Top ERP trends to watch out for in 2023
As enterprise resource planning (ERP) continues to evolve, new trends are emerging that are transforming how companies manage their operations. These trends will likely become even more prevalent and essential for the global economy in the next few years. To help enterprises stay ahead of the curve, we’ve identified the top ERP trends for 2023 across different industries.
The global ERP software market is projected to reach $78.40 billion by 2026, clearly indicating the upward trajectory of ERP software. And with increasing customization capability, the generic ERP system has moved to industry-specific solutions.
Cloud-based ERP Solutions
Cloud-based ERP solutions will continue to gain prominence in the coming years. This trend is driven by the need for enterprises to reduce costs and increase flexibility. Cloud-based ERP solutions allow companies to access their software and data from any device, eliminating the need for costly hardware. Additionally, cloud-based solutions are more secure, as they use advanced encryption and security protocols to protect data.
Automation
Automation is becoming increasingly popular in ERP systems. Automation can reduce costs and improve efficiency by eliminating, if not reducing, routine tasks such as data entry and reporting. Additionally, automation can help enterprises better track and analyze their data, leading to more informed decision-making.
Mobile ERP
Mobile ERP solutions are becoming more widespread as companies look for ways to access their data on the go. These solutions will allow employees to access the system from their mobile devices, making it easier to access and manage data while working away from the office, enabling the hybrid working model.
Artificial Intelligence (AI)
AI is becoming a key component of ERP systems, allowing enterprises to use predictive analytics to predict customer demand better and anticipate potential issues. AI can also automate complex tasks, such as forecasting, inventory management, and customer service, resulting in improved efficiency and cost savings.
Internet of Things (IoT)
IoT is becoming increasingly crucial in ERP systems. IoT allows enterprises to collect and analyze data from connected devices, providing invaluable insight into operational performance. Additionally, IoT can be used to automate specific tasks, such as inventory management and customer service.
Greater focus on Cybersecurity
As ERP systems become more integrated with other systems and devices, the need for strong cybersecurity measures will become more critical. We expect to see more ERP systems with built-in security features in 2023.
These are just a few ERP trends we expect to see in the coming years. As the ERP landscape evolves, the latest ERP systems will continue to impact various industries. Here, we look at the top ERP trends in 2023 in four different sectors.
ERP trends in various industries in 2023 and beyond
Advancements in ERP systems will continue to revolutionize the way in which industries access and utilize data to drive business decisions, impacting how enterprises interact with customers, suppliers, and stakeholders. As enterprises look to the future, they must consider the latest ERP trends in order to remain competitive and maximize efficiency, regardless of industry.
Retail industry
In the retail industry, the focus will be on predictive analytics. This type of analytics will enable retailers to anticipate customer demands better, identify potential trends, and manage inventory. Furthermore, advanced AI capabilities will help automate many tedious and labor-intensive processes, freeing employees to focus on more important tasks, enabling retailers to respond faster to customer needs, improve customer service, and increase efficiency. The need for customizable ERP solutions will increase as retail businesses become more specialized. By 2023, ERP systems in the retail industry will be highly customizable, allowing retailers to tailor the ERP system to their specific needs and requirements.
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