Enterprise Resource Planning, known by the acronym ERP, basically denotes a process followed by companies (often manufacturers) to manage business. An ERP management software is the widely used component of information system to simplify areas like marketing, planning, sales, purchasing, human resources and finance.
ERP, in the form of software, is quite popular among companies to aid in efficient business management. Over the years, ERP systems have evolved, with amazing functionalities, features and concepts for increased efficiency through automated processes. ERP enabled businesses processes help to cut cost, gain a competitive edge and value to their operations.
After dominating the landscape and tasting immense success in 2017, ERP systems are predicted to have a good time in 2018. Let’s see what’s in store for ERP software development this year:
- ERP for small & mid-size enterprises
In 2018, ERP will no longer be serving large businesses, but will also help smaller and mid-scale companies. Cloud deployment and increased usability will cut down the costs of implementation and contribute to its popularity among businesses of all sizes.
- Intelligent solutions
Generic ERPs will evolve to become intelligent systems. By intelligent ERPs, it means systems loaded with smart features like machine learning, Internet of Things (IoT), Artificial Intelligence and advanced analytics. These features will help businesses get an insight of big data to result in better analysis and forecasting. All these things will ensure process enhancement and efficient use of resources.
- Cloud based solutions
Cloud based solutions will become more popular in 2018 as there will be greater focus towards cloud offerings. Initially, executives were more comfortable deploying on-premises solutions, which hindered the further growth of ERP software solutions. However, the trend is likely to see a major transformation in 2018 with cloud receiving mass acceptance.
With the globalization, the world has united to become one large market. Technological advancements taking place across the globe have simplified the processes of doing and managing business from anywhere. No geographical boundaries exist when it comes to business. This is because technology has made it easier to transfer data and information from one location to another. The process is cheaper and faster like never before. In this scenario, cloud ERP seems of great advantage to global companies as it simplifies the process of data syncing. Users can access the same cloud based software anywhere, from their web browser as well as mobile devices and deploy the application in a few clicks. The program can run globally and assist in efficient business management.
- Digital transformation
Globalization and digitalization are two sides of a coin. Without digitalization, globalization cannot happen. As businesses are going global, companies are scaling for growth by taking digital transformation initiatives. Digitalization is one of their market-driven transformations for growth. Hence, the future of cloud ERPs is bright as it is expected from most of the companies to revise their ERP system strategies, keeping digitalization at its core.
- Feature rich solutions
Modern ERP solutions are rich in features and functionalities. Earlier versions of the software had functionality issues that resulted in users not being able to fully utilize the tools. In recent times, ERP vendors are working tremendously to improve the current features of their software. They are doing so after an extensive market research. In 2018, businesses can expect better features in terms of security, user-interface, mobile, and automation. The tool will feature tighter security controls for risk assessment and security audits. Also, the new user-interfaces will be simple, configurable and intuitive. ERP development companies will also focus on customizing the tool for their clients’ individual business requirements.
- In-memory computing
ERP will undergo extreme transformation due to in-memory computing. This will create a lot-of buzz among users in 2018. In Memory computing means storage data in RAM – Random Access Memory – for processing rather than storing them in slow disk-drive based relational databases. Due to this feature, regular caching of the data will take place allowing quick access of information. Simply put, in-memory computing will speed up the processing time of ERP systems. Thus, allowing for more accurate reporting in real-time.
On the whole, ERP software solutions will continue to impress businesses in 2018 will its advanced features. Businesses will benefit more from cloud based tools.