ERP (enterprise resource planning) software is the most important tool that gives your business a competitive edge in the global market. Many companies today move towards ERP development to make their business operations more effective and agile. Moreover, ERP development in the current scenario shows no signs of slowing down. Market research predicts that the ERP market could reach $117.09 billion in 2030.
In addition, an ERP development company can help you develop custom ERP development that can manage different functions of businesses such as human resources, accounting, manufacturing, marketing and more. Hiring an expert ERP developer can help you reap the benefits and unique features of this software, that will make you a distinctive competitor in the software market.
So, if you are looking to get a new and more advanced system, then you must research current solutions and ERP trends to include in your business software. You can also consult an ERP development company for more accurate solutions.
In the current scenario, many technological advancements are introduced from cloud solutions to the Internet of Things (IoT), industry-specific ERP solutions and many more. Thus, the future of ERP looks brighter than ever in the upcoming years.
This article will provide you with the ongoing and future ERP trends in the global market for 2023 and the upcoming 2024.
Importance of ERP development for businesses
- ERP helps every business facing issues related to data management, security, and storage.
- ERP developers can help you build the best software that handles your most sensitive operations more seamlessly and reduces costs.
- Enterprise resource planning provides real-time, software-driven solutions to the enterprise’s biggest requirements.
- It helps you easily consolidate data about all business operations into one easily accessed location.
- ERP development can reduce your risk of inefficiency with day-to-day operations. It does this by eliminating the potential for data duplications and inaccuracies, maximizing efficiency.
- It also automates business processes across departments to avoid costly, unnecessary repetitions of processes and time-consuming tasks.
- A cloud-based ERP can foster better business intelligence by providing robust access to accurate data anywhere in the world.
Common Modules of ERP software development
ERP provides many standard modules and functionalities, which you can add to your ERP to make it more efficient and successful. Given below are some of the popular modules of ERP:
Accounting and Finance
Accounting features in your ERP can streamline bank reconciliations and general ledger balancing, assort account payables and receivables, create full reports and offer many such functions. In addition, if you even need modules or standalone systems for cloud accounting, billing and invoices or small business, bookkeeping and financial tools will help to simplify your complex and tedious tasks efficiently.
HR (Human Resource)
ERP also helps you manage your organisation’s overall HR department by providing quick employee information in a single click. The right ERP development can create many handy tools like talent management, financial management, payroll, time and attendance management, and more. In addition, it allows you to monitor vacation days, training and other things in one place.
Managing an inventory without an inventory management system is a hectic and challenging task. Therefore, ERP in this case helps you with the right inventory management system that provides a real-time view of your raw materials and products in stock. Moreover, this system also helps you leverage shipping, transfer management, deployment, purchasing, tracking, order management and other inventory needs.
Supply Chain Management (SCM)
SCM module can help you manage and monitor your supply chain to eliminate any inefficiency or irregularities in processes. Thus, ensuring the products reach on time in their fixed destinations. In addition, it even allows you to strengthen processes, rate suppliers, govern warehouses, initiate demand forecasts, or perform analytics and other features. Therefore, ERP development can simplify your complex supply chain management process to a great extent.
Procurement helps you collect all the required goods and services for your company’s goals. There are several popular features within a module such as catalogue buying, billing, contract management, spend analysis, and more.
Hence, companies today utilize ERP software solutions to reduce costs by eliminating redundant processes and automating mundane tasks. In addition, it also provides employees access to critical information faster.
Top 7 ERP Trends for 2023-2024
- More Cloud-Based ERP Deployments
Companies are now moving from on-premise systems to cloud-based ERP systems. However, there are similar systems that exist in the cloud like CRM and SCM. ERP is also strengthening its place in the cloud space. Cloud-based ERP software is also highly accessible for smaller businesses, which is why it is gaining more attention among businesses today.
Furthermore, ERP brings the flexibility for the companies to choose between implementing a system fully located in the cloud or implementing a hybrid model. Whereas a hybrid model still provides a degree of in-house IT control.
Moreover, Cloud ERP provides several advantages for smaller companies to ramp up their IT investments, despite having small tech departments. Through user-friendly apps and cross-platform capabilities, cloud ERP allows these companies to launch more advanced technologies in the market.
- More Focus on Mobile-Friendly, Real-Time Access
Mobile ERP and cloud-based ERP work parallelly. When businesses move their ERP functions to the cloud, they also get the benefit of having business insight at any time from mobile devices. It eliminates the need to be dependent on in-house computers for storing all the information.
