The year 2023 is going to be huge for technological innovations around the globe. The year is going to be an important one for businesses from a strategic standpoint as the consumer has more or less completely recovered from the pandemic and businesses have started operating in full swing.
For businesses to reach their pre-pandemic stage, automation will be playing a key role. Operations like inventory management, supply chain management, project management, account management, etc., have been quite tedious for businesses.
However, Enterprise Resource Planning software, popularly known as ERP software can be a great aid for businesses to automate all the above-mentioned operations that are traditionally time-consuming and stressful for employees.
ERP software is becoming more and more popular every passing year and will become prominent amongst corporations in 2023.
So as we have stepped into the year 2023, here are the top ERP trends to watch out for:
Mobile applications today have become extremely popular because of their convenience and ease of use. Businesses are also using mobile applications not just to serve their clients but also to manage their own operations. With the evolution of technology, it will become more & more convenient for businesses to run ERP in the form of mobile applications. With the help of technologies such as the cloud, it would be pretty convenient to use ERP anytime, anywhere. Mobile ERP allows businesses to access their data from any device with an internet connection, whether it be a laptop, tablet, or smartphone. This makes it easier for employees to stay connected with business operations while they are away from the office. Additionally, mobile ERP provides real-time insights into a business performance which helps managers make better decisions quickly and efficiently.
A study by Agile Dynamics Solutions 2020 shines a light on the fact that employees of 78% of growing businesses use mobile applications to access information when they are away from their computers and working remotely.
With the availability of high-speed internet and large phone storage, mobile ERP will become huge in 2023.
Cloud ERP will be becoming a prominent trend in 2023 as it allows many features like remote working, scalability, more transparency, etc. In the future, we expect to see Cloud ERP become a common way of running business operations.
According to a report published by Accenture in 2020, 46% of ERP solutions already exist in private cloud systems. Additionally, 12% of companies are leveraging the public cloud to run their ERP and 17% are taking advantage of the hybrid cloud to do so.
As we move forward, the cloud ERP will be able to integrate with other cloud services such as AI and ML. This is because there is demand for integration with other technologies that can provide business value. In addition to this, cloud ERP also supports mobile devices which makes it easy for people to use their mobile devices for management tasks.
The integration of ERP with AI and ML will enhance ERP solutions and make ERP even more user-friendly.
Innovations in Artificial Intelligence (AI) and Machine Learning (ML) are taking the world by storm, and it is not just about automating business processes. It is about integrating them with the existing data sets, which will lead to a better understanding of the customer’s needs and help businesses in predicting their behavior. This can be achieved through predictive analytic tools that integrate machine learning with predictive analytics.
This integration will enable organizations to take advantage of data science to define the right business models, improve efficiency, reduce costs, and capture new opportunities.
The importance of AI and ML has been recognized by the World Bank Group (WBG), which has recognized it as one of its key priorities for 2030. It has also identified it as one of seven pillars that will help achieve this goal. Therefore, the integration of AI and ML with ERP will be one of the leading trends in 2023.
The use of social media will increase in the workplace.
Social media is an important part of our lives today and it is expected that the trend will continue in 2023. In fact, according to a report by Gartner, by 2020, 70% of employers expect their employees to have a social media presence. The blend of social media and ERP, even though seems unusual, could be extremely powerful for the businesses.
Integration of ERP & social media can be a good way to engage with customers and generate new leads, it is also becoming an important source of information for companies when they are looking for people who can fill vacant positions or help them with innovation projects.
So these are the four major ERP trends to keep your eyes on in 2023! ERP solutions are changing the way businesses operate and manage their resources. Gone are the days when business owners had to be present and check all the operations like inventory, supply chain, accounting & finance, recruitment, and sales & marketing on their own!
The days for employees to spend hours and hours on mundane tasks are also over thanks to automation!
ERP has transformed the way companies conduct their business processes. It has enabled enterprises to maximize the value of their internal information flows. Thanks to ERP, there has been a reduction in inventory levels, reduced time taken to complete the process, increased visibility into the supply chain, improved customer service, and increased efficiency with internal operations. As technology evolves, ERP will also keep evolving as a key strategy for improving overall business processes.
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-Blog written by Aman