Navigating the Future: Top ERP Trends for 2023

CHENNAI, India - Sept. 9, 2023 - PRLog -- ERP is continuously evolving over the last 3 decades catching up with technology trends and improving upon the features for business growth & meeting compliances requirements.

Compliance and dependable MIS: Several small to medium businesses who have managed with financial accounting package and a few in-house applications along with spread sheet information systems have realized the need for an integrated ERP with the view of generating reports reflecting single version of truth. Compliance with Government regulations demand ease of integration with online e-invoice and GST. Ever demanding compliance requirements can be met without any difficulty by implementing ERP from a reliable vendor who continuously upgrade the package for changing compliance requirements of the country.

ERP on the Cloud: Post pandemic, business have realized the need for cloud deployments of ERP to ensure 24/7 availability and security. Several big businesses who had on-premises systems have started migrating to cloud for several customers/ suppliers facing functionality.  Capital cost for data centres and predictable subscription costs weigh heavily on decision to adopting cloud ERP.

ERP as a Platform: ERP is seen more as a platform than a mere application. ERPs provide the basic functionality and provide hooks for integrating with various other applications/ on-line systems. This paves way for Industry 4.0. Integration with machines for production monitoring & collecting data for optimization.  Usage of drones to monitor faults in large plants and warehouse operations are facilitated by modern ERPs.

AI Enablement: Artificial Intelligence &Business Analytics play a key role in the strategies of highly competitive businesses to grow, if not just sustain.  Data accrued over years through ERP carry gold mine of information which can provide various in-sights for strategic decision making with respect to products, marketing, supply chain, service, finance, and production functions.

Smart ERP Access through Mobile: Access of ERP functions through mobile phones have become mandatory for the current generation of professionals who are always on the move. ERPs are now providing several of their features through mobile phones.

Digital Transformation: ERPs enable digital transformations.  Vendors have added several features by which businesses need no longer depend on the piles of papers which get digitized and become part of the concerned transactions in ERP. This enable carrying out financial audits without searching around for documents. With seamless portal connectivity with customers and suppliers information & documents can be exchanged electronically without any time delay.

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