Enterprise resource planning (ERP) is a business concept that has been out around for a while. A typical ERP software delivers modules for financial reporting, human resources, sales pipelining, and more; but, with many companies embracing cloud-delivered apps, the traditional ERP approach is losing its relevance. This trend has led to a revolution, with ERP software companies driving the route to make their programs compatible with the modern-day consumers. Although top ERP software companies have updated their solutions and aligned them with the needs of the hour, most providers are yet to address the change.
Here are a few upcoming features that you can expect from the top ERP services in the near future.
Automation is not a trend anymore; it is an essential component of modern-day digital operations. And shortly, you will see every ERP software being capable of automating common but tedious tasks such as payroll, accounting, and order entry. Automation significantly reduces work hours a staff typically spends on less-productive, time-consuming processes, enabling them to focus on more crucial tasks.
Automation also cuts down the possibility of human error. When an employee is spending hours repeating the same task, a mistake or two is likely to occur. Automation eliminates this chance of error by seamlessly sending data from one part of the system to the other. With businesses heavily relying on the information, even small errors can turn out to be costly.
Integration is one of the significant abilities users look for in ERP software. While existing solutions do offer integration functionality with other systems, the upcoming ERP software programs are expected to come as a suite of applications developed to word together. Integration is a crucial ERP component because it ensures all features of an ERP system work harmoniously with each other.
Now, ERP programs will offer fully-integrated and intuitive platforms that would allow you to monitor and conduct numerous data-oriented tasks. Thus, ERP will soon be able to collect, store, and analyze data in a single database, ensuring consistent communication within an organization.
Customer Relationship Management
Customer Relationship Management (CRM) is another crucial fragment of the ERP ecosystem, and for the rightful reasons. It is an excellent pick for organizations whose customer base is too large to be managed with spreadsheets. Moreover, CRMs, when integrated with ERP, rationalize customer information, providing quick access to other parts of the system.
But now, CRMs are not confined to contact management. The updated CRM tools can handle sales pipeline activities, marketing automation, and lead management, which, in integration with ERP, enable the creation and implementation of extensive consumer satisfaction solutions. This, in turn, plays a pivotal role in improving customer retention.
In-depth data analysis
Traditional ERP solutions are more about collecting and processing data from business functions. However, there needs to be a system that subsidizes that information by analyzing it. Here is where the data analysis feature of ERP comes into play. It identifies patterns and trends in the processes, which enables companies to measure the effectiveness and results of certain activities. Besides, it also provides forecasts to strengthen future business decisions.
The upcoming ERP solutions will be capable of analyzing data associated with all kinds of business operations, such as production statistics, client data, sales data, and much more. For example, an ERP can come in handy in anticipating demand, creating budgets, and analyzing HR functions. ERP software will now provide access to critical business information, along with offering tools required to track operational efficiency and productivity.
Accounting and financial management are one of the pillars of any business. However, several tools lack strong accounting tools. ERP vendors have sensed this requirement; as a result, most ERP tools are now featuring advanced accounting functionalities that facilitate the management of various processes such as fixed-asset management, tax management, risk management, etc. Moreover, several solutions are set to help you manage multiple tax regulations and currencies, empowering organizations that do cross-border business.
The latest ERP platforms provide robust tools for managing every facet of sales and revenue. Now, companies can automate several accounting functions, such as expense management, sales analysis, and payment processing. It leads to improved accuracy, reduced burden on staff, and enhanced efficiency.
Most users misjudge analysis with reporting, and rightfully so because most ERP solutions do not offer these to components as distinguishing features. Although analysis and reporting work hand in hand, they have some differences. The reporting capability of ERP is to convey analysis to the end-user. The newer versions include Gantt charts, customizable dashboards, and other visual representation tools.
The upcoming ERP solutions are also expected to provide reports that are actionable, relevant, and intuitive. Moreover, they will allow comprehensive tracking and visibility, thereby ensuring the identification, correction, and prevention of every mistake and inconsistency.
Enterprise Resource Planning is an essential component of any organization’s digital arsenal; however, it is being overlooked due to the increasing adoption of other more-flexible solutions. But, things seem to be changing as vendors are rolling out continual updates with advanced features to ensure ERP continues to be an integral part of every business’s operational strategy.