How could ERP solutions interact with today’s leading edge technologies?
While a milestone of innovation aggressively occurs in Digital Economy, Enterprise Resource Planning Solution strives to reach a certain scale, cloud system application becomes essential in every field of businesses and were extensively differs from one market to another. The recent market share analysis by Gartner release a value of $US35 billion, with Oracle NetSuite included in the top 5 leading vendors as Cloud ERP Solution.
On side notes, a certain deliberation on views of what an ERP cloud should be and focus on, and the sentiments to a total upgrades or replacements towards the enterprise core systems of records were highlighted as many of the users know that doing such, means that hundreds of dollars’ worth were painstakingly into consideration.
ERP as Business Backbone
Major transformation in business happens due to globalisation, conjoined with fundamental changes in business models on the account of emergence of Information Technology. To such degree, thousands of businesses are in the process of implementing ERP system in alignment with its organisational re-engineered initiatives.
- Transparency to the Business
- Flexibility in Decision Making Process
- Increase Efficiency
- Upturn of Quality
- Raise of Productivity
- Grow of Profits
Keeping up with the changes, system updates, integration – adopting new features and innovations of core ERP functionalities. ERP is a cross functional system driven by integrated suite of software modules that back up internal business process.
The most certain discussion is, to keep up in business innovation, internal business process needs to implement ERP system thus, ERP is considered as the Business Backbone.
Recent ERP Innovations
Innovation, evolution and changes were some of the terms addressed in ERP technology. In the recent years, serious speculation about ERP capabilities, reliability, usability and accessibility were the primary consideration whether the tools were worth all the dollars.
Undisputable to say that, endless possibilities have been presented from the moment cloud, mobile and big data demonstrated unparalleled benefit to small, medium and large enterprises. This constant reinvention has turned the market and business strategist upside down. Here are the key behind the new version of ERP Technology today:
- Cloud based ERP software – allow you to store, manage and access great measure of data. Because of this tool, retrieving data can automatically be done and transferring real time information has been made possible over diverse section of the organisation. As a result, immediate reaction and resolution can be address depends on the need of the business. An estimate of 54% cost reduction for manufacturing and infrastructure, not to mention that you pay only for the needed storage space thus, it is scalable. Cloud ERP’s brings in efficiency and productivity which eventually lead to huge profits.
- Internet of Things (IoT) – basically means transferring data over a network without human interference like so in mobility, gps, radio frequency identification (RFID) and else similar materials. IoT Technology would keep the operations working without a hitch and on time as everything is on automation processes.
- Wearable Technology – integrating ERP with wearable technology gives you a real time information transmission and because of this function, errors in keeping tracks of data can be minimise through real time access and duplication process. Many industries adapting wearable technology also establish a symbiotic CRM.
- Big Data – one of the important tools in internal section is the analysis and data management. In order to come up with advantageous strategy, businesses spend time and money through millions of data to downplay the risks and glitches. Thus, effective use and dissection of data analysis in ERP software function can take control your concern in demand and supply.
- Artificial Intelligence (AI) – ERP technology empowered by AI is useful in human resources section of business by uncovering the effective and ineffective activities of employees. AI and ERP software is also use in customer service and daily operations of business.
- CRM, SCM, BI and ERP software as one solution – in total all these technologies combined can result to a more efficient and profitable business and mostly, used by large scale industries.
- RFID – use to identify, track, and detect any object and mainly seen in inventory, warehousing, distribution, access control and asset tracking.
- ERP applications on the mobile phone – real time access to mobile device and tablet and easier collaboration with each other anytime and anywhere in the world.
- Social ERP –customer collaboration and engagement, social ERP can copy the exact functions we see in social media platform but, would give you more secured maintained system.
When NetSuite launched ERP business, it was way back 1990s, comparing up to now the maturity of the concepts, architectures and infrastructures were far and ahead over time. Today, ERP software and on premise vendors offers cloud hosted options, subscription licensing and web accessible screens. Cloud arrangement for ERP was now approached as one-solution-fits-all and would continue to gain, especially on the multi-tenant cloud.
