With the global Enterprise resource planning (ERP) software market expected to reach $78.4billion by 2026, it’s clear that the adoption of ERP systems is driving success for businesses around the world.
Data shows that 88% of organisations believe that ERP implementation helped them to succeed, while 53% of businesses view ERP as a priority sector for investments. The widespread adoption of this technology is being driven by key market trends including digital adoption, remote working, cloud integration and increasing amounts of data.
To equip you for success in 2022, we asked our experts to reveal what’s next for ERP. Here are five trends that you need to know:
1. Demand for transparency
As concerns around data privacy grow, more customers than ever will expect transparency about how their data is stored and used. This is only set to increase with further development and sophistication of cloud technologies that facilitate remote data access. Openness and transparency will be key for businesses that want to build more trusting relationships with their customers. It’s essential that they can demonstrate that they’re using the right tools and following the right protocols to keep customer’s data secure and provide peace of mind.
2. Digital transformation
The need for digital document management processes and customer journeys has rapidly increased in the last decade with a sharp acceleration due to Covid-19. We are seeing less emphasis on printed documents and a great shift towards digital channels such as email, online document portals and workflow solutions. This continuous shift towards digital channels will lead to a quick phasing out of physical documents in all industries sooner than we think. Cash will no longer be king and will soon be seen to be as antiquated as cheques.
3. Document Accessibility
Document automation and accessibility is set to accelerate in the next year. This is based on the fact more of us are working remotely and that the vast majority of roles involve working with documents, regardless of industry or function. We are seeing an accelerated emphasis from clients placing greater value, not only the tool sets used to create documents in the first place, but equally the way in which they are stored and accessible by the wider organisation.
4. Cloud First
The next few years will see more and more organisations and verticals look to capitalise on cloud technology - even those that are sceptical right now. Documents will be stored and generated in the cloud where storage is quick, cost effective and easily accessible. Many of the blockers and challenges relating to the cloud will be removed meaning that the cloud is simplified and trusted. The next stage from here is merging different system providers into one, to reduce cost and streamline into a single cloud only application.
5. Seamless Integration
Seamless integration is key as we move further into the cloud with all our applications. To achieve this people will need to ensure that when they “spin” up an environment it will work straight out of the box. In addition, ISV companies will need to reduce the time it takes to ensure that systems are talking with each other if they want to stay competitive. It is essential that the next generation of output and document management solutions become more automated when it comes to configuration. Essentially you want the customer to be able to answer a few simple questions that result in an automated install, set up and configuration straight out of the box.
To find out more about Formpipe's ERP solutions, please click here or contact sales@formpipe.com.
