The business world is expanding and is increasingly becoming global, with more and more organizations realizing the benefits of shifting their enterprise resource planning (ERP) to the cloud as it helps top management in decision making. ERP can drive huge benefits by aligning with the business processes, protecting business data, enabling work plans, providing client service tools and translating data which can be easily comprehended.
How can ERPs help Organizations?
ERPs have grown with time and have integrated new age technologies so that they can offer more to business. Hence, organizations can leverage the use of ERP not only to get more from that ERP investment, but to drive business success as well. Listed below are five technology trends that have the potential to revolutionize the future of ERPs.
1. Internet of Things: IoT has the potential to improve data collation and accuracy thereby enhancing the contribution of ERP in areas like customer service, forecasting, inventory and asset management. These IoT-enabled devices can communicate directly with the ERP system which ensures a higher level of connectivity and data accessibility. This helps in performing real-time analysis and generates valuable insights.
2. Chatbots: AI-powered ERP system allows companies to get more profound insights into processes, customers, workflow and employees. Companies are building chatbots to enable users to interact with the ERP system using commands. Chatbots can take those commands and based on the learning capabilities can guide one to target specific areas and deliver better insights.
3. Machine Learning: When ERP is placed in the cloud, it integrates with other applications to produce a steady amount of data to machine learning algorithms. This allows the ERP to self-learn and respond to business requirements spontaneously and more efficiently. Apart from this, decision-makers can access and analyze enterprise data and make decisions accordingly.
4. Radio-Frequency Identification (RFID): In supply chain based businesses, data collection is one of the most significant tasks and is tedious too, but the integration of RFID could be one possible solution. Using an RFID-based ERP system, product data can be tracked easily. This enables full visibility in the inventory management and shows how much inventory to order and when.
5. Social Collaboration: As the business progresses and becomes global with employees that are present across the world, it becomes essential to bring them together on a single platform so that they can share ideas in a secure environment. With a more robust communication system, companies can get relevant and timely communications to facilitate effective teamwork for business success.