Top 5 Ways ERP will Boost Productivity in 2020

Enterprise Resource Planning software is used by companies to collaborate the data from multiple departments onto a single platform. The automation and real-time visibility an system offers, help multiple companies do business on the fly without having to be stationed at a particular place. With the ever-changing business landscape, software developers are elevating the feature set to fit perfectly with individual business needs. The best software companies offer customization, proactive customer support, vendor management, CRM integration, scheduling and planning, inventory management, automated emails and reporting, interactive dashboards and real-time data access. This year, quite some interesting trends emerged in the market to eye upon.

As per a recent report, cloud-hosted ERP is can save 30% costs as compared to on-premise solutions. With the choice of right vendor and support, companies can gain a competitive advantage in their domain. ERP software solutions are an ideal enterprise package for diverse industries like healthcare, media and advertising, banking and finance, manufacturing, retail, apparel management, automobile, construction, ecommerce, furniture, and breweries and distilleries. Although ERP implementation can come across as a huge investment initially, it will definitely prove a boon in the long-run.

Main ERP Modules

  1. Sales: Implements shipping and invoicing, order scheduling and order placement
  2. Business Intelligence: Data analysis and information extract
  3. Production Planning: Assists in planning and optimization of material resources
  4. Procurement: End-to-end procurement and logistics processes
  5. Accounting: Automate financial operations, yet maintain regulatory compliances

The most exciting trends to watch out for

Data security

It is important to know on which server the data is being hosted, what the data breaching policies are, steps for disaster management and if there is any other company data being hosted on the same server. An ideal ERP software should provide control and protection of data. Even best of the ERP software companies might get prone to cyber-attack and therefore, it is imperative to watch out for this threat in particular.

Accounts payable

Are you still paying your vendors manually? Well, if yes, it’s time to switch to ERP software. Artificial Intelligence (AI) is fuelling this trend to avoid frauds through centralized payments in ERP. Corporate cash transaction is a big game and most of the businesses demand highest degree of control over outbound cash. An ideal ERP software will take off your burden of manually processing the invoices to stakeholders and suppliers.

Social ERP

Social platforms have become the part and parcel of our day-to-day lives. There are tons of articles out there carrying out researches on the most appropriate strategies and timings to target their segmented audiences for higher engagements. According to the McKinsey Global Institute report, more than 70% companies are using social tools to connect with their customers and impart knowledge to employees. Being said that, current ERP systems can be integrated with social tools. The best ERP companies in India let you either integrate or add on the social tools with ERP software for improved decision-making skills, disseminating company information in innovative ways, improved customer collaboration and increased brand awareness.

Block chain Technology

In an industry where maintaining the product quality is at the crux of any formation, block chain combined with ERP can prove highly beneficial. Although it is quite hyped and still at beta level, many industry giants are already using this technology with ERP to reduce their logistics expense.

Subsidiary Management

Most of the companies in supply chain nurtures parent-subsidiary relationship, where parent companies receive products from their counterparts. To draw the synergy effect and enhance the communication, ERP systems come with different setups. These setups help companies manage their subsidiaries through a single touchpoint.

Conclusion

The myth that only bigger companies can afford ERP systems should be replaced with a broader perspective. With cloud deployment options, both the server and implementation cost can be reduced. Also, with the emerging markets and rapidly changing business goals, ERP software comes with customizable features to match specific objectives for individual businesses. 2019 offers some interesting ERP trends to watch for. The best ERP software companies in India will focus majorly on data security, cloud migration, scalability with machine learning, AI and data analytics. Therefore, while opting for ERP systems, ensure it is capable of creating seamless user experience across multiple channels for higher customer engagement. Adopt Mobile and Social ERP to deliver your audiences personalized messages for long-term relationship building.

About the Author

Kalyani writes about upcoming technologies like big data, machine learning, virtual reality, AI and robotics. Her expertise lies in growing the business opportunities by market qualified lead generation through inbound and outbound practices, majorly focusing on content. Kalyani works for Sage Software Solutions Pvt. Ltd., a leading provider of ERP and CRM software to small and mid-sized businesses in India.

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