Personal Finance

ERP trends: What to expect in 2023

BDERP

New technology and the latest enterprise resource planning trends have enabled a rush of swift changes in enterprise resource planning (ERP) that will need companies to update quickly. FILE PHOTO | SHUTTERSTOCK

Even with pandemic-related restrictions now a thing of the past, many reopened enterprises have quickly realised the market is not what it used to be.

New technology and the latest enterprise resource planning trends have enabled a rush of swift changes in enterprise resource planning (ERP) that will need companies to update quickly.

So, what can these organisations expect to see in 2023 and what technology trends will define the year? Let's take a closer look.

Managing the supply chain

It would be difficult to discuss any future trends around ERP solutions without looking at the current global supply chain situation.

While some pressure has eased from manufacturers and distributors, there are still major shortages of key materials causing delays in production as well as increases in costs.

Read: Why digital planning tools are critical for enterprises

Due to these shortages, these organisations are finding it difficult to keep enough inventory in stock as well as numerous challenges around procurement.

Almost every manufacturing organisation experienced raw material shortages, with supply chain management technologies within ERP systems becoming significantly more popular as a result.

These solutions help organisations integrate with suppliers and customers more effectively and give leaders more visibility into the health of their supply chain.

ERP solutions get smarter

ERP rollouts of the last decades focused on collecting transactional data. Now, finance organisations are burdened by the quantity of information collected and don’t know how to analyse or use it.

This has led to more intelligent ERP solutions, augmented with AI and connected data, from transaction and external sources, to generate a system that provides contextualised features, experiences, and processes, and can continually learn, improve and adapt.

Effective implementation of an intelligence solution can help reduce human error, save costs, and free up time for your employees to focus on value-generating areas of your business.

This domain will be supported by adjacent advancements in AI, the interconnectivity of Internet of Things smart devices, edge computing, digital twins, remote operation, satellite and 5G communications, and advanced materials.

Sustainable practices become the norm

With COP27 recently taking place in November, there has been a renewed focus on finding sustainable solutions and fighting climate change from both the public and private sectors of all industries.

Thanks to developments in power, energy, and battery technologies, new solutions can make organisations more efficient and lessen the impact of climate change.

Also read: Unlocking firms' potential with right tech solutions

For example, advancements in nanotechnology and materials are helping to improve battery life for vehicles and phones and to reduce dependence on infamously scarce and hard-to-obtain materials such as cobalt and lithium.

Mr Wilson is the chief executive officer of SYSPRO EMEA.