As we bid farewell to 2018 and move into 2019, it’s time to reflect and look forward to what the upcoming year holds for us when it comes to business process automation. With new innovative technologies and trends emerging every year, it’s no surprise that the ERP landscape is going through a radical transformation. While ERP software has firmly established itself as the backbone of enterprise operations, businesses and corporations are now exploring new ways to increase the impact of the technology even more. This includes the integration of blockchain, AI, and augmented reality with ERP systems. Over the course of this blog, we’ll take a look at ERP trends that are predicted to dominate over the coming years.
An increasing number of companies are starting to realize the drawbacks of the legacy systems they have in place. The main issue is that the technology behind legacy systems has become outdated and obsolete, which has made them difficult to manage and maintain. Different industries are starting to fail under the strain of legacy systems, especially the financial sector, which includes banking and finance. According to the Globe and Mail, legacy systems are the greatest threat faced by the banking industry.
Outdated technology isn’t the only reason to ditch your legacy system – limited features, limited scalability, and lack of flexibility and support are just a few of the others. Some companies keep holding on to their neolithic software due to reasons like cost avoidance, aversion to risks, or simply because they take an “if it ain’t broke, don’t fix it” approach to things.
Fortunately, more and more companies are realizing that they have to replace their legacy systems if they want to stay competitive. But as the implementation of a new system is a significant undertaking, opt for a vendor that offers smooth and fast implementation. This consists of the new system being designed, checked, and deployed in segments. This will enable you to prepare for potential problems beforehand and help you get the maximum out of your new system as quickly as possible.
According to statistics, nearly 50% of ERP implementations fail the first time around. One of the major reasons is that the UI isn’t user-optimized. Even the best ERP systems are only as efficient as their users. In order to stay competitive and relevant, it’s essential for vendors to have this figured out. The ideal ERP UI is intuitive and simple enough that users can figure it out without having to spend hours poring over user manuals.
Furthermore, ERP UIs also need to be customizable and configurable. Each department of an organization has its own unique needs and, therefore, unique screen requirements. Hence they should be able to configure the UI in a way that’s relevant to their specific requirements.
ERP systems were primarily created for the manufacturing industry, more specifically, to help them keep track of the supply chain and costs of raw materials and parts. However, as manufacturing is going digital these days, cutting-edge techs are being integrated with ERP systems to increase the efficiency of enterprise operations. Fisher Dynamics, a Michigan-based manufacturing company, is already using location beacons and Google Glass to improve the tracking of employees and materials. Unlike autonomous cars, where the machine makes the decisions itself, using AI/AR in ERPs is more about enhancing human decisions and eliminating human error. ERP companies themselves are exploring the integration of AI technology into their product.
As the popularity of blockchain technology rises within the enterprise, it’s looking increasingly likely that it’ll be introduced to ERPs in the near future. While the idea is still in its infancy, companies, and organizations are realizing that integrating blockchain technology into ERPs can improve the system’s tracking and supply chain management capabilities.
According to an ERP cyber security survey conducted by ERP Scan in 2017, almost 90% of the respondents expected the number of cyber-attacks on ERP systems to increase over the coming years. Between rising security threats, constantly changing regulations, and ERP systems processing tons of data, this statistic comes as no surprise. In addition to a company’s own confidential information, ERP systems also contain sensitive client and customer data. This makes security a paramount concern for ERP vendors and consumers alike, a concern that is set to rise over the upcoming years.
Not sure which ERP solution is best for your organization? Get in touch with us at gotomyerp. Being leading specialists in Sage and QuickBooks hosting, we can help you narrow down the solution that is perfectly suited to your business needs.
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