Real-time visibility is the main benefit of getting ERP development services. ERP brings you intelligent dashboards to create reports. This helps you forecast your plans and allows for better-informed business decisions.
- More Pressure to Deploy the Internet of Things
The IoT describes the network of physical objects that can be things, which are embedded with sensors, software, and other technologies to connect and exchange data with other devices and systems over the internet. It provides companies with a variety of benefits such as improved asset management, accurate forecasting, improved cross-department communication, and real-time business intelligence. It offers the users with more customized and personalized customer experience.
- Increasing Popularity of Industry-Specific Solutions
Today, an ERP development company also provides industry-specific solutions that bring more efficiency and capabilities to support all types of business. Companies are therefore looking for best-in-class ERP functionality to improve their processes. These solutions can target the existing requirements of businesses and thus fulfil the current needs of businesses. Industry-specific solutions as per business needs are less expensive than excessive customization.
- Advanced ERP Intelligence
ERP systems have been modified to a great extent. It enables other platforms to integrate advanced technologies such as AI and ML in their business systems efficiently. These technologies help in providing better and more accurate data analytics. This helps businesses achieve their goals faster and transforms their data into actionable insights.
- Two-Tier ERP
Two-tier ERP is one of the most popular ERP trends in 2023. It allows businesses to run their corporate (tier 1) as well as other subsidiaries in a parallel form. They can operate subsidiaries and divisions with different cloud-based ERP solutions (tier 2). In this system, big enterprises can continue to use their core ERP software for financials and other core processes. whereas, smaller business units turn to specialized solutions that address their specific needs.
Moreover, this system is less costly than a single corporate ERP system to work for the whole business. In addition, A tier 2 ERP solution is simpler to implement and also offers subsidiaries more flexibility to make changes according to rising business needs.
- Other Technology Integrated With ERP
With the implementation of modern ERP for digital transformation, companies are also moving towards bigger investments in technology. Many businesses are integrating their applications with other modern technologies such as IoT, to improve core processes. For instance, retailers use warehouse management systems to gather data from mobile scanners and smart conveyors to monitor and track the movement of goods within the warehouse. Besides this, businesses also integrate ERP solutions with e-commerce to increase efficiency in online order workflows, updating inventory levels and recording payments.
The Future of ERP Development in 2023-2024
The transition from in-house ERP to cloud ERP is going to increase in the following years. Businesses today are realizing the need for ERP in optimizing their business workflow. This provides the speed and agility to get that competitive edge in today’s marketplace. Moreover, shifting ERP and its associated modules to the cloud will accelerate the functions and operations of businesses. Furthermore, the companies who already have invested in cloud ERP will look for ways to further utilize the power of the cloud for different business requirements. The possibilities are endless.
Another trend you can look for is expansion and advancements in ERP supply chain management capabilities. This can further protect businesses against supply chain disruptions or other rapid changes in global economic market fluctuations.
How can the right ERP development company can help you with ERP development solutions?
Kanhasoft is the best ERP development company in India and the UK that provides diverse ERP software solutions for businesses from different verticals. Our ERP developers are experienced professionals who bring customised solutions according to your existing business needs. ERP development has endless possibilities and exploring and finding the best solution lies in the hands of experienced ERP development companies. We have the knowledge and experience in the latest technologies and ERP trends that fulfil your business needs with the best solutions.
Frequently asked questions on ERP development
Q. Why ERP is important for enterprises in 2024?
A. ERP offers endless possibilities and benefits to expand your business reach with increased ROI. These benefits include:
- Saves money
- Improves collaboration
- Provide better analytics
- Strengthen productivity
- Enhance customer satisfaction
- Simplify compliance and gain risk management
- Boost inventory monitoring
- Amplify production planning and resource management.
Q. When do I need an ERP development company?
A. Several factors indicate your business needs an ERP system to gain that momentum in business.
These can be known through:
- When your business relies on big data
- When you are struggling with business inefficiency
- When your software expenses are higher than it should be
- When you are struggling to keep up with customer demands on time
Q. How can I hire an ERP developer for my business project?
A. There are several things and factors you should consider before hiring a dedicated ERP developer for your business. It requires you to learn about the skills and technologies they have mastered in, past ERP projects, years of experience and many other things. Reaching an ERP development company can easily provide you with ERP developers as per your needs without the need to go through hassles for the right ERP developer.