The world of enterprise resource planning (ERP) is constantly evolving, and the trends that have been emerging are bringing with them the promise of new opportunities and challenges. As we move into the year 2023, it is important to think about the current trends in ERP, and what they could mean for businesses in the year ahead. This article explores the latest ERP trends for 2023, including emerging trends in enterprise software, what ERP trends mean for your business, and what the future of ERP looks like.
What is ERP and What are ERP Trends
ERP is a type of enterprise software that is used to manage and integrate multiple business processes such as accounting, inventory, human resources, and customer relationship management (CRM). ERP trends are the changes and developments that occur in the use of ERP software. These trends can come from a variety of sources, such as customer demand, industry changes, and advancements in technology.
The ERP trends of 2023 are likely to be a mix of existing trends that have become more prominent and new trends that are just beginning to emerge. As noted by Gartner, investments in technology provide operational and financial benefits and can create growth opportunities. So, for businesses who want to make the most of their ERP and stay ahead of their competitors, it is essential to stay on top of these trends.
Top Trends for 2023
The top ERP trends for 2023 are likely to include:
Increasing use of cloud-based ERP systems:
Cloud-based ERP systems are becoming increasingly popular as businesses look to lower their costs and improve the efficiency of their processes. Cloud-based ERP systems offer numerous advantages, including scalability, lower upfront costs, and more robust security features.
Automation of business processes:
Automation is becoming more popular as businesses look to reduce costs and increase efficiency. Automated processes can help to reduce manual errors, streamline processes, and improve accuracy.
Greater emphasis on data security:
Data security is becoming increasingly important as businesses look to protect their sensitive information from malicious actors. As data security becomes more important, businesses are likely to invest more in technologies such as encryption and two-factor authentication to protect their data.
Increased use of artificial intelligence (AI) and machine learning (ML):
AI and ML are driving the development of more advanced ERP systems. AI and ML can be used to automate processes and make decisions based on data, resulting in more efficient and effective ERP systems.
Integration of ERP with other systems:
ERP systems are becoming increasingly integrated with other systems such as CRM and accounting software. This integration allows businesses to manage all their processes in one system, resulting in greater efficiency and cost savings.
Emerging Trends in Enterprise Software
In addition to ERP trends, there are several emerging trends in enterprise software that businesses should keep an eye on in 2023. These include:
Increased focus on user experience:
As businesses look to improve their customer experience, they are placing more emphasis on user experience (UX) design. UX design focuses on creating user interfaces that are easy to use and intuitive, resulting in better user engagement and higher customer satisfaction.
Greater emphasis on data analytics:
Data analytics are becoming increasingly important as businesses look to gain insights into their customers, processes, and operations. With data analytics, businesses can gain a better understanding of their customers and optimize their processes to improve efficiency and reduce costs.
More mobile-friendly solutions:
Mobile-friendly solutions are becoming increasingly popular as more people access the internet from their mobile devices. As a result, businesses are investing in mobile-friendly solutions such as mobile ERP systems and mobile-friendly websites.
Increased use of blockchain technology:
Blockchain technology is becoming more popular as businesses look to improve data security, transparency, and trust. Blockchain technology can be used to create secure and transparent databases that can be used to store data and transactions.
What Does the Future of ERP Look Like?
The future of ERP is likely to involve more automation and integration, improved user experiences, and a greater focus on data security. As businesses look to reduce costs and improve efficiency, they will look to automate more processes, integrate their systems with other software, and create user experiences that are easier to use and more engaging. Additionally, data security will become increasingly important as businesses look to protect their sensitive information from malicious actors.
The Impact of ERP Trends on Business
The impact of ERP trends on businesses can be both positive and negative. On the positive side, ERP trends can help businesses to reduce costs, improve processes, and gain a better understanding of their customers. On the negative side, ERP trends can lead to increased complexity and higher costs, as businesses may need to invest in additional software or hardware to keep up with the latest trends.
Conclusion
As we move into the year 2023, it is important to understand the latest ERP trends and how they can impact businesses. The top ERP trends for the year 2023 include increased use of cloud-based ERP systems, automation of business processes, greater emphasis on data security, increased use of AI and ML, and integration of ERP with other systems. Businesses need to be aware of several emerging trends in enterprise software too, which are increased focus on user experience, greater emphasis on data analytics, more mobile-friendly solutions, and increased use of blockchain technology. In a nutshell, the future of ERP is likely to involve more automation, integration, improved user experiences, and a greater focus on data security.
If you are looking to stay on top of the latest ERP trends in 2023, talk with the ERP experts at SMC so you can understand the market more fully and get help selecting the best solutions for your business. SMC can make sure that your business is well-positioned to take advantage of the latest ERP trends and stay ahead of the competition.
SMC is a 100% independent advisory and consulting company that specialises in enterprise software to enable your digital future.