In a world that is constantly changing, ERP software has also had to evolve to meet customers’ needs and stay competitive. There have been significant changes over the last five years with some being more of an improvement than others. Here’s a quick look at some top improvements to ERP software since 2013.
1. Giving Companies the Opportunity to Move to the Cloud
Without a doubt, one of the biggest improvements to ERP software involves a company’s ability to switch to the cloud. There are several reasons companies have had such a positive response to the cloud. For example, it offers greater security by frequently testing for vulnerabilities and making certain data is securely backed up with a disaster recovery plan in place. The cloud also offers anywhere access to information by partners, staff, and customers and eliminates the need to purchase additional storage/server hardware. As a bonus, the up-front costs tend to be less expensive. In fact, in Panorama’s most recent 2018 ERP Report shows cloud deployments increased to 85%. This was a surprising increase from the previous year which shows more and more companies are taking advantage of this type of ERP software system for their business.
2. Increasing ERP Software Options for Smaller Businesses
Over the last five years, more and more small businesses have adopted ERP systems. The reason for this is simple. There have never been more ERP software options. From niche and industry-specific software to software geared specifically to small businesses. Whether on-premise or cloud solutions, small businesses have tons of options to choose from. They even have the ability to customize their solution. This has led to more small and medium-sized businesses to consider implementing ERP software.
3. Shorter Integration Periods
Vendors have made every effort to shorten integration periods. For example, interfaces are cleaner, faster and more accurate. At the same time, the introduction of simpler applications has not only reduced integration times, but also decreased setup costs and improved effectiveness. Check out the video “How to Develop the Right ERP Strategy for Your Organization” to help with this process.
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SAP and Oracle both invest heavily in cloud technology. However, our client was skeptical about cloud scalability and unsure if the products were mature and proven.
4. Enhanced Security
Security is an increasing concern for both individuals and companies, especially since data breaches have become increasingly sophisticated. This is why ERP vendors have put so much time and effort into offering top-notch data protection with highly advanced permission protocols, encryption and high-quality firewalls.
5. Improving Interconnectedness
As SaaS (software as a service) applications and cloud solutions have merged into existing ERP systems, they have given businesses the ability to run operations using a single, end-to-end platform. This has eradicated the need for different systems and greatly enhanced interconnectedness between various departments. This has resulted in instantaneous department communication, quicker response times and operations that are quicker overall. For many companies, this has led to a substantial boost in both production and revenue.
6. Maximizing big data information
In recent years, there has been a huge push to incorporate big data into ERP software. The reason for this is simple. Big data has the potential to be a game changer by improving information density, providing greater predictive analytics to potentially uncover hidden patterns and shortening decision making processes. Plus, it allows companies to effectively track incredibly detailed production data, which has resulted in enhanced processes, productivity and overall quality.