In the past few years, the ERP market has become popular among businesses providing enterprise-wide solutions. Such solutions have a variety of functionalities. They allow ERP solutions to be integrated with business solutions. These solutions are scalable as per growing business requirement. ERP software development will witness a major shift. The market will evolve with wide changes made in pricing models along with deployment methods and vertical market adaptations. Advancement in technologies allows businesses to provide intuitive as well as user-friendly solutions to the clients. These solutions can be customized as per the inherent needs of the clients.
Various cloud deployment models like SaaS is already creating a buzz among various enterprises. The most popular pricing model among businesses right now is pay-as-per usage. The availability of ERP Cloud solutions from anywhere and anytime makes them even more attractive.
We can expect a wide range of upcoming offerings from these ERP solutions. Let’s discuss the top emerging trends which are going to influence the growth of the ERP market.
Firstly, the user-friendliness of any solution plays a key role in its success. The adoption of any solution by the users drives its sales. ERP vendors will now pay special attention in making the user-interface, intuitive and user-friendly. Easy-to-use ERP features and dashboard will influence the new generation users. It will lead to increased adoption of modern ERP solutions by these users.
Secondly, mobility enabled by these solutions will also play a key factor in their adoption. Access to business operations through mobile devices will allow users to be on top of the business. They can view and manage the back office as well as front office operations from anywhere and at any time. All this will be available to the users’ smartphones. Business managers and executives can now manage important business operations, seamlessly. Mobile ERP will provide unmatched flexibility to the businesses. Mobile-first approach will become the key functionality of modern ERP solutions. ERP development companies will have to adjust to the new reality of the market. With the increase in smartphone penetration in the market, these mobile ERP will certainly rise.
Thirdly, there is an increased demand for seamless integration of ERP solution across different applications and platforms. For example, integration of ERP with CRM will become automated and without hassles. It will offer a wide range of benefits to the businesses. They include businesses to access the real-time data as well as tracking orders of customers. Integration of ERP with existing applications will significantly reduce the software and hardware costs. Modern ERP solutions will bring down operational expenditure. This will drive their growth in the market.
Fourthly, the emergence of cloud-based ERP solutions will give tough competition to IT giants such as Oracle and SAP. The rise of SaaS will occur due to the various benefits it offers. It includes automatic updates, increased security, patch management and universal accessibility. The increased demand for multiple version of ERP software will provide great momentum in their market growth. A Cloud ERP solution will offer various benefits and functionalities to small businesses. Businesses with budget constraints will benefit directly. This will allow these small businesses to utilize the benefits of ERP solutions. All of this will occur without a significant rise in IT spending.
Internet of Things has transformed various industries. It offers seamless network connectivity to different physical devices connected to the system. It allows the exchange of data between these devices over a specified network. It occurs without the requirement of human intervention.
At last, the increased adoption of IoT by the users along with ERP will open new avenues. It will make modern ERP solutions more intelligent, flexible and operate on a real-time basis. It will allow the businesses to gather, analyze and process the data from different devices. Using this, they can offer a better solution and services to their customers. It will lead to the emergence of the customer-centric approach and strategies among the businesses.
ERP solution market is going to evolve in the coming years. The above trends will hugely impact the market growth of ERP solutions. There will be small changes in the trends which will reflect in modern ERP solutions. There will be increased adoption of cloud-based ERP solutions. They will challenge prominent ERP systems such as Oracle ERP system. However, some are skeptical of these solutions due to recurring subscription cost. There are other issues, few of them are related to data privacy on the cloud. The mobility provided with these new solutions will allow the business manager to access data. They will be able to do it from anywhere, at any time. This will increase the adoption of mobile ERP systems among various businesses.
Emerging technologies such as IoT will lead to evolved ERP solutions. There will be increased integration of ERP solutions with the existing modules. It will help the businesses to bring down the cost of operations. This will lead to the emergence of more matured solutions.
All these developments will allow the ERP vendors to offer more customized solutions to a wide range of businesses. These customized solutions will directly address the specific requirements of the businesses. Influence of these developments on the IT strategies of the businesses across the globe will be worthwhile to see.