New technologies have changed the way businesses operate, with many integrating software and tools to increase efficiency in the age of digital transformation. As part of these efforts, a business may switch to cloud software as they have several benefits.
Among the various cloud software used by businesses, enterprise resource planning or ERP is getting a notable amount of attention. Companies use ERP software to manage and integrate important parts of their business like finance, inventory, sales, marketing, and human resources.
ERP software has benefited businesses in many ways but cloud ERP like NetSuite have additional benefits to companies. These include improved performance, enhanced access to information, increased security, and decreased costs.
Due to these benefits, several businesses have switched to a cloud ERP system, with many others hoping to make the switch. Since digital transformation will be a key part of 2020, these are the top five trends that will define modern ERP from 2020 onwards.
Implementing an ERP system in two tiers is an approach recommended for large businesses with subsidiaries as well as businesses looking at acquisitions and expansions. Two-tier ERP systems will have a comprehensive ERP system used at a corporate level, while a flexible and cost-effective system will be used at a subsidiary level.
This two-tier approach is expected to change the way businesses use enterprise resource planning systems in the coming years. This approach will also make more companies use cloud ERP systems like NetSuite ERP because they will be even less costly and time-consuming as they are improved and developed further.
Software solutions like NetSuite have been using cloud technologies to offer clients better products like NetSuite ERP and NetSuite CRM+.
These products lower the operational costs of companies and make data more accessible.
These benefits are important during times when more and more companies are giving their employees the option of flexible hours or working remotely.
While a cloud CRM solution or a cloud ERP system for enterprise resource planning is not new to businesses and many have been using them, a trend that will be seen is the further development of these cloud technologies. From hybrid to cloud, enterprise resource planning or ERP has a long way to go.
Whether it is enterprise resource planning or customer relationship management (CRM), cloud technologies have made data more accessible, especially remotely.
They have also lowered the operational costs for companies, making software like NetSuite ERP and NetSuite CRM+ popular options during the process of digital transformation businesses have been going through.
In the future, however, software will move beyond cloud technologies and be more accessible via mobile devices as well. There is no doubt that mobile usage will only increase in the coming years and businesses will be required to adapt to this change. One way that businesses will have to adapt to this enhanced connectivity and accessibility is by using mobile ERP systems, with mobile apps for ERP and e-commerce CRM.
The emergence of wearable technology will no doubt be also considered when improving the mobility of a cloud ERP system or a cloud CRM solution.
It seems impossible to talk about trends for any sector or industry without looking at artificial intelligence or AI. Defined as the simulation of human intelligence processes by machines, especially computer systems, AI has expanded the scope of many systems, especially ERP and CRM.
AI focuses on three main cognitive skills; learning processes, reasoning processes, and self-correction processes. While AI has a long way to go, enterprise resource planning will benefit greatly from technologies like AI.
Beyond 2020, companies will see how AI changes the way ERP is used, as it will improve the speed of work and create efficient workflows. It is also believed that AI will aid in decision-making in the coming years.
Like AI, big data is a phrase that is often mentioned in relation to trends that are expected to reshape how businesses operate. Big data is often defined in terms of the three Vs; volume, velocity, and variety.
Big data is a large and diverse set of information that grows at ever-increasing rates. It can be structured or unstructured and the analysis of this data can benefit various departments of a business. There is thus no doubt that in 2020 and beyond, big data will change the way we use a cloud ERP or cloud CRM solution.