Blog ERP trends emerging in 2023

ERP trends emerging in 2023

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Corporations and big companies are no strangers to Enterprise Resource Planning systems. ERP tools are quickly spreading, and smaller companies will soon be able to benefit from these systems.

ERP systems have several advantages. Elimination of repetitive tasks due to automation, increase in effectivity and a comprehensive yet clear overview of data allowing for better decision making are a few of these advantages.

Modern ERP systems are used across many industries. They have several key features including advanced reporting, inventory, project management, HR and more. These features make them a versatile tool for almost every industry.

 Read on: Key benefits and drawbacks of ERP systems

 

What are the future trends in ERP systems?

ERP systems continue to integrate new technologies and support a wide range of functions. COVID-19 will play a big role in organizational policies and how people interact with each other. The pandemic’s effects on working practices and market demands highlighted the huge value of ERP systems which allow access to resources everywhere, anytime. As remote work becomes more normal post-pandemic, the demand for HR management tools will increase.

Even in economic turmoil, companies increased their investment in cloud and mobile ERPs to drive savings and support a remote workforce. Integrating ERPs with IoT ensures the smooth running of processes both locally and remotely. IoT data fed into ERPs decreases disruptions in manufacturing and distribution of goods and services significantly. Customer demands to build artificial intelligence (AI) components into ERP systems are on the rise as it helps to optimize processes further by scanning a vast quantity of unstructured information, recognizing patterns and predicting various trends. 

 

A cloud ERP is useful for companies of every size

A large number of companies are embracing new technologies and migrating their systems to the cloud. Cloud adoption is the mega trend in the ERP industry in 2023. To keep up with the 4th industrial revolution, the manufacturing sector is integrating ERP systems along with other digital advancements into their operations. 

There are still many on-premise ERP’s that will make room for Cloud based ERP systems. A cloud-based (SaaS) ERP system has a low implementation cost, low maintenance cost and can increase data security for the business.

With a cloud-based ERP you can reduce the initial costs, as well as upgrade your tier and add more modules if your tool is manageable online.

 

Mobile device adaptation and ERP on the go

Mobile-first and mobile-only are heavily used strategies in design and responsivity of apps or websites. Of course, mobile-only would be quite bothersome in the context of ERP systems, but otherwise ERP on the go is rising. More accurate and real-time data updates, less risk of delays due to better communication and quicker decision making. These are just some of the benefits mobile ERP systems can offer you.

 

ERP and IoT ecosystems

One area which is largely overlooked in ERP systems is IoT integration. This will be an emerging trend in 2023 and beyond. With IoT and ERP, companies will be able to gather, analyze and process a vast amount of information through sensors which is currently entered manually. The decrease in demand for manual input will mean there is less reliance on technicians and more reliance on faster, more automated operation.

 

AI driven ERP

Artificial Intelligence is already penetrating ERP systems and with the advancement of technology, it will only further enhance ERP systems. For example, using AI, a HR system in ERP can improve employee retention and flag the employees who are unsatisfied or likely to resign. In manufacturing, it can automatically calculate what material should be ordered and when.

By using AI and Machine Learning, ERP systems will be capable of detecting and predicting fraud and errors which will not only save money for companies, but will also allow them to be more compliant with internal and external processes.

Read on: A comprehensive 2021 guide to modern cloud-based ERP systems for your business

 

Two-tier ERP software & multi-company setup

Two-tier ERP is a powerful system at corporate level with a complementary solution for subsidiaries and international locations.  The parent company has full access to streamlined data from each entity. Find out about how you can set up multiple companies, address local requirements and meet specific needs with Vault ERP.

 

Omnichannel ERP 

Organizations process a vast amount of data through various channels. Omnichannel ERPs synchronize and centralize the data input in one place instead of keeping the data separately. Essentially, it’s a shared database for different departments. An ERP consultant can help you to choose the right solution for your business and advise you on how to use it to get maximum results. 

 

How an ERP consultant can help

What is an ERP consultant? 

An ERP consultant is a specialist who helps you implement and customize your ERP system. ERP consultants deploy, evaluate and maintain a system, meaning they role is critical to a successful integration. 

 

What does an ERP consultant do? 

An ERP consultant will analyze the system, work with clients and management to define the requirements, propose solutions, configure the software and train users. They will have a deep knowledge of available ERP systems and also provide technical support, install new upgrades and take care of data migration. 

 

ERP forecasting 

ERP software allows for cloud-based budgeting, generating financial reports and analytics to accurately forecast the company’s financial health and help plan your business strategy. 

 

ERP evaluation 

To evaluate an ERP system on its success you will need to consider the system quality, the service quality and whether it meets the users’ requirements. 

 

The future of ERP consultants 

Demand for ERP consultants is expected to increase in the future. As a growing number of middle-sized and small companies turn to enterprise automation, the expertise and services of ERP consultants are increasingly in demand. 

 

The time for small businesses is coming

With the advancement in technology, ERP systems are becoming more cost effective and efficient. Soon, small-scale businesses will be able to use these systems. This means as more and more businesses start using this solution, it’ll become more popular among innovators and developers.

Modular solutions mentioned in cloud ERP are the reason systems can be so effective when speaking of costs. By choosing the right modules you can utilize your enterprise resource planning software in a way that suits your business, and not just use one of the packages a developer is offering you.

 

New ERP ideas and features that might come in 2023 

Technology advancements that improve users’ experiences and speed up enterprise processes are being developed, such as: 

 

Voicebots – AI powered software that takes voice commands and responds by voice such as Amazon’s Alexa, Google Assistant or Apple’s SIRI. They communicate much faster compared to a chat box.  

 

NLP Libraries (Natural Language Processing) – This combines linguistics, computer science and AI to integrate a tool capable of interaction between computers and human language. A computer program processes and analyzes large amounts of natural language data so that it can understand the contents of documents and categorize and organize them. 

 

Large companies operating globally are already successfully implementing these features today. 

 

Need an ERP suggestion?

Vault ERP is always up to date with the latest trends in the ERP industry. It is cloud-based, modular, mobile device support, automating time-consuming processes and more.

But instead of describing the features here, you can view them yourself. View the modules on our website and request a demo if you would like to see how they work.

 

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