5 ERP Trends That will dominate the industrial projects
1. Leaving behind the legacy
More and more companies are starting to realize the pitfalls of their legacy systems. The main problem with these applications is that the technology behind them has become obsolete and increasingly more difficult to manage and maintain, and industries like insurance and banking are feeling this the most. In Fact, The Globe and Mail say that legacy systems are the banks’ greatest threat.
Of course, there are other incentives to replace your legacy system – lack of support, inability to scale, and lack of features, to name a few. Some companies choose to cling to their outdated monolithic software for reasons like extreme risk aversion, cost avoidance, or maybe even nostalgia. However, realizing that they cannot keep postponing the inevitable, more and more organizations are opting for legacy system replacement.
To minimize the risk factor and fare on the safe side in this sizable undertaking, look for vendors that will offer you the option of agile implementation. That is, if your new solution is implemented incrementally, it will be designed, tested and deployed in parts. This way, you will be able to tackle any issues beforehand and waste no time in taking advantage of your new system.
2. Revamped user interfaces (UIs)
An ERP system is only as good as its users. In other words, even the most sophisticated software is ineffective if it doesn’t have the right user interface. Modern ERP systems need to have this figured out if they are to remain relevant and competitive. Ideally, UIs should be simple and intuitive enough for users to figure them out without spending copious amounts of time reading manuals.
Moreover, an ERP UI has to be configurable Employees from different parts of an organization have different needs, hence, different screen requirements. As such, they must be able to set up their ERP system in such a way that they see screens relevant only to their positions.
3. Competitive pricing
Competition, new technologies, and improved, more efficient business processes have resulted in more competitive pricing, which is definitely to the advantage of consumers. Owing largely to cloud computing, pricing models have become increasingly flexible and much more economical. Instead of incurring expensive hardware costs and having to pay large lump sums for licensing, more and more customers are now opting for subscription “per user” payment systems.
4. Intelligent ERP
Intelligent ERP or ERP is a concept that has recently started to generate considerable buzz. The idea behind it is that it no longer suffices to simply have an ERP system – if you want to stay on top of things, you have to have an ERP with capabilities like machine learning, artificial intelligence (AI), advanced analytics and enhanced business processes. In short, iERPs are expected to learn and evolve through analyzing all the data processed through them. This will result in better analyzing, predicting, and forecasting, which, in turn, will translate to enhanced business processes and more efficient use of resources for companies.
5. A reinforced focus on security
With the constant security threats, new regulations, and increasing amounts of data being processed by ERP systems, the need for security is felt as acutely as ever. According to the ERP Cybersecurity Survey 2017, 89% of respondents expect the number of attacks on ERP systems to increase in the upcoming 12 months. And given that company ERP systems not only contain confidential inside information but also extensive customer data, it comes as no surprise that ERP security is a pressing concern for buyers and vendors alike.