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Top 11 Enterprise Resource Planning (ERP) Trends for 2024
There is no doubt that ERP systems are one of the most invaluable tools for business in the dynamic scenario of the digital world. Now are the days when the organizations have started relying on data more than ever and have the ability to produce large data sets to make more informed decisions.
Wanna know what an ERP is? Read our blog.
What we have come to notice is that there is a substantial number of businesses who operate on legacy systems which no longer serve their purposes. They lack features and capabilities which are expected in today’s business environment.
When we talk about ERPs, we typically refer to cloud solutions which are capable and scalable to manage the operations of a growing business. On the other hand, legacy systems are often restricted to a single department.
Legacy systems have become redundant and could create obstacles in the functioning of the business whereas the ERP systems have been growing and changing from time-to-time to keep up with the technological trends and changes.
Now let us discuss what ERP trends are for the year 2024:
AI Powers industrial ERP
AI is the newest trend around the block. It is constantly gaining adoption and companies are expecting to see AI features in the ERP systems that they are planning to adapt.
This year we can see AI automating the complex processes, predicting trends and providing stakeholders and decision makers with remarkable insights to their operations.
From 2024 and further, the growing AI trends will roar over all ERP features/modules/apps, including the industry-specific solutions- such as manufacturing and distribution. AI continues to empower companies to gather new and actionable insights which further enhance their operational processes.
Read our blog to know why ERPs can be the next big thing
Mobile ERP evolves into Multi-Device Experiences
Mobile ERP has been there for a long time now. However, it is evolving from basic mobile-responsive apps to smart and user-rich mobile experiences.
With such an advanced mobile ERP, a user’s to-do’s and tasks follows them everywhere, across all of their devices- desktop, laptop, smartphones- as they go on about their day. And the best part is that the system will know where they left off.
Integration with IoT
ERP and IoT (Internet of Things), together, offer a huge range of benefits. The IoT entails connecting devices and systems which basically facilitate the communication between them and sharing data seamlessly.
When we integrate IoT with an ERP, IoT can significantly boost real-time visibility and efficiency. IoT devices will collect, analyze and record the data directly into the ERP system. This not only makes the entire process faster and error-free, but also facilitates better decision making.
More Powerful ERP Analytics
ERP systems have been collecting data and creating reports for them since its inception. Although now, ERPs have been evolving far beyond the basics. ERPs are increasingly embracing advanced analytics to turn huge amounts of data into progressive insights, further enhancing functionality and impact of ERPs for the organization.
Today’s robust ERP systems and analytics not only serves you with the data, but it also takes the users through their tasks, provides visual-information rich insights and detects deviations.
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Two-Tier ERP
It’s been over 40 years that Two Tier ERPs have been around the market, although they have been gaining popularity now.
In a two-tier ERP approach, businesses use two different ERP systems to cater their needs. A top tier ERP with the capability and functionality to run a global company is implemented at the corporate level whereas the subsidiaries and divisions run a flexible 2-tier ERP system that typically supports their distinctive needs.
This approach provides subsidiaries with the ability to function with agility and respond to changing business trends spontaneously- while still facilitating the parent company with the essential insights to their key aspects of the tier-2 business operations.
The key to make this approach successful is the seamless data exchange between these two tiers.
Cloud ERP
The Cloud ERP adoption rate has grown exponentially in the recent years and there are no sights of it slowing down. It is expected to grow nearly double- from $64.7 billion in 2022 to $130 billion by 2027. The benefits of implementing a cloud ERP has been in the air for years, however, recent pressing concerns are spiking the demand furthermore.
We have come to notice that businesses are struggling to compete and stay profitable in dynamic and fast paced industries- and as an aftermath, they are under immense pressure. The dynamic nature of work is the driving force for the Cloud ERPs.