Mobile ERP, a solution constructed for mobile devices such as iOS, android tablets or smartphones. It has access to mobile platform over the internet using a dedicated mobile app or a standard mobile browser.
NetSuite mobile app is outline with a mobile-first user interface approaches to meet flawless workflows. Available in both iOS and Android users and offers features like time tracking, call logging, and expense reporting.
Industry Specific pre-configured ERP’s. Is it real or just a farce?
An ERP solution was configured to consign the needs of specific industry however, as many as preconfigured solutions were out in the market, in principle of business not all would fit in as company workflows varies differently. And, that’s the reason why despite industry specific solutions’, paying for the experts of configuration consultant or team is still a must. As systems mature so as the user experience become more customisable hence, adjusting a system to meet your business requirements is manageable. ERP established that customisations were implemented according to business process and organisation structure, without the need and effort to code, by utilising Cloud ERP core benefit users’ would have the ability to personalised their ERP account. To some extent, this category is called “codeless” software where the platform allows business processes to be formed through drag and drop configuration. Just like Salesforce Lighting platform, this offers the same app development environment which is like a “No Software” or “low code” while flexibility and customisation apply.
User would be able to personalise a sizeable facet of ERP experience without waiting for customisations to be delivered to them. Some actions may include screen customisation, layout, custom field data entry, DIY software integrations and personalised mobile app configuration. Self-service and user defined dashboards and ease of configuration were part of ERP innovations.
The need in industry specific ERP is absolute but, do they deliver an ERP that is preconfigured especially for your industry. A great possibility is that all of it is a combination of modules in a bundle that is suited to your industry.
Blockchain and ERP
Creating new contingencies for enterprises to gain visibility in their supply chains by integrating blockchain solutions into existing ERP software; two systems that can work side by side to positively jump into supply chains automation. Coded in a blockchain is called a smart contract – a protocol that automates business transaction. Using smart contacts is likely the same to setting up an automatic payment for your cards. With no website login and confirmation required, a specific day each month, payments are automatically withdrawn from your account depending on the balance recorded on your transaction.
Although, one doesn’t need a blockchain to their choice of ERP solution.
IoT and ERP
Internet of Things basically measures to “everything connected to the internet has always been a thing”. In the post internet protocol version 6, IoT means cheap ones, new streams of data, specialised networks, or it can also refers to an exchange data with one another. During 90s, big data was in terabytes but today, it is in petabytes as technology industry produce, handle and store tremendous volumes of data and still exponentially increases.
Data connects both IoT and ERP by integrating these two systems and the insights varies depending on the department and work they perform. The data gathered due to IoT sensors will be directly feed to ERP software, in a real time manner. In a manner, the more relevant the data gathered, the more significant information can be formulated for business strategies.
Process automation, Robotic, AI and ERP
Artificial intelligence (AI) handles inputs and outputs and capable of adding context and much more to the processing, which is absolutely useful as software. To further understand AI and ERP, it’s a practical application such as machine learning and natural language processing. AI, a part and a process behind the actions to make the whole thing complete. AI ERP systems can recognise patterns and automate repetitive tasks with the blink of an eye, giving a businesses a high level of efficiency, functionality and insight into their data.
Robotic Process Automation (RPA), a software robot changing the enterprises workplace by imitating employees task activities from internal to web based applications. With RPA, the use of ERP becomes easier, less time consuming and advantageous. The software robot manages repetitive tasks like data entry, report generation, alerting and such. RPA and ERP combine two systems and function like inventory management, report generation and ERP data transfers.
The world of information technology can be confusing, full of new ideas and marketing distractions yet with the pressed, this world can give a great value and essentials to the modernism in todays’ digitalisation.
ERP is the keystone and foundation for business at scale and should be viewed as such. It needs to be robust, reliable and accessible. Maybe, ERP innovation isn’t forefront but the system itself is well tested, customer proven and goes without saying, a real value to the businesses and users.