Enterprise Resource Planning (ERP) systems have been an essential tool for businesses for many years. It’s helping them to streamline their operations and improve efficiency. Over the years, these all-in-one business solutions are growing more and more.
However, the COVID-19 pandemic has highlighted the importance of these systems even more. As companies have had to adapt to remote working and new ways of conducting business, ERP systems have played a crucial role in keeping things running smoothly.
In this blog post, we will look at how ERP has evolved and discuss some of the future trends we can expect to see in this area. From cloud-based systems to artificial intelligence and machine learning, the future of ERP is looking bright, and we can’t wait to see what’s in store!
How ERP has evolved over the years with trends
The global growth of the ERP software market will rise to $181.5 billion in 2023. The top ERP consumer right now is the manufacturing industry (33%), where the information technology sector stands in the second position (14.85%).Finance Online
ERP systems have come a long way since their introduction. In the past, managing financial and accounting functions were the primary focus of ERP systems. However, over the years, ERPs have evolved to include a wide range of features and capabilities, such as human resource management, customer relationship management, and supply chain management.
With the introduction of new technologies, ERP systems have also become more user-friendly & mobile-friendly. This has made it easier for businesses of all sizes to access and use ERP systems, improving their efficiency and productivity.
As technology continues to evolve, we can expect to see even more advancements in ERP systems. Such as the integration of AI, more integrations with others, and machine learning. Overall, ERP systems have evolved over the years to keep up with the changing needs of businesses and technological advancements. We can expect to see even more exciting developments in the future.
Top ERP Trends You Should Look Now
As technology gets more advance & accessible, we can expect to see several exciting ERP trends in the coming year. Here are some of the notable ERP trends to look out for in 2023 –
- Increased adoption of cloud-based ERP systems
- More focus on Accounting modules
- ERP for remote work
- Increased integration with other businesses
- Growing demand for industry-specific solutions
Whether you’re a small business owner looking to improve your operations; or a large corporation looking to stay ahead of the curve, these ERP trends are worth paying attention to. So, let’s dive in and explore the future of ERP together.
1. Increased adoption of cloud-based ERP systems
One of the most significant trends that companies need to look out for in 2023 is – the increased adoption of cloud-based ERP systems. Cloud-based ERP systems are becoming increasingly popular among businesses of all sizes. They offer many benefits over traditional on-premise systems.
One of the main benefits of cloud-based ERP systems is that they allow for greater flexibility and scalability. With these systems, businesses can easily expand their ERP capabilities as needed, without the need for expensive hardware or software. Additionally, cloud-based ERP systems can be accessed from anywhere. Making it easier for businesses to work remotely or with employees in different locations.
Another key benefit is that cloud-based ERP systems are typically more cost-effective than on-site systems. As they require no upfront capital investment, they are easier to maintain. With the increasing adoption of cloud-based systems in the business world, companies that are considering implementing an ERP system should consider a cloud-based solution as it will bring more benefits and provide more flexibility.
2. More focus on Accounting modules
Another trend that companies need to keep an eye out for in 2023 is – the increased focus on accounting modules and optimization. Accounting is a crucial part of any business. Companies must have access to accurate and up-to-date financial information.
With the rise of new technology, ERP systems now offer more advanced accounting modules that provide a more complete view of a company’s finances. These modules are designed to automate tasks such as invoicing, accounts payable, and accounts receivable; making it easier for businesses to manage their finances. Additionally, these modules are now optimized to work seamlessly with other ERP modules, such as HRM, CRM, and more. Providing companies with a view of their complete operations.
Companies should be looking for ERP systems that offer advanced accounting modules that are integrated with other modules, to improve efficiency and decision-making. This trend of optimization will help companies to achieve better financial results and to track their expenses and revenue with ease.
3. ERP for remote work
The trend of remote work has accelerated in recent years, and it’s a trend that’s here to stay. As a result, companies need to look out for ERP systems that are specifically designed for remote work in 2023.
