It is the time of the year when we stop by, see what has been looming around and predict what could become transformational in the new year. There have been many new approaches to manufacturing, or to ERP, crawling slowly during last year.
These crawlers have got enough strength now to stand up and walk by their own. Likewise, there were many practices which saw apprehensions from the industry initially but became popular due to their usability during last years. These practices would become more common in the year 2024.
If you are interested in the blog about ERP trends in 2024, there is a high possibility that you are either a manufacturer, an ERP professional, an industry researcher, a market analyst, or a student. There are chances that you stumbled upon the blog out of curiosity.
Whatever your reason and motive may be, it would give you a fair idea about where the ERP industry will move in the year 2024.
This blog talks about various innovations and trends year 2024 is poised to envisage and also discusses the impact of those trends on the business and working efficiency.
Cloud computing –
Cloud computing saw an incremental popularity during past couple of years and this year also it will be on a growth trajectory. The driving force behind the technology is its ability to provide on-demand access to business matrix.
Secondly, it offers flexibility of scaling up or down. So, with cloud computing at work, scaling as per the need is easier and it does not involve huge infrastructural costs (hardware, software, room space, IT professionals etc).
ERP on cloud is available in SaaS format which provides a cheaper and more flexible alternative to its on-premises counterpart.
Customization and modularization –
Different businesses have diverse needs. ‘One size fit all’ strategy does not go well with ERP solutions. That is the reason businesses are inclined more towards customization. Going forward, in the year 2024, more and more business will move towards customized product. This way they can cater to unique requirements of their business.
Along with it, modular ERP trend will go high this year. With modular ERP, businesses won’t have to pay for the complete package, but they can choose to pay for only what they require. This flexibility of choice can save costs of businesses.
Business intelligence –
ERP will develop more business intelligence capabilities, thereby increasing power of data analytics capabilities. By analysing various key performance indicators (KPIs) businesses can identify opportunities for improvement and predict future trends.
Business intelligence will also guide organizations in times of business downtime or business crisis. And based on this, organizations can take faster and meaningful decisions.
Mobile accessibility –
Year 2024 will see more use of mobile ERP applications. Businesses will retrieve information at their convenience. Mobile ERP apps are designed to power operations ‘on the go’ including CRM, proof of delivery, warehouse, point of sale, purchase approval, etc. As businesses are becoming faster, they need speedier and more responsive systems. This need will bring a surge in mobile accessibility.
User experience –
User experience can be enhanced by simplifying workflows, providing customizable dashboards, and improving structure of software. This will increase acceptability of the software among employees and eventually reduce training period for employees.
A simple and user-friendly interface helps to gear up working speed of employees, thereby reducing time spent on a single task. This provides breathing room to employees between juggling tasks.
Emphasis on integration-
With the rise of cloud acceptability, integration using standard API will be very common. That ERP software will be in demand which gives flexibility to integrate with various products.
Integration of AI (Artificial Intelligence) and ML (Machine Learning) in predictive analysis, intelligent automation, and data-driven insights are expected to be high on a rise. This integration can empower organizations to draw meaningful conclusions, take prompt decisions and optimize various business processes.
Blockchain integration –
Blockchain offers unparalleled security and transparency of transactions. In the year 2024, we can see large number of ERP solution providers integrating their offerings with blockchain technology. This integration is likely to enhance faith of stakeholders and increase transparency of transactions.
Sustainability and ESG consideration –
Environmental, Social and Governance (ESG) considerations are gaining a lot of tractions in business world. ERP systems can help to measure, report, and improve sustainability practices of organizations.
In 2024, ERP solutions might incorporate features that can help organizations to track and optimize their environmental impact. Also, these ERP solutions can identify ways to reduce delivery routes, lower power consumption, and improve product traceability.
Concluding thought:
As we move ahead in the year 2024, there is a positive sign all across the ERP software industry. Sector-wise there is a growth and technology-wise it is poised to embrace new technology. The trends clearly show that it will revolutionize how businesses operate. It will make businesses more data driven, and more market responsive.
The trends in ERP sector are poised to provide greater benefits in terms of time saving, resource saving, data monitoring, and planning for optimal utilization of available resources.
In today’s time, organizations which incorporate these trends and change their working style can stay ahead of the curve and utilize best of their investments.
In saying so, it is worth mentioning that BatchMaster ERP is one of the new age ERP solutions, especially made for process manufacturers. The software provides deep data insights, offers easy integration with various isolated systems to make a cohesive ecosystem, available on cloud to cater new age requirements and comes with a trust and experience of more than 30 years in ERP solutions.
To explore more about BatchMaster ERP, contact us.
