarding the data from manipulation.
Another major trend is the Cloud-based ERP solution. The primary benefit is that no in-house infrastructure management is required since everything is accessible through Cloud at all times. Along with this, ERP solutions will look at providing an on-the-go access to critical business data. This will be done using mobile-first ERP systems that will allow employees to conduct both front-end and back-end tasks irrespective of where they are.
Moreover, every company is unique and has its own business needs. Therefore, ERP deployments will start implementing customization; a clear trend toward creating tailor made ERP systems for specific industries. Such versions would mean providing more options with lesser configuration efforts which would lead to increased flexibility for customers. These are some features that FACTS already provides, alongside customizable Hybrid, and On-Premise ERP solutions.
These are just a few mentioned above. With these upcoming trends, along with various other technologies like Big Data Analytics, Business Intelligence, Augmented Human Interactions etc., the benefits of ERP systems will definitely surge and take business operations to a new level. Every software aims to achieve and adapt better user-friendly experiences. Therefore, constant development and integration of such advanced technologies is key.