Flexibility is all about modern manufacturing and production processes, including enterprise resource planning. How to make your processes flexible and effective? Technology is a good fit when it comes to any kind of digitalization and transformation in production processes. For the last few years, ERP software has significantly changed as a result of growing innovation and respective trends. The effects of these changes influenced the adoption rate of ERP solutions and choices that companies make while selecting those.
In this article, you will learn about ERP innovations and the most interesting changes that are happening with ERP. This information will be helpful for SMEs and large enterprises.
Migration to cloud
The evolution of cloud computing allowed many businesses to move their services from offline to online. SaaS solutions save thousands of dollars, improve operational processes, and increase end-users’ satisfaction. They affect positively business efficiency and revenue. Today, these solutions have become affordable not only to big and middle-sized enterprises but also to small companies. That’s because of the great number of ready-made cloud products, high competition on the market, and cost-effective technology offers.
Among other pros of cloud-based ERP is that you can choose only those modules that you really need. Such options can also significantly reduce costs for software. All the advantages of migration to the cloud make companies think of replacing their legacy systems with modern SaaS products.
According to Accenture, over 50% of IT executives choose cloud solutions for ERP, whereas only 35% keep using on-premises systems. However, some are trying to mix these two options.
Artificial intelligence isn’t something new today. Obviously, it is perceived as a must-have of any modern ERP. Often, intelligent capabilities are already built in the systems. They allow working with information more effectively and getting more accurate and valuable business insights. AI helps organizations process Big Data, structure it, and turn into actions.
AI-based ERP can automate most operational flows, reduce human errors, process historical data. Of course, AI won’t replace your employees, but it will definitely help free up some extra time for core activities.
Mobility is flexibility. Today, ERP mobile application comes, as a rule, as a must-have addition to the desktop version. It provides instant access to all the information you need at the moment, even if you are not at the workplace. You can do whatever you need: perform back-office or front activities directly from your mobile device.
Just-in-time information delivery improves business efficiency and manufacturing processes. Real-time monitoring adds value as you get important information on time and can quickly react to any issues that arise.
When implementing effective ERP processes, you should think of how your data will be gathered and organized. Today, most off-the-shelf solutions, as well as custom-built ones, already have in-built analytics capabilities. The latter also includes smart dashboards and enhanced visualization tools. All this allows business executives to make decisions based on accurate and real-time information. Obviously, enhanced business data analytics allows also to make forecasts and create various data-driven strategies.
Managing financial issues is one of the enterprise resource planning tasks. Thus, any custom or ready-made solution has to provide these functionalities: currencies and cash control, general ledger, fixed assets, reporting, etc. Modern ERP products also record transactions, help track dependencies and impacts of particular spendings.
Every year, these modules are becoming smarter as they are built with enhanced data analytics capabilities, which allow making more accurate decisions and planning.
Marketing is something that has not been an essential thing in ERP for many years. However, today, digital presence is a must-have for any organization. This module allows companies to create a marketing strategy, – and improve awareness about their products and services by executing different outbound, and inbound marketing campaigns.
Marketing campaigns that can be held directly from ERP systems provide better results and analytics based on data received from CRM modules, historical and behavioral customer data. Social media is also connected to the marketing module, which improves customer loyalty by providing timely communication and support to clients.
Nowadays, more businesses tend to include this module to their ERP solutions to gain a competitive edge by providing better interaction with consumers.
A multi-modular approach to ERP allowed companies to customize their processes. Personalized software products bring a lot of benefits to its users: they save costs by giving only those features and functionalities that employees need. They automate the workflow and reduce human errors. A personalized approach to ERP is the best way to meet business-specific needs and improve IT environment flexibility.
ERP products are becoming more customer-centric, user-friendly, and beneficial. These products can be enriched with any innovative technology like artificial intelligence or robotic process automation.
Modern ERP solutions can be integrated with the latest technologies used for manufacturing, such as 3D printing. These new technologies help enterprises cut costs and improve efficiency. Thus, ERP integration allows supporting and connecting digital data with new machinery.
The Internet of Things has already opened a lot of opportunities for almost every industry. Healthcare, logistics, manufacturing are those industries that have embraced the technology at once. IoT allows collecting, analyzing, and processing big volumes of information with the help of sensing devices. These devices transfer real-time data about machinery and help employees better monitor their processes.
This year, especially in the times of coronavirus outbreak, more and more companies will think of adopting cloud solutions and IoT.
Today, these enterprise software solutions have become affordable to all sizes of companies, from small to mature. Software for manufacturing continues to grow and get enhanced with the evolution of new technologies, innovative ideas, and custom approaches to their development.
The rate of ERP adoption is rather high. However, there are still those who can’t decide on investing or not. You should look for experts in this field if you are not sure about the feasibility of modern ERP. Usually, they are successful adopters or software vendors that specialize in solutions for ERP.