Top ERP Trends in 2024: Make Your Business Processes Future Ready

“The global ERP market size is projected to reach USD 187.79 billion by 2030, at a CAGR of 14.8%.” ¹

Enterprise Resource Planning systems, or ERPs, form the cornerstone of business logistics and operations. It is almost impossible to build large-scale successful businesses without a robust ERP system powering the organization. In fact, ERPs have evolved from being purely a back office requirement to taking the center stage across all business operations. ERP now powers the front-end realms of sales, marketing automation, e-commerce, financial planning, and more.

In this dynamic landscape, fueled by the fusion of new technologies like generative AI and evolving business requirements, the latest trends in ERP and asset management are set to redefine the game. The rapid evolution demands a keen eye on emerging trends, ensuring organizations can harness the power of the latest innovations, optimize processes, supercharge productivity, and make strategic decisions driven by real-time insights. Welcome to the era where ERP isn’t just a tool – it’s the key to unlocking unparalleled competitive advantage and agility.

In the world of ERP, 2023 was the year of omnichannel experiences. Let’s see what is it we can look forward to in 2024.

Explore the latest trends in ERP and asset management to stay ahead of the curve!

Exploring the Top ERP Trends for 2024 and Beyond

1. Shaping Up the Future with Artificial Intelligence
   Gone are the days when artificial intelligence (AI) was only being used as a buzz word to come across future-ready. Now more than ever, it has become an essential component of all plans, platforms, and processes. ERP, of course, is no exception.
   
   AI, generative or otherwise, will continue to enrich ERP systems with its intelligent algorithm and machine learning capabilities to automate routine tasks, streamline workflows, generate actionable insights, and drive predictive analysis. With the power of AI shaping up the future trends in ERP system, organizations can look forward to smarter business processes and enhanced decision-making.

2. Enhanced ERP Workflows with Hyper Automation
   A step beyond AI comes its amalgamation with machine learning and robotic process automation (RPA) that enables the end-to-end automation of business processes. Hyper automation extends beyond singular automation initiatives, thereby making it possible for organizations to leverage data-driven decision making and swiftly adapt to dynamic market demands. Need to accelerate your time-to-market while minimizing errors? Selecting an AI-based trending ERP software is the right choice!

3. Cloud-based Modernization of Legacy ERPs
   While many organizations continue to have their ERPs on-premises, they are not shying away from spending money to modernize it with the power of the cloud. Cloud-based ERP market is expected to grow at a CAGR of 14.50% in the coming years.² This surge can be attributed to the scalability, flexibility, and real-time access that comes along with cloud computing.
   
   What’s more, its cost-effectiveness and increased security measures will ensure that cloud will continue to dominate the ERP industry trends, now and in the future.

4. Data-driven Decisions with Analytics and Business Insights
   There can’t be true modernization until there is data backing it up. Current ERP market trends point to an ever-increasing need for data analytics and trend projections. Modern ERP solutions are working toward developing their business intelligence capabilities that can help them identify patterns, opportunities, emerging trends, and potential business or operational risks. This will empower organizations to be more robust, resilient, and responsive.

5. Easy Access On-the-go with Mobile ERP
   With the rise of mobile devices and remote work, ERP software applications need to be readily available for users irrespective of their location. Businesses today need faster, more responsive systems that allow users to access data in real time, receive important updates, and more. Mobile ERP systems are designed to empower users on the fly and make sure that they are able to efficiently execute their tasks anytime, anywhere.

6. Enhanced Safety Measures with Cybersecurity and Blockchain
   ERP systems house large amounts of data, thereby making it a prime target for cyberattacks. It is imperative for ERPs to keep strengthening their cybersecurity measures to ensure data integrity, confidentiality, and security. And this is where blockchain comes in!
   
   ERP industry trends indicate that many enterprise resource planning systems will be leveraging blockchain to offer more security and transparency in their solutions. Blockchain’s decentralization feature helps fortify the ERP system against potential threats and leakages.

7. Higher Adoption with User-friendly ERP Interfaces
   What’s the best way to improve adoption rates for an ERP? Creating an easy, user-friendly, and intuitive user experience. Modern ERPs offer streamlined workflows and customizable dashboards that give a boost to their acceptability among employees and helping them be more efficient in their day-to-day tasks.

8. Extensive Support with ESG and Regulatory Compliance
   ERPs house a large amount of sensitive data. How that data is stored needs to be in accordance with the ever-changing regulatory requirements. Additionally, the adoption of ESG (Environmental, Social, and Governance) standards have taken centerstage across the globe. ERPs, such as Microsoft Dynamics Business Central, are going to play a pivotal role in enabling organizations to stay up-to-date on these regulations and efficiently handle their operations.

9. Emergence as a Central Hub with API Integrations
   With their ability to integrate with many platforms, applications, and data sources through APIs, ERP systems will continue to remain as a central hub for business operations.

10. Rise of Financial Planning with Modern ERPs
    Organizations are highly focused on taking a strategic approach in their financial planning initiatives, and ERP modules such as Microsoft Dynamics 365 Finance & Operations, are proving to be an asset in helping organizations for financial planning and analysis.

In Conclusion

ERPs have evolved from a good-to-have system to a must-have all-rounder. Choosing the right ERP is the key to unlocking unparalleled business intelligence, efficiency, and strategic advantage. Learn more about the different types of ERP systems available in the market and how they compare with each other here.

1 Fortune Business Insights December 2023

2 Polaris Market Research January 2024