ERP Systems are a significant decision and investment that companies make. Not only choosing the right ERP matters but also researching about the trends and keeping updated on latest technologies will help. Implementing an ERP to your organization impacts business in every aspect like sales, accounts, planning, production, inventory and purchase.
The future of ERP reflects the future of Business. Every technology has been developed to efficiently handle all the operational challenges. The main aim of any manufacturing company will definitely be, having capabilities for quick production with reduced wastage and on-time deliveries. Hence to fulfill this, there are certain emerging trends with the evolution of ERP leading to successful business. Let’s see some of the future trends in ERP.
Cloud Migration :
Cloud migration is a great help for mid sized companies. The legacy systems and other ERP applications cost a lot in terms of infrastructure and maintenance. But cloud ERP can be used with any computer or laptop with an internet connection. Hence avoiding the burden to recruit and pay IT people. Also due to mobility in devices used, it greatly helps supervisors to monitor and approve requests on-time. Cloud Software works on subscription based and any number of employees can utilize it for minimal and affordable pricing. This is an added advantage for small businesses.
Internet of Things(IoT) :
Internet of Things is a concept that tracks real time data about tools and vehicles when integrated through ERP Systems on Cloud. For Example, the shop floor of Manufacturing Industries have N number of tools and machines required for production. These tools and machines should be regularly maintained for its efficiency. This can be done by enabling sensor devices on tools that could easily track if there is any defect and immediately send a request for a service/replacement through ERP applications. The real time data that ERP provides helps companies in improved asset management, better forecasting, real-time business insights, etc.
Artificial Intelligence(AI) :
Artificial Intelligence, also known as AI is one of the upcoming future trends in ERP. Artificial Intelligence algorithms are designed to behave like humans, analyzing a task and making decisions. Examples of AI that we commonly use in day to day life is Siri and Alexa. Those are in-built tools which recognize the problems and perform the action. In the manufacturing industry the AI in-built tools integrated with ERP applications help companies to save more time in analyzing huge data. All those tasks are carried out by AI and send intimations through the software. Hence helping in a more optimized and streamlined business process.
Personalized Solutions :
The Software developers and vendors are more into offering personalized solutions to businesses. The companies are also focusing on acquiring ERP tailored for their industry, instead of customization. The buyers are more confident with choosing industry specific ERP systems over others. This move encouraged many software developers to come up with different features in correspondence with each industry. Such software is also welcomed by mid size industries where they could easily adapt to the new ERP Systems.
Mobile Usage :
While cloud ERP is widely preferred by the companies, mobile ERP is also on the next list. Having a cloud software can enable you to access from anywhere anytime but mobile ERP software comes so handy that a shop floor employee can use it to prevent many issues on the go. Using mobile apps, line managers can ensure operators are adhering to production schedules and issue maintenance orders, on-the-job instructions and even track material movement in real-time even when they are off site. Since the ERP system is connected with every other department any update made in mobile software would immediately get communicated at all levels hence it enables every employee working on the same page.
Two Tier Systems :
This type of ERP is majorly used in mid sized companies and also companies having different locations. The first tier is the legacy system used by the upper level employees who maintain the master data. The second tier is used by all other subsidiaries. This second tier is a software that can be customized according to the requirements or departments. The master data maintenance is so crucial that there should be no duplication in the system. This type of ERP is on the surge due to a centralized database which completely ensures the right data on track.
Listed above are the majorly focused future trends in ERP. Every industry is different in their own operations and challenges. Hence going for a tailored industry specific as well as keeping it up to date is very crucial for businesses to survive among the competitors. ERP for Manufacturing Industry has several technologies emerging each year, enhancing business efficiency. With everything digitized, the companies should also start adapting to new technologies to meet customer requirements.