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Key forecasts in 2020 for the ERP software Industry

By Tanuja Srivastava,Technical Consultant


Advanced Revenue Management (ARM) launch of NetSuite

“We cannot predict the future, but we can invent it.” -Dennis Gabor
Enterprise Resource Planning (ERP) is an interactive system to help improve business processes like sales, accounting, human resources, supply chain, procurement, etc. A good ERP software can do amazing things for your business and helps employees become more efficient by automating long office tasks. Simply put, the ERP program eliminates time wastage by making effective decisions that are based entirely on real-time analysis.

Reasons for growth on the ERP market:

For the last few years, the Enterprise Resource Planning market has been rising. Businesses are rising and gaining from ERP solutions in various ways. There are different factors driving ERP market growth:

  • Direct machine integration
  • Cloud ERP
  • Mobile and cloud-based services also helped increase the versatility of the business.
  • The entire process has been simplified by the business intelligence program.
  • In order to become more effective, any type of business invests in a good ERP program.
  • More licensed devices were purchased by pre-existing clients.
  • More licensed devices were purchased by pre-existing clients.
Future predictions are not easy to make, yet the prediction for each technology is made every year and the ERP industry is not behind them. There are many factors that help shape the global ERP solutions. Based on past information collected over the past few years, ERP forecasts were made. These are the predictions made so far:

Direct machine integration

Ah, direct machine integration – sometimes referred to as "IoT" or "the internet of things." This technology refers to machine connectivity and other things. When IoT and ERP are combined, there are far fewer surprise malfunctions and shutdowns. This means fewer human technicians are required and workers are seldom paid to do nothing while waiting to get worked on machines. In many different applications, IoT devices linked to ERP will establish this type of communication and reliability across the entire supply chain. This degree of exposure would make companies much more competitive all the way up and down the chain.

Cloud ERP

Many more businesses are now putting massive amounts of ERP data into cloud storage because these reservations have evaporated due to their obvious advantages. By the beginning of 2020, the demand for cloud computing will hit $258 billion.
The number one reason cloud ERP is embraced is to have access to the ERP of a global company from anywhere in the world. Cloud ERP provides better data security, so it isn't as dangerous as people think. Cloud ERP also makes it easier to handle and reduces costs.
One-third of enterprise IT budgets are now heading to cloud services. Expect that cloud ERP will continue to diversify and deliver more tools and functionality for customization in 2020.

Mobility

Everybody today uses ERP to increase its sales from small to large businesses. Analysts are speaking about SaaS and cloud, and these two will continue to grow in the near future, but by 2020 automation will take over the mainstream. This will help smartphones navigate networks. Each employee, such as people in the back office, clerks, managers, shop floor staff, will only access the data through mobile devices. This is going to be the biggest achievement since people like the data to be available on the go these days.

Focusing more on business intelligence

The trend in business intelligence is already gaining momentum and will surely increase in the coming years. To plan their business strategies accordingly, each organization uses the data generated by ERP technology. But this reporting is not enough, and companies want to use this data in more insightful and smarter ways.

Better experience for users

People are looking for more ways to make the ERP process more user-friendly and intuitive. Not only that, each device will be better configured to help view the content properly. ERP technology is going to be almost everywhere you could ever think, like in the development of headphones, smartwatches, etc.

Here are some must-know statistics:

  • The aerospace and defense sectors will have witnessed the fastest rate of growth in the adoption of ERP technology by 2020 (8.86% since 2014).
  • Asia Pacific's ERP market is expected to hit $9.77 billion by 2020.
  • ERP software's sales will hit $47 billion from 2017 to 2022.
  • ERP is helping 95% of the business that adopt it.
  • A record 68% of ERP customers were happy with their chosen ERP technology.
  • ERP improves processes in 95% of the businesses that implement it.

Conclusion

The effective strategy of the ERP program would certainly help every type of business to grow smoothly. For large manufacturing firms, ERP technology was first applied to help manage their raw materials and parts. Over time, to improve efficiencies, more advanced technology has been applied to ERP systems.
Initially slow, ERP is now making huge strides and drastically changing how business is done by manufacturers and other types of business. Now, every year, it brings many more exciting state-of-the-art technologies to both the offices and the production floor. In 2020, ERP will begin to experience other changes. We hope we've helped you stay up-to-date and implement the right ERP software for your business as needed. We hope that you found the key forecasts on ERP trends in 2020 beneficial.

To learn more about NetSuite and Upaya’s NetSuite services contact us at:

W: http://www.upayasolution.com
P: 408-899-4577
E: support@upayasolution.com
We are ready to help!!!

Till Next Time,
Upaya’s Team

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