Is the future of ERP software going to be AI, the public cloud or some other technology? Future proofing your ERP system should be a priority for your infrastructure, and you should know where the concept is going.
ERP and the Cloud
As cloud computing continues to proliferate in the mainstream, more sophisticated business transactions will require the use of a cloud specific ERP. This is much different from a traditional ERP that is placed in the cloud – the ERP systems of the future will be created specifically to be a resident of the cloud. This will be especially true of enterprise level organizations, which are trying to become cloud natives.
ERP and Cryptocurrency
The mania of late 2017 is over, and cryptocurrency is officially in the mainstream. This means people will look to purchase mainstream goods and services with cryptocurrency more than ever. This should lead to a closer relationship between ERP systems and cryptocurrency through coin wallets. This integration will be further driven by the desire of e-commerce sites to accept crypto and participate more fully in this new economy.
Lower Implementation Costs/Higher Systems Utilization
Although ERP software is used increasingly in businesses at all scales, there are very few clients who use systems to their full capacity. Clients who are looking for a competitive advantage will likely put pressure on ERP vendors to reduce the costs of implementation until they are taught how to increase utilization percentages. In short, ERP systems will become less expensive to implement and more streamlined to allow better implementation.
Better API Integration
The best systems in the world are not necessarily the systems that come with the most included features. Rather, companies stick with the systems that are future proofed through easy API integration.
ERP and AI
Augmented intelligence (AI) will be one of the biggest new implements to the ERP systems market. Many new systems are being built on an AI engine foundation, which gives clients the ability to enact intelligent and predictive solutions. AI allows clients to spend less time dealing with operations with a cost and time bloat, including internal audits, batch transactions and account closings.
AI will give companies the ability to more immediately spot transactions that look irregular. AI also gets rid of human error in accounts that have incorrect input values. AI bots can also serve as chatbots that can be surprisingly conversational, allowing users to automate tasks or find information very easily. Clients will no longer have to sift through dusty hidden files to find data to back up a gut feeling, allowing for a better decision-making process that will be based around quantifiable results and precedent.
ERP and Organizational Change
The ERP software platforms that will perform best in the future will be the ones that can provide long-term support and new functionality to companies looking to upgrade in digital transformation initiatives. There will be many companies that will look to revamp their entire enterprise system strategy moving forward.
The ERPs that can manage organizational change at scale without hiccups will become industry standards. As stated before, these will not necessarily be the systems with the most expansive internal toolsets, but the ones that can connect companies to the widest variety of tools over time.
ERPs and Machine Learning
The one internal feature of an ERP system that will ensure its continued use is possibly machine learning. A system that becomes more familiar with a company’s landscape over time, responds more quickly and correctly to queries, and even anticipates problems before they occur, will become the norm.
No one can say exactly how ERP systems will move forward in the future; however, the paths above are agreed upon by many experts. We can definitely look to the ERP format to become far more prevalent in companies of all sizes. Businesses that are looking to compete and grow in the digital landscape will definitely require robust systems that give a company the chance to combine many technologies. ERP software is definitely on the cutting edge of these needs.