The ERP software market has seen a lot of growth in the past decade.
The 2000’s brought the invention of cloud ERP, the 2010’s saw rapid growth – the market for ERP solutions was estimated to be over £21 billion by 2020. But by 2018, the global ERP software market was valued at £35.8 billion!
Now, with the introduction of Artificial Intelligence (AI) and Machine Learning (ML), mobility solutions are becoming increasingly more active. From increased utilisation of the cloud to quantum computing, what does the next decade hold for ERP?
- The Evolution of IoT
Now that more products and devices are getting connected to the internet, more and more data can automatically be fed into ERP systems.This just proves to be too big of an advantage to ignore at the moment, adding more fuel to the evolvement of the Internet of Things (IoT).
It enables you to have better oversight of all aspects of your business, from the shipping partners to appliance productions, supply chain and much more. Moreover, it helps businesses make better decisions as they have an overall, real time idea of the company data pool.
All enterprises need to stay up to date with IoT technologies in order to stay ahead of the game.
- Greater Integration
As we see a rise in enterprise mobility solutions, the need for integrations has become greater. Not only that, with the power of ERP enterprise mobility management tools, we can integrate all processes under one ERP. From quality management to supplier relations, incorporation of all critical parts of the operations can be under one dashboard.Analysts believe that it’s inevitable that all business processes will become integrated under one ERP management system. This will lead to greater efficiencies across the board, with many companies creating value out of operational excellence.
Integration will also occur with IoT, connected devices, mobile solutions and cloud platforms. This will give greater access to compliance departments, business heads and consultants who require access to business information. Through the power of Big Data, integrations will occur at rapid speeds as we move towards the next decade with ERP.
- Real-time Data & AnalyticsAs we have more information coming into ERP systems each second, there is greater reliance on data and analytics. This increases the effective utilisation of ERP systems within the business infrastructure, thereby enhancing the appeal of the platform. With real-time data coming into the integrated system, business leaders can make accurate decisions much faster.
Leveraging AI and ML gives rise to greater innovation across the board, with companies investing in more new projects. Real-time data also helps to enhance business efficiencies leading to better profitability.
- Great Operational Capabilities (Quantum Computing) The rise in quantum computing and deeper neural networks will enable businesses to perform large scale optimisations for complex problems. Mobility solutions will also be powered by smarter mobile technology and more enhanced cloud capabilities. As we move towards a more powerful computing ecosystem, analysts are predicting greater things for ERP systems.
- More Emphasis on Social Media and Digital Marketing According to recent research, the user base of social media will be around 2.77 billion by the year 2021. For digital marketers, business analysts and marketing managers, this number is too big to ignore. As the number of business social media interactions increases, ERP software will have become more social media friendly. The ERP industry will need to link seamlessly to all social media channels to take advantage of the data collected.
- Business Intelligence – Right Information at The Right Time
While businesses are focusing on Business Intelligence (BI), they are also enhancing the consumption of the information. From smart devices to mobile app development, there is greater emphasis on BI on the move.
This also allows business decision makers to become leaner in their thought process. When all the business data is available in one device, there is more freedom in making the right call at the right time.
BI on the go is also a philosophy that ERP will aim to capture. It will provide increased access to the right information at the right time. In addition, there is a higher demand in the business sphere to become increasingly mobile, which stands in conjunction with ERP’s focus to become lean.
As we move towards a more powerful computing environment, the next decade will bring greater access to BI on demand. AI enabled analysis is soon to follow in the coming years.
Get ready for the next decade with Cofficient. As a solution agnostic and innovative ERP provider, we have the proven experience necessary for adapting to technological advances in your industry.
Contact us today to see how we can tailor ERP solutions to your business needs.