Neither enterprise resource planning (ERP) nor fintech look much like they used to. Where once we had ERP portals, we now have enterprise-level solutions, big data, business intelligence and predictive analytics. The world of fintech has transitioned from credit cards and ATMs to startups, blockchain and the proliferation of apps such as Apple Pay.
Finding the right ERP software is the key to the success of a project and injecting innovation into business. Any organisations using archaic ERP systems need to upgrade to meet the demands of a new generation of customers.
Here are some of the key ERP trends companies need to keep an eye on going forward.
1. Moving towards cloud adoption
Taking ERP to the cloud has meant faster, remote data access and none of the complex technical configuration associated with older systems. Cloud-based solutions allow businesses to turn their attention to key issues, reduce costs and enjoy strong user support. Using cloud-based technology for fintech means companies can be assured of greater innovation and productivity in their internal processes.
2. Taking a closer look at business intelligence
When you want to transform raw data into relevant, significant information, you need business intelligence. Collecting data manually is not an effective use of time or energy; businesses are demanding new ways to decipher data and new types of data visualisation. This is something ERP developers need to keep in mind.
3. Placing the customer at the core of the business
Most businesses today put their customers at the centre of everything they do. However, the same cannot be said for ERP providers. ERP systems often lack a customer-centric focus, instead created with the supply chain, inventory and accounting in mind. As a result, they can sometimes overlook the end user. However, customising an ERP system can solve this issue. Custom solutions tend to be more user-friendly and allow integration with third-party applications.
4. Providing greater flexibility
ERP developers that offer a range of options for business solutions will be the ones most in demand going forward. Modularity is important to cloud providers, however ready-made software as a service (SaaS) solutions are becoming increasingly sought-after by customers. Offering systems with the flexibility of being able to move from one software to another is on the must-have list for customers, so providers need to follow suit.
5. Keeping prices competitive
Prices have been kept at a competitive level with a combination of enhanced business processes, high competition and innovative technologies – and this is a blessing for ERP customers. Thanks to cloud computing, pricing models are both increasingly flexible and economical. These days, rather than paying for the cost of high hardware, clients are opting to pay subscriptions based on how many users are accessing the system.
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