ERP Trends For 2023

Enterprise resource planning (ERP) is a software that manages a company’s business operations more effectively. ERP solutions have improved operations such as accounting, human resource management, purchase, sales, production, planning schedules, and e-commerce.  

ERP systems are an inevitable part of any business, irrespective of size and form. It is adopting new technologies for a broader range of operations. This happens as more companies implement ERP systems in their firms.   

The pandemic demonstrated the importance of monitoring and controlling a firm remotely. ERP solutions helped achieve this during that period. And they continue to do so even now and the trend is continuing.  

ERP allows transparent and remote business operations. It also benefits a company that controls and tracks the work of its employees from anywhere in the world.  

The blog discusses the major ERP trends to track.  

ERP Trends 2023

Cloud Adoption

Cloud ERP is going to be a major attraction in 2023. Cloud-based deployment models aren't recent. In fact, they have been around for a while. However, experts expect cloud-based ERP adoption to skyrocket.  

Earlier, ERP software was only available as an on-site solution. But this solution was costly for small and medium businesses because of high startup and hardware costs.  

Furthermore, ERP users were hesitant to store their company's data in the cloud. More organizations are entering the cloud-hosting market now. This improves cloud computing technology and makes ERP solutions available to small and mid-sized businesses (SMBs).  

More businesses are shifting their data to the cloud to manage and update their systems with less investment. SaaS solutions would dominate the ERP market as a result of their performance.  

Two-Tier ERP

Globalization with localization is the current trend in the market. Businesses continue to spread their wings in the international market. However, they also wish to dig deep into the domestic market.  

The two-tier ERP scheme focuses on customizing the ERP tool to meet global and local requirements. ERP satisfies the needs of both large corporations and small businesses.  

Historically, many companies have sought to deploy a single ERP system for headquarters and all regional offices and affiliates. But in practice, that approach was often costly and very challenging to implement. 

Subsidiaries often had special needs and they did not require the full functioning of corporate systems. They often struggled with a one-size-fits-all approach. As a result, we will be witnessing a two-tier ERP as a top trend. 

Two-tier ERP allows companies to exploit existing ERP solutions at the corporate level (tier 1). At the same time, branches and divisions use a separate ERP solution (tier 2). 

This is frequently cloud-based. This strategy has a number of advantages. One perk is the fact that it is less expensive than converting the ERP system to function for the whole company.  

A tier 2 approach is easier to implement, and it gives subsidiaries more flexibility. This comes in handy while adapting to changing market conditions. Furthermore, the two-tiered model could be best suited for high-growth companies.  

Artificial Intelligence or AI integration

AI integration is a common trend in many sectors, and it's been a hot topic in the ERP industry for years. Companies need to collect a vast number of complex and unstructured data. One can use Artificial intelligence to analyze for more efficient use.   

Intelligent ERP, also known as iERP, is a business management software with AI. One can use it to analyze historical data. It makes use of information from various departments to create more efficient workflows.  

It also helps make better decisions, minimize errors, and automate hours of repetitive processes. In terms of increasing business competitiveness and reliability, ERP is a game-changer.  

Mobile ERP

A mobile-ready ERP solution is one of the most trending technologies a modern ERP solution needs to include. These ERP applications allow users to manage business processes on tablets and smartphones with internet access anytime and anywhere.  

Mobile ERP software improves communication across the departments and vendors/suppliers. It reduces the probability of service delays and business losses. Organizations that want to adopt this technology would gain growth, increasing agility and cost control.

Internet of Things (IoT) Integration

Organizations get a lot of benefits from integrating IoT and ERP software. This integration allows businesses to use sensors to collect, evaluate and assess large amounts of data.  

One can also closely monitor the production process using real-time information about the performance of the machines.  

What Is NetSuite ERP

NetSuite is an end-to-end enterprise solution with a lot of features. This ERP framework optimizes business processes, roles, and actions in cloud-based platforms. 

The solution also allows companies to respond quickly and efficiently to evolving business needs. With the aid of NetSuite, businesses quickly incorporate and extend their operations to different locations, increasing their sales.  

1. Process Efficiency In Organizational Activities

NetSuite ERP brings separate business activities together. They include Order management, fulfillment, invoicing, cash collection, cost approvals, and financial consolidations. It has the power to improve all of them beyond comparison. As a result, organizational operations are more effective.  

2. Real-Time Data Access

Higher integration capabilities, faster response to customer needs, immediate updation, and greater connectivity are just a few advantages of real-time data access. This is possible with a NetSuite cloud ERP application for a company's operations.  

3. Improved Information Sharing

ERP software helps effectively transfer relevant data through all departments to increase business operations and simplify operations. A NetSuite cloud ERP system is easily accessible via the internet. Therefore, any approved employee can connect to the system anytime from any location. This helps him or her to get the most up-to-date information.  

4. Extending the Process to Customers, Suppliers, and Partners

A business enterprise has various divisions, each with its own operating procedures. In NetSuite ERP, one can plan these business operations ahead of time. Integrating NetSuite helps to speed up process cycles and increase responsiveness, resulting in a more efficient workflow.  

5. Increase Data Security

The NetSuite Cloud ERP software uses several layers of encryption to ensure that important data is kept secure. An employee can access individual accounts managed by an admin panel.  

What’s Next? The Future of ERP

Organizations will likely accelerate their move to cloud ERP solutions. This will happen when they understand that moving ERP to the cloud makes it far easier to achieve speed and agility. Those companies that have already invested in cloud ERP will search for new ways to leverage the cloud's capabilities.  

Organizations will continue to concentrate on ensuring that one configures ERP software for remote work in the near future. This includes increasing process automation, mobile ERP functionality, safe remote access, and promoting remote training.  

Another development to track is the continuous growth of ERP supply chain management capabilities. This enables organizations to protect themselves from disruptions in the supply chain. They can also deal with rapid changes in the global economic climate.  

Jobin & Jismi, an Oracle NetSuite Solution Provider, can guide you more on the trends and the strategies to go with the trend. We offer you comprehensive support for the integration and development of the ERP solution.