The latest trends for ERP

The modern business environment is changing, becoming more… fluid, and ERP technology is following the new, emerging trends. Let’s take a look at the most significant ones.

The role of artificial intelligence

Artificial intelligence enables ERP systems to execute tasks that would normally require human intelligence, in order to resolve complicated problems. Artificial intelligence can be used in a variety of scenarios and will reduce the effort and expenses related to processes and operations, thus offering increased productivity and resource savings in general. It would not be an exaggeration to say that artificial intelligence may prove to be the most disruptive technology in human history.

The role of Big Data (BD)

What is Big Data and why is it so important? In short, Big Data enable businesses to analyse a vast volume of data in order to identify patterns, trends and correlations. Until recently, executives had to rely on financial analysts, for example, for macroeconomic reports. Big Data offers executives the ability to better monitor even the smallest changes in their business. As a result, businesses can identify new sales opportunities, revenue trends or customer requirements for new product applications. ERP vendors have now realized that they should provide Big Data to their customers in order to remain competitive.

The role of Internet of Things (IoT)

IoT is a process where all everyday “things” are connected to a network and thus, are able to send and receive data. Given that the estimated number of IoT sensors will amount to 50 billion by 2020, while “things” themselves will amount to 200 billion by 2030, the businesses specialized in IoT will become part of one of the biggest industries. This means that there will be unavoidable challenges in terms of integrating and analysing big data, while the monetization of these sensors and applications will become the battle field for businesses. ERP vendors with a flexible inventory management will be able to provide their customers with opportunities for new revenue sources.

The role of innovation

The quicker a business makes the transition from theory and creative processes to deployment and adoption, the easier it will achieve disruption in markets and business models. For ERP vendors, this means simplified and straight forward applications that support end users, as well as speedy and simple deployment. End users need an interface that offers speed and precise data entry wether they are in the office or using mobile apps. Their business customers require direct customization of their ERP systems, combined with a cost-effective installation, and not lengthy and expensive deployment processes.