Businesses are expanding rapidly and turning out to be global. They are discovering the true benefits of ERP software development to take better care of their processes and operations. They are learning how they can bring in efficiency, ease of access, quick implementation, simpler administration & management, and the considerable cost reduction to their workplaces with an ERP system.
ERP software development may sound a new thing to you but ERP dates back to early 1960 when the concept was applied to manufacturing sector for inventory management & control. It, as a tool, assisted the top management in efficient decision making.
Today, after almost 6 decades, ERPs have evolved and transformed significantly. Modern ERPs, regardless of where they applied, are helping businesses introduce improvements by aligning with business processes, generating huge data for future strategies, enabling work plans, providing customer service tools and protecting business data.
An ERP software development, whatever tasks it attends, helps an organization to be proactive with maximizing value creation out of every process, procedure, and operation. With time and technology, ERPs have now grown to a completely different level where they have support from integrated new-age technologies offering more to businesses. They can apply technologies to get more out of every single investment along with driving huge business success.
Here are the top five technology trends that carry huge potential to shape the future of ERPs. All it takes is an efficient implementation.
Machine Learning – When putting an ERP on the cloud, it turns out to be capable of integrating with other apps in real time and delivering stable data streams to ML algorithm. With ML, the ERP also gets the self-learn ability and can respond to business requirements more efficiently. The ML-enabled ERP can flawlessly access and analyze business data and help in taking informed decisions.
Internet of Things (IoT)
Similarly, IoT can also provide an ERP system with the potential to considerably advance data collection and accuracy. The areas where an IoT-powered ERP can make a difference include customer service, forecasting, inventory & asset management, and business intelligence. IoT-enabled devices can automatically and directly interact with ERP systems thus removing the need of human-interventions and ensure the high level of connectivity and data accessibility. The IoT-enabled ERP doesn’t only help a business monitor operations beyond geographical boundaries with performing the real time analyses but also generates valuable data insights & recommendations.
Businesses in the supply chain market have to deal with the growing demands of product data collections. But it is not easy to collect data; it’s a tedious, time-taking, inefficient and error-prone process. The process turns more complex when the data is collected manually. If the same data is fed up to the ERP, the results generated will not be fully reliable.
But this problem can be solved with RFID-ERP integration. A business with an RFID-enabled ERP system is able to track product data across the supply chain cycle. The business gets the complete visibility into inventory management and is able to discover how much inventory to order and when.
AI/ Chatbots – An ERP, with AI, helps a business gain the quick insights of different processes, customers, and workflows. With chatbots, businesses can allow users to interact with ERP as they interact with a person. Chatbots learn from users and based on learning, it assists users to target specific areas to have better insights.
Social Collaboration – The business world is gradually becoming global, and employees are contributing to their responsibilities even after being scattered across the world. It is crucial to build a common virtual platform where people share their ideas in a secure environment. Businesses are in needs of such ERP solutions which have collaborative features to create virtual boardrooms for management discussions, analysis, and quick decision making. This sort of features allows the rapid exchange of information between people, existing applications, and departments of a business. The business, with more robust connections, can have relevant and timely communications, facilitating efficient teamwork and knowledge-sharing to drive success for a business.
So, an ERP system when integrated with the new-age technologies like IoT, AI, Chatbot, ML, RFID etc., can offer new opportunities to a business extending itself to new limits. When a business has more refined data from completely unexploited sources, it gets the potential to generate better ROI.
Many businesses engaged in industries like real estate, healthcare, education, hospitality, retail, wholesale, construction, automobile, diamond, and jewelry have now started to use and take advantages of ERP. Does your business also belong to one of the above mentioned industries?
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