ERP technology has been constantly evolving since its inception. New modules, features, extensions or functionalities are added as the needs of the businesses grow and they continue to grow. The importance of ERP for the management of companies cannot be overlooked. Automated processes and improved transparency of operations in organizations result in cost reductions that help them gain a competitive advantage over market participants. While many strides have been made in ERP software development, there is no stopping them either. There are many new aspects to be discovered in this area in the coming years. Here is a short list of some of the highly anticipated changes in ERP technology in 2018.
#1 Cloud-based solutions should become more established
Cloud-based ERP will be a dominant transformation in the ERP space over the next year and beyond as most software development companies scale up their cloud offerings many times over. While many effective cloud solutions from top-tier providers are already on the market, such as Microsoft Dynamics 365, SAP S4HANA, Oracle Cloud, the scenario will also change for small and medium-sized providers. The coming year will therefore be marked by major conflicts between normal ERP software and cloud-based solutions. However, cloud-based ERPs are sure to find widespread adoption everywhere.
#2 Legacy ERP software will go away
As more ERP software vendors enter the market with innovative, customized, and versatile solutions, organizations are shifting from their constraining legacy software systems to bespoke solutions. ERP providers are competent in developing solutions that perfectly respond to all the special needs of companies. You can add new features, modify existing modules or support the solutions long-term. As such, legacy systems will degrade over the coming year as more companies migrate to modern ERP.
#3 Big data analytics will emerge
A major positive trend set to emerge over the next year is Big Data, which will enable organizations to manage large datasets with greater accuracy and minimal risk of error. Big data helps companies find real-time information about customer needs and market patterns. Now most businesses have to rely on data analysts or operations teams for reports on customer purchases and market trends. However, with big data analytics, entrepreneurs can easily discover any discrete changes in market trends to uncover new opportunities.
#4 Artificial intelligence will gain attention
ERP software applications will come a long way with the integration of artificial intelligence in the coming days. AI is an intelligent technology or so-called “machine intelligence” developed some time later that allows machines to perform cognitive actions such as problem solving. As AI has expanded the scope of machines or software, making them capable of performing tasks that require some level of intelligence, it is also becoming an integral part of business functions. It will help businesses reduce operational costs by incorporating routine, lower-level functions like invoicing.
2018 will definitely bring many changes in the ERP space and these are just four predictions that are sure to come to pass. While it’s going to be an exciting year for ERP development, it’s worth seeing how companies will respond to these changes.