"5 key ERP trends you should be aware of for 2023" - Blog Post for ERPjobs.co.uk
To produce an article to be posted on the ERPjobs.co.uk website
We’ve weathered the pandemic, politics, wars and supply chain issues, and now a fresh year is upon us. What better time to take stock of the Enterprise Resource Planning trends that are expected to impact the industry throughout 2023?
The wave of digital transformation which began in 2020 is expected to grow this year, especially in terms of efficiency and reliability. Organisations must continue to “work smarter, not harder” to ensure they’re not left behind, and integrating business processes with software and technology is key to keeping ahead of the competition.
1. Full third-party integration
Number one on our list is full integration with third-party applications. Customisable cloud-based ERP solutions allow the freedom to integrate with third-party applications, allowing companies to easily add and remove features to create a product that really works for them. E-commerce, logistics, HR, CRM and many more information silos can be fed into the ERP system, which, when implemented correctly, works seamlessly to improve business processes, functionality and performance, and creates a single version of the truth.
2. Industry-specific over enterprise-wide
One-size fits all is no longer enough. Each industry has its own challenges and needs, and ERPs are evolving to suit. Industry-specific solutions are beginning to replace the standard approach of post-implementation customisation, which is great news for smaller businesses worried about rising costs. Customisation options are also becoming more flexible. Rather than demanding a substantial change to the company’s business flow, solutions are now tailored to their already established ways of working - but more streamlined and efficient.
3. Complete migration to the Cloud
Although on-premises solutions are still a good fit for some businesses and can offer greater customisation options, the general trend shows a move to the cloud. These cloud ERP systems run on a vendor’s cloud platform (as opposed to an on-premises network), allowing employees to access a unified, up-to-date view of company data over the internet. With around a third of organisations focusing on shifting their infrastructures to the cloud in 2023, it’s likely that the 25% of companies still using on-premises, legacy systems won’t be far behind.
4. Business in the palm of your hand
With the surge in remote working, and employees dispersed around the globe, companies now need to meet the needs of a more mobile and remote workforce. As such, many features of ERP solutions are extending to mobile devices, bringing greater system visibility across all departments, and real-time access to ERP systems from any mobile device – at any time and from any location.
5. Machine Learning
Systems with built-in machine learning algorithms have the potential to eliminate many problems that are a part of traditional solutions, such as data input errors, or lack of data input at all! Machine learning enables computer programs to grow and learn by studying statistical analytics, with the algorithms achieving optimized outcomes in minutes instead of weeks or months. Although predictive analytics is possible without machine learning, its capabilities improve the accuracy of predictive analytics over time – such as seasonal sales growth, or stock levels based on the rate it’s being used.
The ERP landscape is constantly evolving, and for bigger businesses this means taking advantage of the latest technical advances such as machine learning and AI. Although this may seem out of reach for many smaller businesses, it doesn’t mean they can’t reap the benefits of basic ERP solutions. Many small businesses are still conducting their operations across a range of software applications and spreadsheets, but by adopting an Enterprise Resource Planning solution, however basic, they could see massive rewards.