As the world becomes increasingly digitized and automated with every passing day, every industry is trying to get a piece of this pie to get a few more clients for their offerings. Among all such industries, the manufacturing industry is one of the most crucial ones.
As logistics and transportation get more unified and streamlined in cohesion like a well-oiled machine, manufacturing or production, as we call it, is also undergoing a major change in multiple aspects of automation.
Customers have also become more demanding over time, which is why every organization is bringing high levels of customization into their manufacturing process with the help of a software development company. All of this has made manufacturing a very complex process, but Enterprise Resource Planning or ERP applications have been a massive boost for them.
In this blog we will talk about the concept of ERP and the top ERP technology trends and how they will impact the enterprises.
What is ERP Innovation – All About for Manufacturers?
As mentioned above, ERP or Enterprise Resource Planning software offers a platform to manufacturers for managing crucial roles in their business processes. In a nutshell, ERP software allows for unifying the complete organizational processes in a single order to become more comprehensive.
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A properly implemented ERP solution offers enough liberty to ensure a free flow of communication in multiple business areas and real-time access to data with a lot of accuracy and efficiency.
ERP applications have been making huge inroads when we talk about the manufacturing industry and the processes that lead to the final creation of its service offerings.
Here are a few stats that display the impact top ERP technologies are having:
- The global market for ERP software amounts to more than $25 billion, and it keeps growing by 10-20%.
- The valuation of the ERP market is expected to reach $78.40 billion by 2026 at a CAGR of 10.2%.
- A mind-boggling 88% of manufacturers admit that ERP implementation has helped them become more productive and efficient.
While there is nothing to take away from these highly favorable statistics that ERP has brought to the table, the arrival of Industry 4.0 has completely turned the tide in favor of this technology.
Top ERP Technology Trends That Will Make a Mark in 2023
There is no mistaking the fact that ERP applications are changing manufacturing as we know it. So while the end of 2022 is around the corner, certain ERP technology trends will play a crucial role in the year to come.
Here’s a look at some of the future trends in ERP technology trends that will play a big role in 2023:
- Increased Progress of Industry-Specific Solutions, Bringing More Customization
- Despite its consistent growth, the ERP domain has realized that one shoe doesn’t fit all sizes. Every industry has varying requirements, and this is something being recognized by leading ERP solution providers all over the globe.
- This is why it’s safe to assume that ERP applications will continue to expand and evolve, offering high levels of customization for the industry it is being developed for. It is something that we will see as an approach by every enterprise software development company in the future.
- To ensure this, a vertical development approach has the potential to work wonders, as it will help reduce customization needs, assist in sharing of resources, and also permits better integration at the same time.
- Integration Capabilities will Enjoy Higher Priority
- As cloud-based ERP solutions get adopted more and more among manufacturing enterprises, integration with external APIs is quickly becoming a prevalent practice. An ERP platform that gives you enough flexibility for third-party integration is a great way to ensure technological independence.
- When an ERP strategy revolves around customization, they can easily offer API integration, allowing them to add or remove features from their ERP platform as needed. It brings a high level of control over the development and the ERP implementation part of things.
- In a nutshell, the more potent its integration capabilities, the better the market demand for such ERP applications will be.
- Further Transition from B2B to B2C
- How customer preferences have evolved over the last few years has compelled businesses to take a different approach to cater to them. One such approach is switching from a B2B model to B2C.
- Reaching directly to customers brings higher profits, quicker time to reach the market, expansive product range, instant customer feedback, and more. The transition from B2B to the B2C model is an ERP digital transformation project that will keep up its work in the coming years as well.
- The Virtue of Automation with AI and Machine Learning
- Getting more done quickly has become the standard template for enterprises worldwide. This is where instant gratification has become more relevant than ever before, and to achieve that, process automation has made the most sense.
- When we talk about automation, Artificial Intelligence and Machine Learning have made a great case for themselves in all those future-oriented ERP applications. This has empowered manufacturers to derive more value from the collected data.
- With actionable insights, business data becomes a precious asset, completely transforming overall business management. This is why in 2023, too, we will see a significant change in the features of the top ERP technologies and their deployment processes.
- More Focus on ERP Security to Prevent Data Breaches
- While the world reeled under the immense impact of COVID-19 for a couple of years, the recovery phase has been marred with multiple cyber attacks and security breaches. Every software product engineering company has been trying to bring safer security protocols to their deployments, and with remote working becoming a part of the norm, ERP applications will be paying more attention to the same.
- Because ERP solutions play around a lot with data, data security is of prime importance, and security will play a massive role in the further development of ERP applications.
The Way Ahead for Any ERP Software Development Company
Since its breakout in the Supply Chain Management(SCM) and manufacturing industry for the first time, the ERP innovation scene has only progressed in a highly positive manner.
These solutions have come a long way from being dedicated to supporting large-scale manufacturers during the initial days to suiting industries of varying scales with cloud capabilities.
So, these are some of the top ERP trends that will continue to disrupt the manufacturing industry in the time to come. If you are looking for an enterprise software development company, you can connect with the ERP experts at BoTree Technologies without second thoughts.
