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It requires more than great products and services to maintain a dominant position in today’s highly competitive, globalized, and shaky market. The growth rate of economic and technological evolution reveals that agility and flexibility are the true saviors when it comes to a clear acknowledgment of your customers’ rapidly evolving priorities and requirements. As far as Next-gen ERP is concerned, it offers state-of-the-art capabilities in synchronization with your core ERP features to help you automate and optimize the overall functionality, giving you a competitive edge in operational excellence and agility.[lwptoc skipHeadingLevel="h1,h4,h5,h6"]
Key Benefits of ERPs for Businesses
Discussing the importance of ERP systems in assisting businesses to automate and optimize enterprise-related operations. They help sustain many business activities, assisting you to intelligently handle complex finance, production planning and execution, service and maintenance, stock management, sales and procurement, and HR.By centralizing and harmonizing your data, integrating all your operations, and eliminating siloes within your enterprise, next-gen ERP solutions amplify the impact and domain of your core ERP functions to help you not only survive but thrive in a highly dynamic world amid multiple challenges. Some of the notable benefits offered by next-gen ERP solutions are as under.
Advanced Strategy
To fulfill today’s customer demands regarding small order quantities, customized products, and diverse product mixes, the advanced planning utility offered by next-gen ERP can assist you in ensuring an efficient supply chain while keeping inventories scalable and low-maintenance.
Superior services
In Modern times’ highly competitive market, customers want much more than high-quality products or solutions. They expect superior services, too. The right processes and directed solutions can help you make your services streamlined to sustain customer delight, increase efficiency, reduce costs and even increase RoI or crack new business opportunities.
Global trade
The world has become a village, and the internet encourages every small to mid-sized business for cross-border trade. International trade, however, demands some SOPs. A growing stack of trade policies and taxes makes trading products a complex and costly process. ERP-driven Global trade management solutions can promise you compliance and eliminates most of the risk factors.
Finance and Account Management
Manual invoice processing is a slow process and comes amidst the risk of errors and mistakes, making it costly. You can help your accounts department automatically process invoices from recognition to approval, posting, and maintaining a record of it irrespective of whether you’re a large business or just a startup. The RoI will be instant and notable.
Lot size one Strategy
Business to Consumer (B2C) and Business to Business (B2B) customers, nowadays, increasingly demand customized solutions and services. To meet their requirements criteria, manufacturing companies need to adopt a ‘lot size one’ approach.
Cloud-based ERP
In past practice, many businesses tend to keep themselves up for on-premise solutions or to the private cloud for security reasons, and the cloud services are now skyrocketing. Another utility you can enjoy for having a next-gen ERP solution.
Intelligent maintenance
Modern solutions are fueled by innovations like big data, the Internet of Things, Artificial Intelligence, machine learning and augmented reality, etc. With these AI-driven modules, maintenance is becoming increasingly intelligent. These smart solutions can increase productivity, reduce maintenance costs, extended equipment life and security compliance.
Intelligent Inventory
Warehouses equipped with robots and drones to pick, scan and move goods with accurate and precise handling are becoming a new norm. Companies are increasingly integrating modern technologies into their warehouses to improve supply chain and inventory management ‘always faster and promising deliveries. Next-gen ERP solutions are all about optimizing your warehouse that can help you boost productivity and reduce costs.
Strategic sourcing
The conventional procurement approach, which focuses merely on getting the most competitive price possible, is diminishing. Dynamic market requirements bound companies to look beyond this old-school Strategy. Next-gen ERP solutions can give you the right direction for strategic outsourcing as per market conditions.
Top 3 Reasons to Adopt Next Generation ERP to Engage Right Talent Pool
Adopting a scalable ERP that richly incorporates innovative technologies like Artificial Intelligence (AI) and Machine Learning (ML) will not only give you a competitive edge over your rivals but will also help you engage the next-generation workforce that is crucial to direct your business towards a new summit.The future workforce does not hesitate and desires to interact with technology in more connected and interactive ways. It isn’t just about a tech-driven paradigm shift in manufacturing and distribution that encourages policy-makers to ponder over a new way of conducting business, and it’s also a fact that the Baby Boomer generation is on the verge of retirement. The future is in the hands of Millennials.According to the statistics published by the Bureau of Labor, around 75 million Baby Boomers are expected to retire in the coming years, and their current labor participation rate will fall from 80% to below 40% by 2022.
1. Social Collaboration AI-driven Smart Decisions
Social collaboration in ERP is becoming a new norm. Statistics reveal that organizations having social ERP are 145% more likely to experience real-time collaboration across departments and divisions and experienced a 22% boost in RoI over the past two years. This is rational as the millennial workforce and their customer counterparts like interacting through a familiar and personalized social media-type interface while performing business-related activities. Social ERP tools developed to engage the entire team on board deliver trend recognition, notifications, and real-time collaboration at everyone’s fingertips. This ensures timely response and real-time observation of customer sentiments, continuously evolving market and data trends, and core business functions.More and more Customers are establishing 90% of the relationship with a company without interacting with a human. Recent advancements in emerging technologies like Artificial Intelligence (AI) and Machine Learning (ML) allow businesses to engage with consumers everywhere with minimum or no real human interaction, whether entertainment, automobiles, shopping, etc.
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A potential customer-first approach requires your ERP system to acknowledge each customer’s requirements and have the capability to encourage them with self-service, anytime and anywhere in the globe. For now, more and more businesses are managing interaction with customers without human assistance, making it crucial for everyone to ensure that their facilities don’t leave behind. B2B eCommerce channels that can communicate and collaborate with the entire business supply chain are another live example of digital interaction. Customers and vendors on a digital portal enjoy real-time access to information to automate the process and enabling organizations to save time, money, and energy.
