The Enterprise Resource Planning (ERP) software has been useful for enterprises, industries, and companies in automating their processes, enhancing efficiency and productivity. The technology adoption by the companies and consumers has brought a significant transformation in the application itself. The application was considered as a complex thing in terms of technology and functionalities. Of late, the ERP solutions are much easier to operate, no expertise required and it will fit into your business process with few customizations. There are many modules available in the suit and you can choose those as per your requirement.
It is speculated that by 2025, there would be many changes in the ERP system due to the integration of the technologies like AI, blockchain, and IIoT. Many industries and companies will benefit from the using the modern ERP application. The application will not only useful in streamlining the operations but also it helps in taking a smarter decision.
There are many predictions by the ERP pundits (Consultants and experts), let’s have a look at few technologies which could make a big difference in ERP platform by 2025.
Industrial Internet of Things (IIoT) in ERP Software:
Industries are keen to adopt the latest technologies like IIoT. ERP consultants and experts believe that there would be a huge demand for the industry 4.0 enabled applications.
According to Global Manufacturing, as many as seven out of ten ERP vendors and resellers are developing solutions that are Industry 4.0 ready. They are doing this in expectation of a boom in Industry 4.0 technologies, and a growth in manufacturing processes that embrace the principles of this much anticipated fourth Industrial Revolution.
The Industry of Things World 2017 Report shows us, 62 percent of international industrial companies expect IIoT to enable new business models and revenue streams.
In future, the combination of IIoT and ERP could give real-time information over the health of your industry process. The application would help the decisionmakers and executives to take better decisions in regard to their industrial process and productions.
Artificial Intelligence (AI) in ERP Application
Artificial Intelligence (AI) is poised to take over ERP functions. ERP vendors are adding new features in the ERP system using the latest technologies like AI. In future, AI would become a standard feature and platform for ERP application.
The integration of the AI technologies in the ERP would be useful in making smarter decisions in operations, logistics, and manufacturing. And, it will augment lower-level staff to make smarter decisions in regard to their job using the insights of AI enabled ERP application. In future, there could be a slight change in the business decision making process in the corporate world as AI would help in making smarter decisions.
Cloud ERP Solutions and Mobile Apps
There will be a huge demand for the cloud-based ERP applications and mobile applications by 2025 due to the faster digitization process. Enterprises, industries would prefer to use the cloud-based ERP software. When it comes to manufacturing industries, the cloud-based ERP with the integrated technologies like AI and IIoT would be a bliss for these companies.
The cloud-based ERP market grew at a CAGR 6.38 % in the period 2011-2015 and in the period 2016-2021, the growth rate is expected to be at 8.30%, according to the recent research report published by Azoth Analytics “Global Cloud ERP Market: Trends, Opportunities, and Forecasts (2016-2021).”
Implementation of Blockchain in ERP System:
In the manufacturing sector, there would a big transformation in the supply chain arena and the companies would be looking for safer transactions and smart contracts with their counterparts. Here comes the implementation of the blockchain technologies, it’s nothing but a distributed ledger system, which decentralizes the distributions and makes transaction or contracts much more secure.
In future, the integration of the blockchain in the ERP system could bring many significant changes in the business environment. The rises of the digitization will drive the demand secure application in the future.
The future of the ERP software is bright, so as the technology environment thanks to the innovation and adoption of leveraging technologies like AI, IIoT, and blockchain. For enterprises, the advancement or the latest version of the ERP software solution would be more beneficial as it would have all the features to achieve operational excellence.
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