The most compelling thing about innovation is the exciting possibilities that come with it. ERP software seemed settled for many years, but cloud, mobile, and big data have shaken up the market. The reincarnation of ERP has been a decade-long journey that evolved into a more versatile and multi-faceted tool that helped small, medium, and large enterprises re-invent their business strategy.
ERP today is more ubiquitous, more responsive, and flexible than ever before. They work in a way that has not been previously experienced. There is more collaboration through mobile, social and traditional platforms.
The 9 heroes behind the new version of ERP Technology are
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1. Cloud-based ERP software
Cloud ERPs let firms store, manage and access huge amounts of data. Gone are the days when we were manually retrieving data about a customer or a query. Firms nowadays have access to on-demand, real-time information, which means every department in the supply chain can react immediately to the changing needs of the business.
Cloud-based ERP software can reduce manufacturing and infrastructure cost to almost 54%. Time and money are both saved as real-time collaboration reduces the time taken to bring products to market. They are scalable, which means you pay for the needed storage space. All these advantages impart greater efficiency and productivity across the supply chain, ultimately leading to huge profits.
2. Internet of Things
IoT allows objects to transfer data over a network without any human intervention. Although the concept is still in its nascent stage, its usage is seen almost everywhere, accompanied by mobility, GPS, Radio Frequency Identification(RFID), sensor technology, and other similar materials.
Regarding ERP, devices are available in the market that can be attached to equipment and vehicles. Important Information such as location, performance, etc. can be easily accessed, which allows organizations to identify and eliminate issues like where unnecessary or unused assets are and whether they are a requirement for maintenance.
Automation of processes by IoT technology will keep the plant operations running smoothly and on time as there are no more human interventions or manual dependencies to get the work done.
3. Wearable Technology
Using wearable technology in the workplace can do wonders for your business. There are multiple benefits of integrating ERP software development with Wearable Technology. Real-time information can be transmitted using this integration. When used in the manufacturing industry, the integration can minimize errors by keeping track of shipments.
With real-time access to data, the duplication process can be avoided to a great extent. Wearable technology and ERP software will enable faster decision-making, permitting top officials to buy essential materials in quick time and at the tip of their fingers using portable devices.
Industries such as manufacturing, oil and gas logistics, healthcare, etc., are showing great interest in adopting wearable technology to establish a symbiotic CRM relationship between the company and the workforce.
4. Big Data
These days analysis and data management have become important tools. Before taking a step further, almost every business goes through millions of data rows and eliminates the glitches based on customer feedback. Taking this into consideration, Big Data and ERP software can be inept if they work in parallel lines.
If Big data is used effectively, the age-old concern of demand and supply will be under control. By analyzing the data that is already available and the data that is being captured by the automated units, big data can help determine the present pattern of consumer behavior.
5. Artificial Intelligence
Artificial Intelligence is a focal point for day-to-day operations in an ERP framework. Customer service is the main area where AI and ERP software can be coupled to come up with a more successful and beneficial software item. ERP technology empowered by AI can be useful for the HR department. They help HR uncover the weaknesses of the inefficient employees who are unable to deliver the work on time.
6. CRM, SCM, BI, and ERP software as one solution
All four technologies, when combined, can be used by an enterprise to generate huge profits by improving work efficiency. These days almost all large-scale industries are using ERP-based solutions. These days many companies are offering Supply chain management software equipped with supply chain functionalities based on the ERP system to carry out the execution of the planned tasks. Not only SCM but most of the CRM solutions are also being implemented using ERP solutions.
RFID is one of the most discussed phrases in the automatic Identification and data collection market. Using this technology, users are now empowered to identify, track, and detect almost any object. It is mainly used in sections such as inventory and warehousing, distribution, access control, and asset tracking. There are three major advantages of an ERP and RFID system.
- Real-time tracking of goods and materials
- Dynamic updating of information on a package or a label
- Hands-free and rapid scanning of product information without any human intervention.
8. ERP applications on the mobile phone
Industries have clearly understood the benefit of permitting their managers and employees to access data in real time on a mobile device or a tablet and collaborating with each other from any location.
Mobile ERP empowers the employees to:
- Manage orders and handle quotes and prepositions while working on the field to any gadget
- Better customer service with complete access to client history, contracts, and product-based Information.
- Have access to all the business information as if they were working in the office.
- Mobile ERP makes it easier for employees to enter all relevant information as they collect in the field, thus eliminating the need to re-type the information into the back-end system.
9. Social ERP
Social ERP is the perfect step for customer collaboration and Engagement. Integrating your ERP systems with external social media sites is unnecessary. Social ERP can replicate the same exact functionalities say, for example, Facebook. The only difference is that here it will be more secure and maintained within your ERP system.
Some of the obvious benefits of Social ERP are:
- Establishes collaboration and communication in the enterprise
- Tracking conversations, projects and processes becomes easier.
- Improves business processes
- Customer Engagement improves
- You can build and manage your own knowledge base.
Social ERP can improve your company’s agility, improves the company’s bottom line result, and facilitate competitive advantage.
Some years back, ERP was more about what had happened in the previous years and using the same data to plan the coming year. But innovation has changed the scenario; it has given a 360-degree rotation to the way businesses use ERP technology. ERP is totally real-time now; yesterday’s plans are different from today’s and will probably change for tomorrow. It all depends on how customers respond. Innovation in ERP will help you manage by year and not by seconds.