10 KEY TRENDS FOR ERP SYSTEMS THIS YEAR (AND BEYOND)
15 March, 2024
As ERP software continues to grow in demand and popularity, now is the time to look ahead and see what's around the corner for ERP software in 2024.
So, if you’re a business looking to harness the power of a modern ERP system, these are the trends you need to know about.
1. INCREASE IN CLOUD ADOPTION
Did you know that 90% of organisations use cloud capabilities to enhance flexibility, scalability, and security? (Source). This isn’t a huge surprise, especially as using a cloud solution affords businesses a variety of benefits.
Storage is no longer an issue when it comes to cloud-based ERP systems, as they can scale at the rate of your business, meaning a huge amount of data can be stored. This data can also be accessed by workers no matter where they are, allowing for more flexibility in working practices. For many businesses looking to modernise their ERP system and introduce more collaboration and innovation, cloud solutions are a great way to do this.
2. BETTER DATA INSIGHTS AND ANALYTICS
As a business, you generate a lot of data. But are you putting this data to good use? Being able to utilise the data you generate and allow it to help you make key decisions is essential to business success.
ERP systems collect data - this we know - but 2024 will see more business intelligence, analytics tools and dashboards that make interpreting this data easier. It will create a story that the data tells, helping businesses to truly understand and harness these insights. With the ever-growing demand for analytics, ERP systems will turn data into actionable insights that drive efficiency and innovation.
3. IMPROVED USER EXPERIENCE
User experience is key when it comes to an ERP solution - as this is what sets some solutions apart from others. As a rule, the easier the system is to use, the more people will use it. A great way of ensuring this is by choosing a system that works like other apps employees will already be familiar with, making the learning process quick and easy.
It’s also important to give users an option to adapt applications for their usability, so that they can make it fit to their needs. Modern ERP systems are becoming more intuitive, user friendly, and accessible - on a variety of devices - so people can work from anywhere on any device, in a way that suits them.
4.CONNECTED AND COLLABORATIVE WORKFORCE
With an ERP solution, you can remove barriers to communication and teamwork.
The rise in remote working means that businesses are calling workers to be in different places, and 2024 will see this continue. A good ERP solution works as a tool that allows teams to collaborate no matter where they are, including on mobile devices. This facilitates better communication between departments and external stakeholders, while allowing everyone to access necessary data.
5. THE RISE OF AI
Artificial intelligence is everywhere. In 2024, the popularity of AI will continue to grow and we expect to see this innovative technology in ERP systems too.
AI features could bring improvements in efficiency, productivity, and decision making, automating routine tasks, predicting trends, and providing intelligent recommendations. It could spot defects and anomalies in products, which in turn will improve quality, and recognise potential delays with real-time monitoring of suppliers, logistics, and the production process.
On top of this, we predict that AI will also draw additional value from data and allow users to have everything they need within one system.
6. CYBERSECURITY AND DATA PRIVACY
Cybersecurity has never been more important than in 2024. The rise in cybercrime doesn’t look to be slowing down any time soon, and organisations that operate in multiple countries - especially the EU - need to make sure how they store and access data is compliant.
To stay compliant, businesses should invest in an ERP system that helps them stay on top of regulations. With advanced security protocols and compliance with global regulations, you can keep your data safe from security threats.
7. THE INTERNET OF THINGS
IoT devices are fantastic tools for helping plants, factories, and distribution fleets run smoothly. Made up of smart gauges, sensors, and other data trackers, IoT devices can collect huge amounts of data and give insights into operations. If you connect this to your ERP, you access a more comprehensive view of your operations and can boost productivity and forecasting.
8. CUSTOMISATION
ERP solutions are no longer about one size fits all, they can be customised to suit industry-specific and business-specific needs. By catering to the unique requirements of the sector with tools specific to industry challenges, users can organise dashboards to show them what matters to them most.
9. INTEGRATION
An ERP system that allows you the freedom to integrate with third-party applications is crucial for technological independence. More and more businesses are wanting to integrate with cutting-edge tech including AI, analytics, and IoT, and a good ERP can enable this.
10. SUSTAINABILITY
ERP systems can help businesses to be more environmentally responsible, with 2024 seeing an ERP trend that focuses on reducing carbon footprints, managing energy use and supporting sustainable practices within businesses.
An ERP can help companies to track and reduce their environmental impact by helping to enhance resource planning and waste management, as well as emphasising green practices every step of the way.
HARNESSING ERP IN 2024 WITH HIT TECHNOLOGY
As we move forward in 2024, embracing these trends could be key to a year of success. If you’d like to learn more about how HIT Technology can help you to ride the wave of ERP trends, get in touch.
Find out more about SYSPRO and HIT Technology.