Thanks to the technology revolution, the way the world functions has considerably evolved. The way people shop, book their flights and manage businesses have undergone significant changes. When it comes to business management, the launch of the Enterprise Resource Planning (ERP) system has revolutionized all industries.
Given the degree of competitiveness in the corporate sector, it is critical for businesses to make cloud-based ERPs, such as Oracle NetSuite, a part of their operations. While hundreds of other software out there assist companies to manage their operations, none has shown as much potential as an ERP system.
To enjoy a competitive edge in the market, small-, medium-, and large-scale companies must choose their cloud ERP & CRM. Today, integration of NetSuite ERP has become essential as, without this, companies will have to deal with unorganized operations, low productivity, leading to reduced profitability. The integration of ERPs is growing so rapidly that the cloud ERP market is expected to reach $40.5 billion by 2025.
It is important that you incorporate an ERP into your business operations and keep up with the changing trends in the industry.
Let’s have a look at the current trends in cloud-based ERP to strategize and plan accordingly to help a business prosper.
No More ‘One-Size-Fits-All’ Approach
Even though thousands of companies have made ERPs a part of their business operations, many out of them fail to extract its full benefits. Why? The answer lies in the one-size-fits-all approach.
Instead of having a tiered ERP network, companies tend to deploy a single ERP in their headquarters and regional offices. This might seem like the right decision, but it creates a plethora of different problems for the company.
This approach is costly as it requires companies to go about the system’s retrofitting. In addition to this, deploying the same system across the head office as well as regional offices, where the operations differ greatly, can turn matter very complex.
In 2021, companies need to look beyond the ‘common’ approach and opt for a two-tier ERP system. Separate ERPs for both the headquarters and the regional offices. Companies must deploy tier 1 ERP to the corporate level, leverage the present ERPs, and incorporate a separate ERP system, preferably cloud-based, for the regional offices.
This system is simple to deploy and free of complexities that may arise due to implementing the same ERP across the headquarters and other offices.
AI is the Solution
When it comes to business management in this tech-driven, modern era, Artificial Intelligence (AI) and Machine Learning (ML) serve as key components. When these technologies merge with an ERP system, businesses can expect wonders to happen.
AI and ML help maintain stability at the system’s back-end, helping in smoothing out the operational glitches that businesses may face. Two of the most significant benefits of integrating these technologies with ERPs is the capability to gather more insights than usual. As data is never enough, increased insights will only make things better for you.
Not only this but ERPs with AI embedded into it helps improve the processes through automation. By optimizing team schedules and supply delivery, these systems can boost a company’s productivity.
With the use of AI, predictive analytics can be leveraged. As stated earlier, the more data a company has access to, the better it is for making decisions; predictive analytics can really change the game for companies here.
2021 will mark the start of an era where ERPs will become accessible remotely at any time. ERP designers are now working on mobile-friendly cloud-based ERPs. Employees can extract data and conduct back-end and front-end tasks, regardless of their location or time zone.
Completing expense reports, tracking time, checking call logs – everything can be done using a mobile device. ERPs such as the Oracle NetSuite, the number 1 cloud ERP, are subject to continuous evolution. Thanks to technology and digitalization, businesses can operate smoothly by integrating ERPs. Remember that keeping up with the trends is extremely crucial to be able to use these tools to the best of your capabilities.