Remote work requires an ERP system that can be accessed from anywhere, at any time, and on any device. This means that companies need to consider cloud-based ERP systems that are accessible via web browsers or mobile apps. As they allow employees to work from anywhere, whether they’re at home, in a coffee shop, or on the go.
Furthermore, companies should consider ERP systems that provide security features, such as data encryption, to ensure that sensitive information is protected. With the increasing trend of remote work, companies should focus on finding an ERP system that is specifically designed for remote work and provides the necessary tools and features to support it.
4. Increased integration with other businesses
Increased integration with other businesses is an important trend to look out for in the field of ERP in 2023. More and more businesses continue to expand and operate in a global marketplace. So, the ability to seamlessly connect and share data with other organizations is becoming increasingly important. This can be achieved through the use of advanced ERP systems that provide integrated solutions for different business functions such as accounting, inventory management, and customer relationship management.
By integrating with other businesses, companies can simplify their operations and reduce costs. Additionally, with the growth of technologies such as cloud computing and the Internet of Things (IoT), the ability to connect with other businesses through ERP systems is becoming even easier. As a result, businesses of all sizes are expected to increasingly adopt integrated ERP solutions to stay ahead of the curve in the coming year.
5. Growing demand for industry-specific solutions
An interesting trend to look out for in the field of ERP in 2023 is – the growing demand for industry-specific solutions. As businesses in different industries have unique needs and requirements, a one-size-fits-all approach to ERP is no longer sufficient. Companies are looking for ERP systems that are tailored to the specific needs of their industry, such as healthcare, retail, or manufacturing. These industry-specific solutions allow businesses to maintain their operations with improved efficiency.
One example of this trend is – the ERP systems for the healthcare industry. These systems allow healthcare organizations to manage their patient records, billing, and supply chain management more effectively and securely. Similarly, retail businesses are increasingly adopting ERP systems that are specifically designed to manage inventory, sales, and customer data, which can help them to better understand their customers and improve their sales.
As businesses continue to seek out more specialized solutions, more ERP vendors will likely begin to offer industry-specific options. This will allow companies to select an ERP system that is tailored to their specific needs, and to gain a greater return on investment.
Overall, the growing demand for industry-specific solutions is a trend that will continue to shape the ERP market in 2023 and beyond. Businesses looking to stay ahead of the curve should consider this trend when choosing an ERP solution.
What Does the Future Hold for ERP?
In recent years, the use of cloud computing and the internet of things has made it easier and more affordable for businesses to use ERP systems. But what other changes can we expect in the future of ERP?
One trend that is becoming more popular is the use of artificial intelligence and machine learning in ERP systems. This allows the software to make predictions and decisions on its own, which can help businesses save time and money.
Another trend is the use of mobile ERP, which allows employees to access and use the ERP system from their smartphones or tablets. This is especially useful for businesses with employees who are always on the go.
Overall, the future of ERP is likely to see more use of cutting-edge technologies, greater flexibility, and more industry-specific solutions. Businesses that want to stay ahead of the curve should keep an eye out for these trends when choosing an ERP system.
How WP ERP is catching up to these top ERP trends of 2023
As these trends get more mainstream, there’s a chance for existing ERP solutions to use them for their own benefit. And as a pioneer in the ERP industry, WP ERP is already working on these trends.
As cloud-based ERP is getting more trendy, WP ERP is already established as a well-known cloud-based ERP solution. Improving and implementing more cloud-based practices in the codebase, WP ERP has definitely become a better cloud-based solution.
One of the specialties that made WP ERP more special is its Accounting modules and remote work options. Ever since the pandemic, WP ERP understood the importance of managing company financials and remote work culture. Hence, it has the best accounting modules & remote work-friendly environment that every user love.
As for industry-specific ERP solutions, WP ERP has developed and enhanced its feature to serve industry-specific leaders to help manage their companies. To back these up, they have many success stories as well. Overall, WP ERP is steadily improving to catch up to these top trends in 2023 and will continue to grow.