Future Trends in Enterprise Resource Planning (ERP) Software Solutions
Resource Planning (ERP) 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 2018 and which will surely be trending going into 2019.
ERP Trends for 2018
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 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, 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.
Here’s why medium sized as well as and large organizations need ERP implementation.
We can clearly notice that respondents have favored implementation of an ERP software to improve business performance while ensuring workforce related processes are streamlined.
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 2019, 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.