The global ERP software market is projected to reach $70.40 billion by 2026 and shows no sign of slowing down. Companies are realising the importance of Enterprise Resource Planning (ERP) software to enable the modernisation of operations, no matter the size of the business or the industry it operates in. With the growing need to monitor consumer data, having a system in place that provides a holistic view for companies to prosper is imperative.
Across industries – from retail to manufacturing to construction – ERP holds the key for businesses wishing to unlock their full potential by automating manual processes, gaining significantly enhanced visibility and improved business security. But for those businesses looking to migrate to an ERP system, they must have a clear and structured vision as to what they want it to achieve and they must select a partner carefully in order to truly maximise its potential.
ERP and its importance
ERP is a complete system, capable of integrating point of sale (POS), e-commerce, Customer Relationship Management (CRM), marketing, order management and inventory, Service Resource Planning (SRP), Business Intelligence (BI) and finance. 2020 will see the emergence of more agile ERP systems come to the fore and increased personalisation due to the likes of new technologies and Artificial Intelligence (AI).
New technologies are changing the way in which organisations function and operate, as a growing impetus is placed on the customer being able to function as seamlessly and effectively as possible. The more data a business can access and utilise, the more competitive it can be. Data can influence the products a business might sell, the areas of the market it can target and in turn, can tailor its services to maximise revenue.
ERP can organise large amounts of data which reduces errors and benefits productivity. This newfound way of working can include automation and integration of critical processes, as well as the sharing of information across the organisation. As businesses grow, it becomes more critical than ever before to have information easily accessible in one place.
2020 ERP trends
2020 will see a significantly higher adoption rate for Small and Medium-Sized-Business (SMB) enterprises as they look to benefit using ERP. Personalised ERP solutions are also set to come to the fore. Companies that sacrifice control of their own systems in order to get a specialised solution from a provider which is much more personalised to its industry will free up costly time and effort in the long run, making this a smart move. This ensures efficiency isn’t lost in the day-to-day running of the business, while the enhanced flexibility ensures that ERP components can integrate with new technologies.
A solution which can move with the times and industry trends will ensure that companies never get left behind. One which is entirely flexible and scalable will help meet any company’s needs as it grows in terms of the number of users and functionality. This is why Agile ERP will also be a key trend this year.
Mobility is set to be another key feature in 2020, providing users with mobile access and enabling them to tackle problems in real-time. This increased mobility will be felt right across the supply chain from the end-users to the management in the business, giving them with the ability to track Key Performance Indicators (KPIs) and gain key insights into their day-to-day business performance.
As a result, flexibility is key and ERP features must be able to connect devices, departments, and customers in one versatile and easy-to-navigate database. Every business can use data provided by the ERP system to plan their business strategies and find smarter and more intelligent ways to use this information to stay ahead of the competition.
Another important trend of 2020 will be the number of businesses choosing to adopt cloud-based ERP systems. Not only does this come at a more affordable price, it will also ensure improved management of a business’ assets. ERP is a proven solution with the flexibility to meet a company’s demands. Being able to have a 360-degree visibility across all channels from a single platform will ensure better customer understanding.
Investing in an IT solutions specialist
Updating or changing an infrastructure that has been in place for a long period of time may seem like a troublesome task but having a partner with a history of success in the ERP industry can make the transition smoother. For those businesses reluctant to change, they could be left behind in an increasingly competitive world. But those that choose to migrate will reap the instantaneous benefits of improved productivity and increased savings across all areas of its business.
The expenditure and amount of time needed can often discourage businesses from using ERP. The integration of the new system involves staff needing to be re-trained
at basic and higher levels in the new software, which can be challenging. However, when using a partner, which specialises in developing and implementing tailored cloud-based IT solutions for businesses, companies will be able to garner the advantages of using its cloud-based solution from the first moment.
Able to analyse the strengths and weaknesses of businesses, an IT solutions specialist could recommend the best solution tailored for each individual company. It will trial the system first, providing its users with all the necessary training and will fix any problems they may encounter once the solution has gone live. Therefore, the potentially arduous process of upgrading to an ERP system is a simple and efficient one. An ERP software, which has been modelled to suit all business sizes across an array of industries and implement the solution personalised to a business’ specific needs with the aim to make it more efficient, agile and profitable, is preferable.
ERP the path for success
The growth of technology has meant that businesses can target their customers more concisely than ever before. The future-proof design of ERP means it is able to grow with businesses and the changing wants of the consumer. In a market that has an increasing online presence and the amount of data on display, businesses cannot afford to miss out on the fundamental insight which ERP offers.