Many businesses have returned since the pandemic, and many have realized that the market is different from before. Considering the various problems and challenges in the market as well as the digital transformation, the use of ERP systems in the company will certainly help in facing greater market problems and challenges.

Here is some information about the ERP trend forecast for 2023 and beyond that can help your business stay competitive.

Cloud ERP

Many companies use on-premises ERP applications and are unwilling to entrust them to the cloud, but that is changing fast. Businesses are utilizing cloud ERP for simpler deployment, lower costs, elasticity, new functionality, less internal resource requirements, and the ability to easily add users and functionality to meet business growth needs.

The pandemic has made the value of cloud ERP even clearer and accelerated the shift away from on-premise software, as a cloud-based application can allow employees to do their work from anywhere provided they have an internet connection.

 

Two-Tier ERP

Two-Tier ERP is a strategy that allows a company to increase their investment level in an existing ERP system at the corporate level (tier 1), while other subsidiaries and divisions run on a different ERP system (tier 2) which is usually cloud-based. Larger companies can continue to use their core ERP systems for finance and other processes. Meanwhile, subsidiaries switch to solutions that can meet their specific needs.

 

Digital Transformation

Digital transformation refers to integrating digital technology into all functions to improve daily operations. This approach can typically increase revenue and competitiveness as well as employee productivity, and improve customer service and communication.

 

Other Technologies Integrate with ERP

While a modern ERP is a major part of a company's digital transformation, it is only part of a larger technology investment. Companies integrate their business applications with other new technologies, including IoT, to improve core processes. For example, a retailer uses a warehouse management system that collects data from a mobile scanner and smart conveyor to track the movement of goods within the warehouse. Some companies integrate ERP systems with e-commerce to improve the workflow of online orders, trigger automatic order fulfillment, update inventory levels, and record payments.

In the next year we will also see a greater connection between social media and ERP, by viewing the social media activity of customers and prospects in one place, companies can develop a more complete understanding of their audience, allowing them to improve their digital marketing strategy and customer experience. By integrating data from social media interactions with historical sales and customer communications, companies can gain more insight into the entire sales process and experiment with new ways to target and sell.

 

Personalization

Historically, ERP platforms with complex language scripts have been difficult to customize to the specific needs of each business. But companies can now take advantage of cloud ERP platforms that are already designed for easier configuration, or what analysts call "low-code" platforms. There are also some ERP solutions that are tailored to specific industry needs.

As companies focus on more personalized delivery and relevant customer experiences, they need an ERP system that can accommodate all these needs with features such as highly customizable dashboards. One emerging trend is the growing popularity of AI-based assistive interfaces and conversational tools such as chatbots, which can interpret users' voice or text input and answer questions using customer and order information stored in the ERP.

 

AI-Powered Insights and Upgrades

AI and machine learning capabilities embedded into ERP systems work behind the scenes to help meet the increasing demand for personalization and improve various business processes. While many companies were able to add AI functionality to some ERP systems in the past, more vendors now offer ERP software with such built-in capabilities.

AI can provide significant benefits to businesses, including:

 

More insights

As companies collect more operational and customer data than ever before, they are leveraging AI to provide valuable business insights based on that information. AI technology scans large amounts of unstructured information, identifies patterns quickly, and predicts a variety of trends that would be impossible to discover just by manually crunching numbers.

 

Better processes

AI helps automate and improve various processes. For example, consider a manufacturer that implements a just-in-time inventory strategy, which aims to deliver at the last possible moment in order to minimize inventory holding costs. AI, in the form of machine learning, can improve supply delivery, and labor schedules to increase productivity and reduce costs.

 

Predictive Analytics

The need for AI-infused ERP highlights companies' growing desire to dig deeper into operational and customer data for new and relevant insights that will improve both the top-line (total revenue) and bottom-line (total profit).

While it has always been possible to analyze ERP data to uncover what happened in the business' past, the focus this year and beyond is on using predictive analytics to uncover and address what may happen in the future. For example, a software with machine learning capabilities can comb through the company's maintenance data on machine repairs to predict when breakdowns are likely to occur. Companies can optimize maintenance schedules so that they can repair or replace machine parts before a breakdown occurs to avoid causing problems.

 

Mobile ERP

ERP providers have been offering mobile support and applications for some time. ERP solutions are evolving to provide on-the-go access to critical business data, allowing employees to perform back-end and front-end tasks wherever they are. Mobile ERP is also capable of encouraging collaboration between workforces located in different time zones.

Mobile ERP applications are built using a user-friendly interface that helps users to complete their tasks when they are not in front of the computer. Employees can complete tasks such as expense reports, call logging and time tracking, they can also monitor important workflows or approvals from their mobile phones. Mobile ERP also offers real-time data and insights and provides comprehensive benefits including always-on remote access, increased productivity, faster and more accurate data capture, and increased agility.

So those were some of the latest ERP trends in 2023, interesting right? Want to consult more about ERP for FREE? Contact us "CLICK HERE"