The ERP Trends that need Urgent Attention from Businesses in 2024

Globally, the ERP market has grown by 8% since 2022 with?a 2024 forecast stating that 1.4 million companies will be spending $183 billion just on ERP software. Ever-changing business needs driven by rapidly growing technologies like generative AI are fuelling this continuous growth, which means ERP trends are also shifting. This article will explore some important trends in 2024 that your business needs to accord immediate attention for outpacing your competitors.

Focus on Cloud Technologies

ERP providers are heavily investing in cloud technologies over on-premises systems. Cloud models offer numerous advantages, including scalability and the ability to leverage advanced technologies without extensive internal IT resources. If your business wants digital transformation but not with huge infrastructure overhauls but still wants digital process transformation, this is one area you definitely should consider.

IoT-Shifting from Trend to Absolute Necessity

The data gathering process for making business decisions has been hugely transformed by the Internet of Things (IoT). It has introduced sensors that can monitor equipment, products, and other assets and use definitive information captured from them to offer insights on employee productivity, system efficiency, and much more.

Transition to Two-Tier ERP

For organisations with multiple locations or subsidiaries, a two-tier ERP approach can address local compliance and business needs while maintaining central oversight. Businesses are now implementing and integrating two-tier ERP systems, ensuring seamless data exchange and collaboration between different levels of the organisation.

AI Leading the Way

With Artificial Intelligence (AI) becoming an integral part of every modern ERP system, the benefits from features like advanced reporting, demand forecasting, customer service automation, and much more are being experienced. Such a customised ERP system backed by integrations can help businesses gain competitive advantage leveraging the power of AI.

Movement Towards Hyperautomation Hyperautomation is transforming how businesses operate. With automation of manual processes leading to existing workflows getting optimised, organisations are scaling up both on efficiency and productivity. By proper identification of automation opportunities, many businesses are now implementing ERP solutions that can eliminate the bottlenecks that hamper streamlined operations.

Mobility

With the rise of remote work, mobile accessibility is crucial for ERP systems. Businesses can now ensure that their employees are able to access critical business functions without having to be present in their offices or operating within specific business hours.

The Cybersecurity and Data Security Challenges

With the ERP systems now holding your most critical business data, it becomes all the more important to ensure that they are safeguarded from leaks; a mutual responsibility for both the business and its service provider. This is leading to incorporation of strong security measures in line with global data privacy regulations that are protecting against cyber threats.

"Green" ERP

Sustainable development is becoming a core consideration in ERP system development and deployment. "Green" ERPs contribute to reduced carbon emissions, controlled energy usage, and sustainable business practices. For companies that prioritize environmental responsibility, the "green" ERP system provides huge support for your sustainability goals.

More Customization Opportunities

ERP providers increasingly offer tailored solutions for specific industries. Customised ERP systems have already been designed serving unique needs of various sectors, be it manufacturing, healthcare, retail, and many more. All these businesses are able to use tools that are designed to address their specific industry challenges.

AGSuite's Expertise in ERP

AGSuite Technologies understands that navigating these dynamic ERP trends can be challenging. With 10+ years of ERP specialization, we have been expertly guiding businesses to efficiently adopt these transformations. Our skilled consultants are specialists in the implementation and customization of NetSuite, a globally leading cloud ERP solution. So, if your need is cloud migration, AI leverage or business process optimization through automation, we can customize your ERP to serve your specific requirements.

We offer:

• End-to-end NetSuite implementation services that start from the initial consultation and all the way to extended go-live support; everything needed for a smooth and successful transition.
• We custom develop and integrate NetSuite so that it perfectly fits your specific business needs, while also ensuring that it cohesively works with your existing systems and applications.
• Through ongoing support and optimization, we help you maximise returns from your ERP investment.

AGSuite brings to you the future of ERP. Schedule a consultation with our team at: https://agsuitetech.com/Free-Consultation-Now.php. Let’s discuss the things that can make your business prosper in this competitive market.