The ERP market has fast evolved with vendors offering enterprise-wide solutions and organizations will not let inflexible system solutions get in the way of holistic digital transformation. Enterprise resource planning (ERP) software concept is years old and exists to keep organizations running smoothly as it can be integrated into other business solutions, and are scalable to growing business needs. As of late, it is shifting more towards cloud service applications. ERP software is delivered in a modular such as finance, HR, sales, production, etc. and customers choose which modules they need to completely address every operational aspect of their business. For the company, it an essential tool for helping businesses in streamlining processes as well as building efficiency, accuracy, and speed of operation.
Many ERP software is addressing the pricing problem by dropping the cost of individual modules to compete with their cloud service competition, and many are moving to cloud delivery in the process. ERP framework attempts to address all aspects of organizations and hence it is difficult to integrate new technologies and features in the ERP framework. Nonetheless, ERP has great potential to address the future needs of the organizations.
With the rise in Cloud Services, the ERP which was offered on-premise solutions with hardware cost and maintenance fees, now Cloud is changing the game. The overall cost of ERP was a burden on small businesses but with Cloud, online deployment of service has cut the price significantly. Small businesses do not need to worry about expensive systems and their management. Customers can choose to avail only the modules that they require, giving them more control over their budgets. SaaS ERP solutions are now dominating the market because of Cloud Service. Cloud-based models will be useful to SMEs with a limited budget as they can reap the benefits of ERP solutions without making significant IT spending.
AI and IoT
ERP software is offering built-in add on the system to integrate AI and IoT as these two are penetrating every aspect of the technological world. The ERP software which lets integration of AI is known as iERP. It provides companies with a significant edge through innovative data processing, helping in transforming business data into actionable insights. As more devices and products are connecting to the internet, more data can be automatically funneled into the ERP system. The data-driven ERP can significantly benefit from IoTs. Harnessing this data will lead to unprecedented growth in any organization.
Most popular ERP options to choose from:
- Oracle ERP is designed to drive innovation, enhance business productivity
- NetSuite ERP is a complete and scalable ERP solution that streamlines business processes.
- SYSPRO is an industry-built ERP software that simplifies planning, execution, and control production processes.
- Sage Business Cloud Enterprise Management offers financial, supply chain, and production management
- Sage Intacct is a flexible accounting and financial management software built for businesses of all sizes.