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Executives and C-level decision-makers are often pragmatic and think outside the box to manage the mission-critical processes that hinder growth. Enterprise resource planning (ERP) is the new-age technology trend developed to empower business lines that are being shackled by age-old legacy systems. ERP software solutions have gained significant attention in recent times to drive growth ingrained with innovation. Moreover, ERP adoption has become a norm for small and mid-size companies searching for better ROI. 

ERP software solutions help you manage critical business processes like finance, supply chain, HR, marketing, and sales. Hence, you can sprint ahead of the growing market competition. On the other hand, with the rapid evolution of technologies, business goals, and customer expectations, ERP software vendors are revamping the functionalities and features of existing modules. Companies should chase the numbers and nurture the right audience at the right time. 

Recent studies state that the global ERP software market is expected to garner $41.69 billion by 2020, registering a compound annual growth rate (CAGR) of 7.2% during the forecast period (2014–2020).

Latest trends in ERP software solutions in 2020 

1. Cloud solutions: The future of ERP software solutions 

Cloudification” is the current fad across many industries. Gone are the days where everything was manual and time-consuming. Now, cloud solutions are being used to cut down on the costs of purchasing, installing, hiring, and maintenance. Cloud ERP software solutions help growing businesses with real-time data visibility, effective decision-making, and improved productivity.

The global ERP market was valued at $36.49 billion in 2018 and is expected to reach a value of $60 billion by 2024, at a CAGR of 8.66% over the forecast period (2019–2024).

2. Customized ERP solutions: No one-size-fits-all approach 

Every business has unique goals to meet and achieve. Migrating to ERP software solutions is not merely about investing and availing the services in one go. Perhaps it needs a lot of customization and business challenges must be identified. While adopting ERP software solutions, companies will prioritize modules to be upgraded and streamlined for impeccable operations. Furthermore, ERP modules are flexible and allow companies to integrate with third-party APIs for more efficacy. 

3. Mobility: Availability on the go 

Smartphones and other digital access devices have changed the phase of ERP systems. Today, most companies are opting for cloud ERP software solutions to use services on the go. It enables both business owners and employees to get real-time data for quick decision-making. Many ERP vendors are developing mobile-compatible solutions to nurture the client and customer experience. Any digital device with an internet connection can access the services without any workflow disruptions.
Mobile ERP solutions will further improve the customer experience. For instance, manufacturing businesses can overcome the challenges of the delayed delivery process. Mobile ERP software solutions embrace real-time notification features that help both business owners and end-users track the shipment in real-time. If there are any challenges or delays in delivery, they get notified instantly without affecting the customer experience.

4. Personalization: Improve customer retention and sales 

The customer buying journey varies from generation to generation. Most Gen Z customers are expecting personalized discounts and special offers that allow them to shop online. ERP software systems keep track of user behavior and send timely notifications that drive more engagement and convert them to valued customers. The new-age ERP solutions help you stay ahead of the market competition with a personalized omnichannel experience.

73% of buyers point to customer experience as an important factor in purchasing decisions.

5. ERP with IoT: Convert data into actionable items 

ERP and the Internet of Things (IoT) integration has been a trending strategy for quite some time now. The IoT plays a vital role in today’s digital transformation journey. By integrating ERP software solutions with IoT devices, you can get real-time data and convert that data into actionable items. IoT sensors will collect heaps of data and connect it to the ERP system, where it is processed and streamlined to improve productivity.

For instance, warehouse shelves that can track available inventory and send back that information to the ERP system will improve inventory management. It helps growing eCommerce businesses with real-time inventory visibility across all channels.

In a recent IFS survey, only 16% of the 200 manufacturing and contracting executives surveyed said they consumed IoT data in their ERP systems.

6. Artificial Intelligence and Business Intelligence: ERP software solutions trends in 2020 

Artificial intelligence (AI) is the latest trend in the ERP industry. AI helps organizations to revamp their business strategy by replacing unnecessary manual interventions. ERP software solutions empowered with AI technology will streamline operations and make data conversational and actionable. It significantly reduces the chances of errors and tedious processes. Moreover, companies can build AI-powered chatbots to improve customer engagement.

Every business is seeking to achieve their desired goals and chase the numbers. ERP software solutions with business intelligence (BI) enables real-time statistics through customized dashboards. Hence, every decision-maker can have deeper insights into business operations. It helps to identify the KPIs and chart growth by optimizing operations and resources.

7. Social ERP: The latest trend in ERP software solutions 

Social media has changed and expanded the landscape of businesses. Regardless of the scale, most businesses have a social media presence to gain the attention of online customers. On the other hand, millennials and Gen Z customers are exploring social media channels for better shipping and comprehensive shopping experiences. ERP software solutions integrated with leading social media channels would improve the brand’s value and trust factor through an omnichannel experience.

Research shows that organizations with social ERP are two to five times more likely to have real-time collaboration across divisions and departments. It also helps in personalizing the brand with exclusive offers and push notifications.

Looking for the next big break? Get in touch with Amzur’s NetSuite experts to understand the journey of new-age cloud ERP systems. We have been involved in every side of ERP implementation and consultation. Our customized NetSuite Cloud ERP software solutions can help you sprint ahead of the marketplace.

Start your digital transformation journey with NetSuite Cloud ERP