Top 7 ERP Trends in 2023

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As this year begins, the pandemic has eased, but many of the challenges related to business disruption and adaptations remain. Businesses have started to explore opportunities and leverage technology—with minimal investment—aiming to create a balance between reducing costs and increasing business resilience. In recent years, companies across several industries began investing in ERP platforms for improved management operations while saving time and costs.

To help you reach and remain at the forefront of tech advancements, we include six game-changing ERP trends that will set industry standards in 2023.

Widespread adoption of ERP

In 2023, the ERP market is likely to expand across several business verticals. It will include more than SMEs and large-scale businesses. Several new industries, such as healthcare, retail, and construction, also seek to adopt and leverage the benefits of ERP systems to improve their operations.

  • Personalized and user-friendly interface

There are several ERP solutions in the market, but some are easy to use, while others are cumbersome and complicated. With changing demands, users look for a personalized and simple interface. To meet these requirements, top-level vendors will sell ERP solutions with a user-friendly and customized interface, a trend that will continue throughout 2023.

  • Increased focus on analytics and business intelligence

New analytical tools such as Business Intelligence and AI have replaced legacy ERP functionalities—and their limitations—with powerful new analytic tools for significantly greater data insights. In 2023, a renewed emphasis on analytics and real-time data is expected as it helps businesses make better decisions.

  • Leverage cloud-based solutions

The current work culture calls for mobile and cloud-based solutions that can be used anywhere, untethered. In addition, cloud-based solutions are also more affordable than on-premise systems, and they promise enhanced cyber security and compliance that enables seamless team collaboration. Microsoft's latest cloud initiative provides better protection and industry-specific cloud services. Cloud-based ERP solutions will continue to be one of the most significant trends in several years to come due to their easy scalability and worldwide accessibility.

  • Enhanced integration with social media platforms

Social media platforms such as Facebook, Twitter, and LinkedIn have massive societal influence. Social media has taken marketing to new heights and has demonstrated proven methods to gain exposure and popularity. It helps you connect with millions of people and carry out campaigns that have the potential to impact business outcomes dramatically. In 2023, you can expect enhanced integration between ERP systems and social media platforms.

  • Rising demand for low-code or no-code development tools

Gartner predicts that, by 2025, 70 percent of new business application developments will be built on a low-code platform, and 50 percent of clients will migrate from businesses that are not IT related.

You don’t necessarily have to be a programmer to build a customized business application. Modern ERP solutions, such as the Microsoft Power Platform, provide various benefits, such as lower development costs and improved flexibility and agility.

  • Improved flexibility with mobile apps

The current workforce primarily runs on mobile devices such as laptops, phones, and tablets. Mobile apps help you look up contacts, share details, respond to inquiries, and provide real-time access to company information and customer communications. For example, Microsoft's Dynamics 365 Business Central is an ERP solution that can be integrated with the entire suite of Microsoft applications. You can attend meetings, share data, and connect with customers anytime. The ERP market's rapid growth calls for advanced integrations between mobile apps and company software in 2023.

  • The emergence of XaaS (anything as a service)

In 2023, the subscription economy will spread across several business verticals and software markets. Through the past couple of years, Software-as-a-service (SaaS) has evolved into platform-as-a-service (PaaS), which became infrastructure-as-a-service (IaaS) and then device-as-a-service (DaaS). Anything-as-a-service (XaaS) breaks business siloes, and instead, combines capabilities of cross-functional business services and provides them on a subscription basis over the web networks (also known as micro-services).

Companies can sell ERP products over the Internet through subscriptions when they become subscription-based, reducing upfront costs, eliminating maintenance fees, improving customer support, and simplifying IT deployment. In addition, XaaS works on a no-commitment basis and facilitates businesses allowing them to precisely pay for what they need.

Related: 7 Things to Consider While Selecting Your ERP Implementation Partner

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