While employees and vendors are asking for a system that they can access from anywhere, organizations are expecting to be able to do more with less manpower with the help of automations. As a result of this, businesses are choosing Cloud ERPs. And to meet those expectations, ERP vendors are delivering cloud capabilities.
It is believed that the year 2021 saw the ERP software market grow from 11% to a market size of $44.4 billions in total software revenue.
Digital Transformation
Digital Transformation typically means integrating digital technology into all business operations. Such an approach will not only boost revenue but will definitely increase employee productivity and will enhance the overall customer experience.
Since ERP typically covers almost all the areas of the company, it could be a great point to start your digital transformation.
As per the Accenture’s 2020 ERP Trends report, three quarters of businesses in the UK are using Cloud ERP as a gateway to modernization.
Personalization
In the earlier times, and even now in some ERPs, the scripting languages are pretty complex, which makes it difficult to customize to cater to the specific needs of the businesses. But cloud ERPs are now coming to their rescue by providing them with the advantage of easier configuration or “low-code” functionalities. There is an increasing range of bespoke ERP solutions tailored to meet the unique needs of businesses.
As businesses are focusing on providing personalized and relevant experience to their customers, they are now stressing on the need of ERP systems which can be personalized for their needs and requirements.
Hyper Automation
We could see a surge in the demand for automation during the time of the Pandemic. Companies were trying to make everything contactless, safe and efficient at the same time. Hyper Automation came into the light in such a time- businesses were aiming to automate as many processes as they could by leveraging AI, Machine Learning and Robotic Process Automation.
Hyper Automation benefits the businesses in a great way. It has been predicted that businesses can cut costs by 30% over the next three years by automating processes using AI, ML and RPA.
And not just new automations, companies can utilize ERP systems to improve their existing automations as well- by gaining efficiency from one end of the business to the other.
Collaborative ERP
In any business, effective communication and collaboration and communication are essential for businesses. With right collaboration, businesses can create a powerful workforce, which will drive progress and innovation in order to adapt and stay competitive.
ERP systems allow different departments of an organization to access the unified real-time data which further enables them to work together towards a common goal.
Clean Core Lays Groundwork for SaaS ERP
In the recent years, ERP vendors have adopted the approach of a clean core deployment. A clean core strategy entails standardizing ERP business processes and data, further ensuring that any customizations, integrations or extensions follow cloud standards.
SaaS ERP will continue to become more prevalent as vendors are developing new functionalities and capabilities for the users.
With SaaS, users will be able to use these new functionalities as soon as vendors roll them out.
Conclusion
All the trends mentioned in our blog are continuing to accelerate. We can already see businesses adapting these capabilities to improve the overall agility and streamlining their business operations.
These trends tell us that the new and improved ERPs like Odoo and ERPNext are coming out as heroes for organizations since they work for your business and its flows instead of restricting your business operations by not facilitating your needs.
If you are looking for an ERP Solution that can seamlessly become a part of your business, contact us today and get bespoke solutions for your organization.
Frequently Asked Questions
What is the future of ERP in 2024?
The future of the ERP in 2024 will focus on cloud-based solutions, AI driven automation, and enhanced data analytics. ERP systems will integrate more with IoT, AI and machine learning, improving real-time decision making and operational efficiency.
What is a current trend in ERP systems?
A current trend in ERP systems is the adoption of cloud-based ERPs, which offer flexibility, scalability and real-time data access. Other trends include the use of artificial intelligence (AI) for predictive analytics and robotic process automation (RBA) to further streamline the tasks.
What is the next generation of ERP?
The next generation of ERP is characterized by smart, adaptive, and cloud-native systems with built-in AI, machine learning, and IoT integration. These systems will help in enabling predictive analysis, automated workflows, and enhanced user experiences through the mobile responsive design approaches.
Is ERP a growing industry?
Indeed, the ERP industry is growing rapidly. With the growth of digital transformation across industries, businesses are rapidly embracing the ERPs to enhance their operations and boost efficiency.
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