In 2024, businesses can no longer ignore the myriad benefits Enterprise Resource Planning (ERP) offers. ERP software can drive up a business’s ROI and give it a competitive advantage by improving efficiency, minimising mistakes, increasing agility, enhancing decision-making, and more. In 2024, businesses can expect even more from ERP software. ERP software providers have revolutionised the business landscape through cloud storage, real-time data access, automation and data security; this software continues to evolve. Here are the key ERP trends to watch out for in 2024.
Increased Reliance on the Internet of Things
Internet of Things (IoT) is a game-changer in ERP solutions as it allows businesses to incorporate connected devices into their ERP systems. These connected devices, which come in various forms for different industries, help track daily operations, such as monitoring inventory by scanning RFID tags through handheld devices and tracking multiple stages of the supply chain via GPS. IoT can significantly improve operational efficiency and reduce downtime.
Improved Predictive Analytics
In 2024, ERP systems will offer improved analytics by adopting a holistic approach and including a broader range of data, such as operational and non-financial information.
Financial planning and extended planning analysis leverage statistical algorithms, machine learning, and historical data to forecast trends, anticipate demand, optimise inventory, and monitor production. Access to such data ensures enhanced decision-making capabilities, adaptability, and resilience against industry challenges.
Industry Specific Customisation
Broader ERP software is shifting from one-size-fits-all solutions to make way for more industry-specific customisations. ERP providers are expected to offer more tailored solutions, specifically optimised to meet unique business needs in sectors such as retail, agriculture, healthcare, and manufacturing. These ERP systems are more adept at catering to specific needs, improving productivity and efficiency.
Sustainability and Compliance Tools
A critical ERP trend to watch out for in 2024 is the rise of ESG (Environmental, Social, and Governance) tools. These tools have become more sophisticated to accommodate increased legal requirements, helping businesses monitor their ecological footprint, social responsibilities, and governance. Tracking waste disposal and energy consumption, sourcing logistics, and monitoring labour practices are critical to maintaining regulatory compliance. Such functionality helps businesses make informed decisions and integrate sustainability metrics and goals into their operations.
Integration with Other Platforms
Another software improvement is the opportunity to seamlessly connect ERP software with other platforms, such as Customer Relationship Management systems (CRM), sales, e-commerce, data analytics, and marketing to improve data consistency and operational efficiency. Such integration offers businesses a centralised view of all processes and data, enhancing collaboration across departments.
Blockchain technology isn’t just for cryptocurrency. ERP system developers are leveraging blockchain technology to improve data security through decentralisation and encryption. Blockchain-enabled ERP helps businesses store and monitor transactions, contracts, and supply chain records, trace goods for regulatory compliance, and track component defects while protecting this sensitive data. Blockchain technology is the next step in combatting fraud and improving traceability and transparency.
A Better User Experience
All the trends and technology mentioned above are useless if businesses and their employees cannot utilise them, which is where user experience comes in. Software rich in features will be easier to operate with simplified navigation, intuitive interfaces, mobile accessibility, and personalised dashboards. An improved user-centric design reduces the time taken to train employees on ERP software and increases ERP adoption rates.
With such exciting new developments in the realm of ERP software, 2024 is set to revolutionise how we do business. Improved security, usability, and integration are critical factors in driving growth and cost savings. To find an ERP package that evolves with your business, talk to us about Tencia, or reserve your spot in an upcoming web demo for an overview of the system.