The Magical Evolution Of ERP Industry: Now & In The Future
As a part of the trending business world, the common question we always ask, how can we manage our resources the most effective way possible.
It is, of course, by using the powerful ERP solutions that are available to manage the accounts, CRM, HRM. Back in the '90s, the ERP system was able to manage all that quite well. But in the next 30 years or so the evolution of ERP industry has had gone under major changes.
With the considerable change in ERP trends and development, the ERP industry also needed to coup up with its revolutionary changes along with the ERP software.
With the rise of ERP industry, Businesses of all shapes and sizes are noticeably benefited by implementing a complete ERP solution in the right way.
So how exactly the ERP industry has evolved and is going to make its mark in the near future? That is the question that will be answered in this writeup today.
Without wasting much of any of our time, let's start by understanding the growing trends of ERP industry, current & future evolution of ERP industry.
Growth That Made ERP Industry Evolve So Quickly
The Geographical Growth
In the last decade, there was a huge jump in the rise of ERP systems in the Asia-pacific region. This growth of this region is said to be one of the most profitable markets till now with an estimated projection of more than $9.5 billion by 2020.
Small & Medium Enterprise (SME) Growth
The rise of SMEs has seen a tremendous uplift as it was expected to contribute to the growth a great deal till 2020. In order to stay ahead in the competitive business or ERP industry, most enterprises were looking to minimize the cost of operation.
So due to great ERP incentives for SME's that include lower operational & maintenance cost the more organizations were adapting to ERP solutions.
With the growing financial & accounting needs in companies, the growth of ERP solution for the industry has taken a giant leap in the last few decades.
ERP applications for a well-functioning operational system ensures highly-capacitive and integrated business functions. Moreover, research shows the projected contribution in the financial departments by ERP solutions was expected to rise by almost 30% by the year 2020.
Cloud-Based & On-premise ERP Growth
Based on market research on the ERP industry, on-premise ERP growth currently has an expected grip of more than 57% by the year 2020.
While Cloud-based ERP due to the rise of cell phone technology and social networking platform has influenced more industry to invest more in cloud-based ERP solutions.
Therefore this triggered the ERP industry with the expectation for a rise of 10% by 2020 mainly due to its growing popularity among companies to integrate cloud-based ERP creating a hybrid system with ERP solutions.
Defense & Aerospace Growth
The services for ERP isn't just limited to retails, government utilities, healthcare, and other services. Since the year 2012, the slope of commercial aviation has experienced a steady upward pattern.
This growth has taken place due to data transparency the ERP solutions have offered to the enterprises, especially with the backup of cloud ERP that posses the ability of monitoring and controlling basic ERP related operations remotely.
As a result of that the defense and aerospace organizations projected an estimated growth of 7.9% forecasted in the period between 2014 through 2020.
Current ERP Evolution For ERP Industry
Deployment of Cloud-Based ERP
In the last few years, the cloud-based ERP deployment has become essentially popular for business companies & ERP industries. This happened mainly because nowadays the ERP solution comes with some really enhanced security and data backup benefits.
So in order to protect your important data from getting lost by backing it up in the cloud, the deployment of Cloud-based ERP has seen tremendous popularity in the ERP industries and in business firms that are solely dependent on data and information.
The security of cloud ERP has been ensured by letting only the system admin to access the required data. This has made the security system of Cloud ERP more secure and full-proof gaining the trust of companies that desires security and privacy into protecting their sensitive information going to the wrong hands or being misused.
ERP solution with Artificial Intelligence
In this decade or so the ERP based industry is tilting more and more towards the ERP solution that comes with AI-enabled features. The reason being it provides an interactive & user-friendly interface to its clients and employees.
Not to mention its ability to learn, speak, read, reply and presume the upcoming outcomes. Moreover, AI of ERP solution helps minimizes the operational cost, error caused by humans. It is also constantly improving the efficiency and enhancing the managerial models of the company.
AI of ERP solution also has the ability to perform several routine tasks conducted by the employees resulting in a more productive environment in the workplace.
It even records interviews that after analyzing help generate reports that boost in multifariousness and makes things more cost-effective.
This clearly shows how HR module of ERP solution can enhance the workability of your working needs within the company.
ERP Going Mobile
With the advancement of mobile technology, ERP has begun to go more mobile user-friendly than ever. As of now, anyone with ERP solution can manage their business operations right from their tablets or smart-phones.
Now any task related to the executive level management or planning, a user can easily get it done through their mobile phones. For online product based business, mobile ERP enables a user to get instant notifications of stock updates, purchase orders, confirmation of shipment, lead generations and more.
ERP operations done through mobile is getting more popular than ever right now and it is only going to keep booming from here on. Moreover, even the geographic limitations of business management are broken due to ERP going mobile.
With ERP mobile getting to the palm of every business owners, now the companies are getting better data insight, higher productivity scale and a better standard of services. This even witnesses better relationships being some of the more unique benefits of ERP mobile for businesses nowadays.
Better E-commerce Integration
ERP solutions now have to focus on hassle-free integration between e-commerce platforms such as WooCommerce, Magento, Shopify, etc. There is a lot of priority given to ERP solutions like WP ERP, MS Dynamics NAV, etc due to the possible integration with the e-commerce platforms.
Both eBay and Amazon are part of this integration now. And with the integration now e-commerce business owners can synchronize their e-business data with the backend data that includes order, customer, stocks, shipping, product details, invoice and more.
