Future of ERP- Top ERP Software Trends Set to Rule in 2023

Enterprise Resource Planning (ERP) software can assist companies to streamline core processes and increase productivity. Apart from these benefits, ERP software can give modern enterprises an advantage of digital transformation over their competitors. As technology advances, custom ERP solutions become more sophisticated than ever, and every industry sector can leverage the benefits of ERP to meet their business needs. 

In this article, we are going to discuss some of the key ERP software trends for the year 2023 and beyond. These trends are going to reshape the corporate world in the coming years. Read on to know these most promising trends. 

ERP trends to Watch Out for in 2023

Entrepreneurs have gained robust support from ERP software in dealing with the COVID-19 pandemic. These days, modern enterprises focus on addressing ever-changing customer requirements and increasing competition. The following ERP trends can help companies meet these challenges effectively.

• Cloud and Mobile Access

A whopping 84 per cent of companies have accepted that mobile devices have a positive impact on their productivity. As most ERP solutions are available in the cloud, ERP software developers can bring a mobile version. Companies can easily meet the diverse needs of the remote workforce with mobile-based ERP solutions. 

Feature-rich mobile ERP systems add value to your business by bringing more flexibility and scalability. Employees can remain more proactive by getting real-time access to corporate data and customer-related operations. It results in more efficiency and improved customer experiences over the period. 

• Industry-specific Solution

These days, the majority of the top ERP software offers a wide range of functionalities that any organization can use. Let’s take an example of the SAP ERP solution. It has multiple modules useful for core industry sectors including manufacturing, retail, automobile, healthcare, and hospitality. 

Popular ERP solutions have different modules or sets of features to meet sector-specific requirements effectively. Also, an integrated ERP system enables users to manage every aspect of business with a single application. It also ensures that data flows across the organization seamlessly. Companies tend to integrate CRM and HRM applications to increase the scalability and effectiveness of custom ERP solutions. 

• Industry 4.0-based ERP

Industry 4.0 is all set to bring radical changes in modern enterprises. As per the Facts and Factors research, the market share for Industry 4.0 will reach $210 billion by the year 2026. Advanced technologies including IoT, AI, ML, and big data analytics have a huge impact on companies, and they have become integral parts of advanced two-tier ERP solutions. 

This ERP solution supports Industry 4.0 revolution. Companies can use current ERP resources at the corporate level in tier one and manage subsidiaries on a separate tier two ERP solution on the cloud. In a way, small and mid-sized businesses can also scale their operations and stay firm with large enterprises. 

• AI and ML Integration

Integration of Artificial Intelligence (AI) and Machine Learning (ML) can play a significant role in taking enterprise processes to a new level. The AI-ML combination can fetch higher-quality data and reduce costs while enhancing productivity at various levels of production. AI and ML systems can bring automation in various processes by integrating with the ERP solution. 

ERP systems can generate, process, and report corporate data accurately while assisting your company to meet data processing needs. All the departments including HR, accounts, production, warehousing and sales can take assistance from AI and ML technologies in the next-gen ERP solution. 

• Integration of IoT

The Internet of Things (IoT) can make data collection and sharing more effective irrespective of the size and industry sector of your company. You can unleash its potential by combining IoT with ERP systems. As per the IDC estimate, IoT devices will generate about 73.1 ZB of data by 2025. You can make the most out of such a large pool of data by integrating IoT into your ERP software. 

Integration of IoT in the ERP solution can not only reduce operational expenses but also improve the monitoring of remote assets. You can deploy IoT devices in warehouses to get useful data about inventory, and an ERP solution can fetch the data to make 24/7 monitoring of warehouse movement possible. It helps in reducing insurance costs and increases efficiencies.  

• Customer-focused ERP

Gone are the days when ERP was being used for back-office operations. These days, organizations tend to take the advantage of ERP solutions for collecting customer insights quickly. Based on this data, companies can improve and maintain their relationship with customers. Apart from the manufacturing sector, customer-centric industries like healthcare, retail, and non-profit organizations use ERP for this purpose. 

ERP vendors tend to develop customer-focused ERP to improve delivery and ordering processes while offering omnichannel support to customers. Most ERP software has integrated CRM (Customer Relationship Management), order management, and other customer-centric features. These features can contribute to improving customer relations.

The Next Future of ERP Software  

ERP is not a new concept, but it has evolved significantly since its inception. Today, we can think of integrating ERP software with cloud, AI, IoT, and other emerging technologies to streamline complex processes. Thanks to advancing technology, even startups and SMEs can also use ERP solutions irrespective of industry sectors and business models. SAP Business One ERP solution is a robust example of a feature-rich and future-ready ERP solution. 

SAP Business One (SAP B1) is specifically designed to meet the diverse and complex needs of SMEs as well as startups. It has all the modules necessary to streamline processes, increase efficiency, and improve collaboration across different departments of the enterprise. An official SAP Partner can give more information about the scope and benefits of SAP B1 for your organisation.  

Talking about the future of ERP software, it is fair to mention that these ERP trends are here to stay. These trends will contribute to meeting operational demands amid increasing competition. As ERP systems will become more specialized with advanced features based on emerging technologies, we can consider them as a centre of transformation for different businesses.  

Concluding Lines  

In a nutshell, companies will keep on finding new avenues for ERP technology. Remote working practice and digital transformation can open the doors of new opportunities for advanced ERP software. We will witness more investment in ERP solutions in future as companies will strive for managing the supply chain and expanding operations.