The ERP landscape is changing almost daily. Staying up to date on ERP trends, is the need of the hour before making the final choice. To help you in your decision, here are five ERP developments to keep an eye on.
On Premise Vs SaaS ERP
Traditional ERP applications are stored on your company servers which increases costs—for hardware and IT staff. SaaS-based apps are stored on cloud-based servers, which are much less expensive, quicker to update and scale, and don't take up office space. According to Forrester Research's Vendor Landscape: SaaS ERP Applications, 2017 report “the shift to SaaS will accelerate over the next three years and become the preferred deployment option for many types of businesses.”
Big Data for a Competitive Edge
Big Data enables companies to analyze large data sets to reveal patterns, trends and associations. Previously, executives would rely on financial analysts or sales operations to generate reports at the macro level. Big Data provides executives with greater visibility into smaller and more subtle changes in their business. Small changes in data sets help companies to find new market opportunities, revenue trends, or customer requirements for new product applications. ERP vendors are increasingly providing Big Data to help their customers gain an edge.
Greater Contextual Meaning
Contextual Meaning is the process of providing clarity to a situation and visibility into appropriate information at the appropriate time. When contextual meaning is provided and delivered on demand on any device, it enables the end user to make better decisions. Imagine a use case where a sales representative automatically receives all past invoices, inventory transactions, payment terms and prior customer history on a mobile device as soon as they receive a quote request from a customer. This information will allow the sales representative to better serve customer requirements. The best part is the information can be made available to the sales rep anywhere on any device. Modern ERPs have robust mobile apps that enable users to access information securely from any location on their smartphones.
Monetizing the Internet of Things
The Internet of Things is a transformation in which everyday objects have network connectivity, allowing them to send and receive data. With an estimated 50 billion IoT Sensors by 2020 and more than 200 billion “things” by 2030, companies specializing in the Internet of Things will become one of the largest sectors in the economy. Not only will we face challenges integrating and analyzing all this data into our lives, but monetizing the sensors and applications will be a struggle for many of these companies. ERP vendors that have flexible inventory management will enable their customers to develop and monetize new revenue streams.
The faster a company can go from ideation to market adoption, the better it can disrupt markets and business models. For ERP vendors, this translates to simple and clean applications that support end users and quick and easy implementations. End users want an interface that provides for fast and accurate data entry either in the office or via mobile applications. These companies also want quick ERP product configurations that result in inexpensive setup fees as opposed to lengthy, costly implementations. ERP vendors are also building solutions that take care of regulatory compliance. Take the launch of the GST, for example. Most ERP vendors incorporated the filing of GST thereby taking the burden away from their customers. The vendors keep tabs on regular changes in the regulatory framework and update their solutions as required.
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