OCTOBER 20238By Sreejita Talukdar, Content WriterEMERGING TRENDS OF ERP THAT IS DRIVING THE WHOLE ECONOMYSC COLUMNhe success or failure of a new system hinges directly on the acceptance of that system by the organization's end users", -Phil SimonTechnology is promptly changing the way of life we are living now. It is emerging in every sector in all possible ways. The advancement of digital technology has undoubtedly fueled up the trajectory of productivity and economic growth. Globalization and digitalization have been pushing the companies hard to get their jobs swiftly. So, the vast corporate driven world is searching for new tools and tactics every now and then so that the companies can streamline their work and have a competitive edge in their work.ERP or Enterprise Resource Planning is one of those powerful and plausible tools which critically manage thousands of businesses of all sizes and in all industries. ERP helps to plan, budget, predict, and report on an organization's financial results. Starting a new venture is indeed a heavy lift but if you have knowledge and innovative ideas regarding methodological know-how, then you can flourish and flutter in very less time and have a good grip over the competitive industry.Few Recent Prospective Business Trends of ERP1. Cloud ERP Model: Business organizations are adopting cloud ERP to take advantage of a simpler deployment, lower costs, elasticity which means, the ability to only use the necessary resources at any given point of time new functionality, less need for internal IT resources, and the ability to easily add users and functions to accommodate business growth. Cloud ERP is the software-as-a-service (SaaS) delivery model for it. The cloud can reduce both operational expenses and capital expenses, as it eliminates the need for companies to purchase software and hardware, or hire additional IT staff.The pandemic has increased the value of cloud ERP and catalyzed the pace of shifting from on-premises software as it allows the employees to work remotely. The Global Cloud ERP Market is valued at $21671.91 million in 2022 and is projected to reach a value of $76099.88 million by 2030 at a CAGR of 17.00 percent in 2022-2030. Leading IT players like Oracle (US), Microsoft (US) and SAP (Germany) have developed these models and are successfully working efficiently with it.2. AI-Powered Improve Solutions: ERP tools have an embedded system of Artificial Intelligence and Machine Learning which secretly works to meet increased demand for personalization and improve a broad range of business processes. AI technologies scrutinize vast amount of unstructured information, quickly detect and verify the patterns and predict various trends that wouldn't be possible to mark with manual number crunching alone. AI, with machine learning, can optimize the supply delivery and labor schedules to increase productivity and lower costs. According to study, more than 40 percent of manufacturers planned to implement AI for inventory planning and logistics, and nearly 36 percent intended to use it for production scheduling and customer relationship management.3. Two-Tier ERP: Two-tier ERP is one of the top ERP trends in 2023 which is a strategy that enables organizations to leverage their investment in existing ERP systems at the corporate level (Tier-I), while subsidiaries and divisions operate using a different ERP solution (Tier-II), which is often cloud-based. Some Tier-II cloud solutions include built-in capabilities for integration with corporate ERP systems. Tier-II solutions are very flexible from responding to changing business conditions. Now the companies have to choose whether Tier-I or Tier-II which will be perfect for their organizations.4. Digital Transformation: ERP software can help you transform your business as part of a digital transformation. ERP can support your greater effort to add value to and improve your business through advanced technology. ERP provides the required platform on which the digital transformation initiative is launched. It helps with integrating orders, inventory, accounting, returns, shipping, and many more. It makes the next leap towards transforming your customer's experience to the next level. The collaborative working "T
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