Top 5 ERP trends in the Market
Posted On November Tuesday 2, 2021
A few years ago, in the world of business management systems, it was unthinkable to update an Enterprise Resource Planning (ERP) due to its high costs and huge infrastructure requirement. Some projects took all most two years to complete; imagine the work and cost generated for constant updates at that time.
However, the situation is not the same now!
With Oracle NetSuite, the ERP solutions have matured, and you can easily upgrade your traditional ERP to the cloud. It enables users to access Enterprise Resource Planning (ERP) software over the internet, which lowers the infrastructure and IT staff’s cost.
According to Allied Market Research, “The global ERP market size is projected to reach $86,303.00 million by 2027.” This shows that ERP systems is being adapted by one and all and has almost become an inevitable part of all kinds of business.
It’s time to look ahead and see what’s out there.
ERPs Market Demands
Looking back, specifically to the 1990s, ERP was brought in by SAP, a German company with a clear objective: to optimize management processes through the integration of technological solutions that share the same database and can use it in different ways.
Now, the ’20s present new challenges! Suddenly, with the onset of the Covid-19 pandemic, companies are struggling with disrupted supply chains, sudden changes in commodity prices, an avalanche of data, and labor shortage challenges globally. ERP systems has been helping business to streamline and optimized their tasks in these challenging times as well.
The NetSuite ERP is able to deliver seamless functionality in various business areas such as efficient accounting, report generation, warehouse/ inventory management, customer service improvement, and many more by eliminating redundant processes and automating mundane tasks. This serves as a boon for many companies struggling with workforce shortages due to the Covid-19 pandemic.
To give you a better idea of what we’re talking about, check out the trends to keep an eye on:
Two-tier ERP
Previously, many companies, used to implement the same ERP system both in their headquarters and in the branches. But, this practice ended up proving to be expensive and complex to implement as the subsidiaries have specialized requirements without having to use all the functionality of the central system. That is where the concept of two-tier ERP came into the picture!
The two-tier strategy enables the organizations to leverage their investments by implementing two systems to address the large businesses having multiple locations or subsidiaries. This type of approach is more feasible when working with cloud ERPs. Central units can use the existing (tier 1) ERP solutions, while subsidiaries can have tier 2 cloud-based ERP, according to the business requirements.
Cloud-based ERP
Cloud Computing technology is becoming the new standard for companies and for the entire IT industry. ERPs have already jumped on this boat, offering businesses the possibility of using them through the internet as they are hosted in the cloud. This is an essential saving from the outset, where there is no need to invest in infrastructure. On the other hand, it provides a secure solution and proper connectivity to its customer. It is a system that fits perfectly with the SaaS model.
Customizable ERP
Gone are the days when a one-size-fits-all solution was a trend. Traditional ERP platforms with complex scripting languages were difficult to customize as per the specialized needs of each business. However, organizations today can now take advantage of cloud-based ERP platforms, which require low code or no-code to customize.
Today, Oracle NetSuite offers various industry-ready modules and highly customizable dashboards to support specific requirements. Overall, these personalized ERP solutions can increase the efficiency of employees and have a positive impact on the organization’s performance.
Mobile-ready ERP solution
An ERP which is optimized to mobile is another technology that a modern ERP solution needs to include. As teleworking has become the new norm, instant access to information is crucial now than ever.
NetSuite ERP has already started offering compatibility with smartphones and tablets to access real-time data. Besides providing on-the-go access to business data, the Mobile ERP solution improves communication across the departments and vendors/suppliers. This reduces the risk of operational delays and minimizes corporate losses.
Artificial Intelligence and Machine Learning
Another ERP trend that your company should consider is artificial intelligence, machine learning, and analytics. Earlier, ERP users used to look for separate AI add-ons to their systems for accessing the benefits of intelligence and automation, but now it is no longer required.
Being configured with Artificial Intelligence and machine learning capabilities, NetSuite ERP bridges the gap between business and functional silos. It offers a wide variety of benefits, including the ability to analyze unstructured information, automate processes, increase efficiency, generate ideas, and even perform predictive analytics. This saves employees productive time, which they can utilize to accomplish more valuable tasks. Overall, the integration of AI technology with ERP will improve the business efficiency and accelerate the future.
Oracle NetSuite, the best ERP for all-size businesses
NetSuite ERP is the best solution for companies that have outgrown the existing tools, which is why we always say it is the best ERP for all-size businesses. It is reliable cloud-based ERP software equipped with built-in business modules, such as supply chain management, finance, e-commerce, human resources, etc; to help you make informed decisions as your business grows.
At Techcloudpro, we understand that every business is unique and has specific requirements for data and functionality. And, with our experienced NetSuite Consultant, we have the know-how to ensure you get the right solution for your business. To find out more, get in touch today.
