Together with the fourth industrial revolution, the Enterprise Resource Planning system industry continues to evolve rapidly. Thus, acknowledging the future of ERP and preparing for these become very important for businesses. In this article, we will present to you the 4 upcoming trends of an ERP system and how they affect your businesses.
1. More On-premise Users Switch to Cloud-Based software
Over the last few years, the growing trend towards cloud-based software has been changing the interface of the ERP system market as most on-premise ERP users choose to switch to a cloud-based platform. This is because small and medium-sized enterprises do not need to maintain an in-house infrastructure with cloud-based solutions, which allows businesses to save costs, strengthen security walls, and reduce the risk of data losses.
2. Blockchain Integration
Forthcoming ERP systems are predicted to integrate with blockchain systems. While ERP systems can be used to manage the resource and improve the efficiency of the operational process in enterprises, blockchain can serve as an efficient data management system. It can operate as a supplementary application to an ERP system to strengthen transparency, empower immutability, tighten security and access control.
In detail, ERP and blockchain integration can aid in verifying identities and securing transactions. Being reputed to be the secured platform, blockchain technology is used by many financial companies to authenticate and verify the statistics within an ERP system. Therefore, financial institutions are gradually upgrading their systems to enhance their services.
3. Artificial Intelligence
In the near future, Artificial Intelligence (AI) will help ERP companies enhance their ERP system by applying machine learning and natural language interfaces. AI-driven ERP software is likely to be more and more popular among business management systems in the next few years.
The AI application in ERP system software provides deep insights that enable businesses to increase their operational efficiency as it is predicted to give a much higher performance in many aspects such as advanced analytics or forecasting.
AI built-in ERP systems have advanced analytics as it has the ability to work with massive amounts of data which allows the system to display real-time accurate data. For instance, AI can analyze the purchasing behavior of buyers, hence helping you to customize or personalize your products and services to suit each customer.
Furthermore, AI-driven ERP systems can also assist businesses in terms of forecasting such as generating a forecast report for the future based on historical data. For example, it can help to determine monthly, seasonal patterns of businesses and suggest a suitable amount of production. These accurate predictions can reduce costs and increase productivity for companies.
4. Focus more on Cybersecurity
Nowadays, ERP software serves as the backbone of an enterprise consisting of the credential databases from Sales, Inventory, Customers to Finance and Accounting. It’s crucially important that organisations start to put some focus on Cybersecurity by protecting their ERP system from Malware or Ransomware. Therefore, ERP Software in the future is predicted to be more secure than today. By integrating with cutting-edge security measures in place, ERP systems will be able to combat serious cybercrimes.
With the focus of attention on cybersecurity, ERP solutions will be seamlessly updated in the future. This requires businesses to keep their employees always ready for revolutionary changes. When a former-released version is no longer reliable, the business will have to adapt to various smaller releases to prepare for one big release. In this envisions, businesses need to invest in staff training and upgrading of skills.
SYNERGIX E1 ERP SYSTEM SOFTWARE
Synergix E1, developed by Synergix Technologies is a fully-integrated cloud ERP software in Singapore. Our company is committed to pursuing innovation while upgrading our ERP system from time to time with new features and widgets.
Among ERP companies, Synergix Technologies is proud to be a pre-approved vendor for Productivity Solutions Grant (PSG) recognised by IMDA. We work closely with government agencies to assist businesses in applying for Singapore Government Grant.
Contact us today to set up a free consultation or request for a free demo!