2. Scalability and Flexibility in the Workplace to Manage Top Talent
Amid growing and evolving challenges like global expansion, innovative technologies, and a cross-generational workforce shift, choice and flexibility require your business to deliver quality services to customers by utilizing the best employee talent. To engage, inspire, and acquire young and top talent, your ERP system must allow your employees to run the ERP their way and feel satisfied and fulfilled while driving your business to sustain your customers’ demands effectively. Meanwhile, individuals who wish to interact with the ERP system in an old-school client can also have their interactive interface.Other primary benefits to operating on an elastic ERP system are cloud deployment, on-premise, or both, and the payment plan that best fits your finances and requirements. Fundamentally, your ERP must be scalable enough to mold, compress and expand as per the challenges pushed by your dynamic needs and allow you to stay focused on core business functions.
3. Ensuring Personal and Valuable Business Insights to Boost RoI
The secret ingredient to acknowledge and, more importantly, improve how your manufacturing or distribution process operates daily is actionable business insights and valuable data patterns. By deploying AI and ML technology as part of the ERP, the plan is a perfect strategy to extract valuable insights from the ocean of gathered data volumes channeled through ERP. Further processing includes searching for anomalies, repetitive patterns, and risk factors and surfacing the interesting data points on the personal dashboard. This routine enables rational decision-making and also allows each individual to be more successful in their routine tasks. Employees’ success is the ultimate objective of interactive engagement.
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A next-generation ERP solution offers more than that of the conventional ERP reporting and analytics utilities. A futuristic ERP solution is undoubtedly a carrier that shapes Strategy and policymaking throughout the organization by allowing real-time data access. Considering insights extracted by a next-generation ERP system can help you build more rational decisions, improve RoI, reduce risk, boost responsiveness, and reshape the overall productivity that matters.
6 Notable Trends driving futuristic ERP designs
One can easily make a hypothesis about where Enterprise Resource Planning (ERP) is heading. The most obvious and notable six trends that will affect ERP in upcoming days include.
1. Real-Time Decision Making
Data is the new oil. If organizations capitalize on data intelligently to maintain contemporary awareness and develop valuable intelligence, it will become a norm to thrive in this domain. More than ever before, business leaders around the globe are exploring competitive benefits in making dynamic and contemporary decisions to boost their performance, supply chains, and financial operations. From utility vendors discovering latent benchmarks with Smart to mid-sized businesses to manufacturing giants observing sales inflows that cast contrasting shadows on their supply chains and overall output, both front-line hierarchies, as well as executive leadership, are busy in utilizing their systems to remain engaged, up to date, and profit-driven machines.
2. Age of Globalization
The world is changing, so do businesses. In the contemporary era of globalization, companies are quickly maneuvering to secure their leads in evolving markets. As companies make their debut in new markets, their back-end methodology needs to be capable enough to sustain the regulatory, trade, and financial demands of performing well in new geographies as well as a strange demographic environment. The upcoming upgrades to the existing ERP systems stress too much out-of-the-box functionality to fill the existing voids in a truly global economy. As companies hustle to reach all corners of the world, so too are their employees. The focus on mobility and app-enabled solutions has and will continue to evolve. This decade is likely to witness a focus on user experience as ERP enablers work hard to ensure their solutions are easily accessible and adaptable.
3. IT-driven Priorities
With many millennials entering and taking lead roles in today’s workforce, we observe a paradigm shift in their art and style. The workforce demands interfaces that are functional, interactive. A friendly user interface, ease of use, and flexibility are crucial in winning the users’ satisfaction.
4. Business Intelligence (BI) and Data Visualization
Many organizations know the worth of valuable intelligence. To make your data fruitful, you must be able to see through it. Alongside their front-line employees, upper hierarchy and executive leadership demand visibility. Effective visualization tools and dashboards enable the leaders to maintain 24-hour checks on all core areas of the business and acknowledge whether all departments are operating in synchronization or not. We’ve made our debut in an era where this is not merely a competitive advantage; it has become a mandatory task to keep operating boards and shareholders connected with high visibility. With business intelligence and modern visualization tools, businesses are trying hard to accomplish this crucial task. Decorated, well-visualized, customized dashboards for each hierarchy level with role-based views are becoming a new normal.
5. Integration, Scalability, and Cloud
While the big giants in the global ERP domain will continue to maintain their position, we will likely see a continued segmentation of ERP culture. As third-party and highly scalable solutions become increasingly normal, we will observe companies hustle to acquire a single-source, fully integrated system. ERP’s will continue to offer mechanisms and extensions for integration to leading third-party utilities. ERP providers quickly adapt to this new culture as they may lose their firm grip in the market if they hesitate to provide space for extensions and integrations.
6. The AI-driven Revolution
Artificial Intelligence is changing the world like never before. Utilizing AI and machine learning as part of an IoT-enabled organization are the battlefields. Almost every industry is opening its arms to welcome the adaptation of visually connected workplaces and smart AI-powered analytical engines. As we get conscious of our data, our systems will also get conscious and utilize the overall potential of data. Intelligent systems allow us to gain efficiency and eagle-eye perspective. The future machines will rely less on spreadsheets or 6th sense and instead will be more AI-driven controllers of their functionality. They will effectively manipulate their methodologies and technical structure to sustain vigilance, improve the efficacy of their automated processes and allow real-time decision making.
Conclusion
Access to this data and AI-driven ERP systems encourages your team to reach the new summits, fulfill targets, meet deadlines, improve collaboration between themselves and others, lead your business to new extremes, and boost RoI.