More importantly with this integration option, the human error of data entry has been alleviated resulting in the efficient operation of task management saving your valuable time.
Moreover, you get to include multiple stores to ERP. And based on the transaction of store it allows you to create ERP reports in order to manage the price of products.
ERP For Advanced Analytics
Investment on predictive and advanced analytics has seen a huge jump already. With sensitive data being the center of the business world, more companies are getting encouraged to invest in this sector.
Advanced and predictive analytics includes multiple sources of data, analytical models, data drilling method to foretell future outcomes of the business.
Companies are looking to analyze deeper insights into its set of big data. And due to that business firms are needed to get used to some effective ERP business suites. And finally, in order to boost business management and evolve business tactics, ERP solution unites predictive & advanced analytics.
What to expect In The Near Future For ERP Industry
Rise in Rivalry among Competitors
ERP industry those who are dominating in the market are already facing stiff competition. This will only increase in the coming years to come with ones penetrating the market. While the ERP solution of SaaS is quite popular at the moment, but in the future, ERP app from other platforms will also chip in to give tough competitions.
ERP systems in the years to come will be expected to pay enough attention to see how it supervise the latest trends of handling large data and querying.
While tools like Microsoft excel might still be the most popular one but other new tools will also bring diversity in terms of providing new options to the users.
Emphasis on Social Media & Digital Marketing
Even though currently, ERP mostly focuses on business operations rather than marketing. But in the near future, this will change drastically with ERP trying to integrate itself more towards the social networking arena.
According to recent research, the user base of social media will be touching the figure of around 2.77 billion by the year 2021.
So for digital marketers, business analyst, marketing managers, this number is too big for them to ignore.
This is why in order to be in the competition ERP systems for ERP industry will try to incorporate directly into marketing and data collection gathering valuable links through every social networking channels possible in the future.
Popularity for SaaS & WordPress ERP
When it comes to the conventional ERP solution, it is stored mostly on the servers. This means you will have to bear its hardware maintenance and scalability, data backup and all its hardware cost in the future.
But with SaaS bases ERP solution, the applications are basically stored in a cloud-based server. This cuts down the cost of maintenance and enables users to update and scale much faster than the traditional one available in the market.
Also ERP as a solution for WordPress users, its popularity is already rising to its peak. It is more so due to the user-friendliness and solidarity it possesses & brings to the business management of the ERP related enterprises.
WordPress based ERP solutions are not only feature-rich but you also get value for money for its services with its cost-effective management system. Moreover, it doesn't take up any of the office space due to large servers either. So these are the reasons the popularity of SaaS and WordPress ERP solutions for organizations and industries are only expected to rise and get bigger in the coming years to come.
Evolvement of IoT
Now that more products and devices are getting connected to the internet hence into the ERP system more and more data can automatically be feed in.
This just proves to be too big of an advantage to ignore at the moment. And now this just adds more fuel to the evolvement of the Internet of Things (IoT). As it is here and will stay for a long time from here on.
This facility enables you to have better oversight of the shipping partners, appliance productions, supply chain and more. Moreover, it helps you make a better decision, as it provides you with an overall idea about the company data pool.
All the enterprises need to stay up to date with the IoT technologies in order to stay ahead of the game. So that it gets easier to deploy in the near future. What kind of data to expect from such deployment and how it should be operated is essential for them to find out.
Only a clear idea and knowledge of its fundamentals will allow the ERP buyers to differentiate between the new features of IoT that got introduced to the market by giant ERP producers like Microsoft.
Subsidiary for ERP
Now, this is a cost-maintaining drift that is bound to get popular among the medium to large sized business enterprises. There will be multiple subsidiaries that will overlook the aim of ERP that entitles to manage the entire business and the deploying of those sections that are relevant to any distinct location.
Through organizations, it will be getting quite easier to deploy SaaS-based tools, as more and more of ERP solutions will get delivered by the cloud.
On a trial basis, more medium to large companies will think about replacing ERP as a whole for their business operation and would want to try out SaaS-based ERP for a change.
This strategy will be able to identify the potential fitness of ERP's implementation into the existing on-premises. Or whether it needs to be replaced in the whole enterprise for a better application.
ERP Solution In The Development of ERP & Business Industry
There has been a steady growth in the development and progress of ERP and business industry. And there is no doubt that the development in ERP and business industry made a huge turnaround with the help and proper implementation of the right ERP software.
Over the last decade or so the growth of ERP industry has gone haywire. Now, this has made ERP solutions to adjust and become proactive to serve its cause of being at its best in terms of managing the HR, CR and Accounting needs of business firms.
Most ERP software nowadays provides services to ERP industries that fulfill the basic requirement of managing the clients, employees & accounts. The options for finding the right choice of ERP software for your business are endless. But picking the right one for your organization is highly essential.
In case you are looking for an all-in-one ERP management tool that takes care of all your HR, CR and Accounting related issues, then you may want to try the –
This is a plugin that efficiently takes charge of your Human Resources, Client interactions and Accounts management in order to help you sustain seamless business management.
And it is a proven fact now that with the right investment and implementation of ERP solution such as WP ERP in your business & ERP industry, it is bound to get the boost you have always been looking for.
So let's not waste time and implement a practicable & feasible ERP software for your business or ERP industry today !!