Karl Schroeder, the futurist and science fiction writer, said, “Foresight is not about predicting the future, it's about minimizing surprise.” Business owners know they can’t just fly by the seat of their pants when making decisions; they need good information to evaluate their options and make the best choice based on the facts at hand. The best ERP software options are all about connecting processes so executives and managers get a complete view of the business under one system.
Modern Business Drivers
Businesses are facing a set of new business drivers that many have never experienced before.
- Resilience and Agility
Andy Grove, the ex-CEO of Intel, said, “Bad companies are destroyed by crisis, good companies survive them, great companies are improved by them.” The resilient organizations adapted to the disruption by using digital capabilities to restore operations.
Agility is the ability to react quickly and effectively in times of change. Businesses that demonstrated agility were able to quickly realign processes and people to meet organizational requirements.
- New Competitors
In his five forces model, Michael Porter highlighted the competitive threats of new entrants and substitution. Companies in various industries are beginning to find "digital natives’ emerging." These competitors did not exist three years ago and have a technology-based business model that allows them to offer new products and services that incumbents cannot match.
Best ERP Software Redefines Business
All analysts agree that ERP systems must also move to support business in the new normal post-COVID. One main area is using the internet cloud. Originally, the value proposition of the cloud was “faster, cheaper, easier,” but this is changing to businesses seeing cloud ERP as an on-ramp to new technologies and business models.
- ERP Business Platform
Cloud-based ERP platforms offer everything needed to build and deliver applications and business functions that are innovative, agile, and resilient. They provide a data hub to manage data, and an intelligent core to bridge business and functional silos.
- AI for Data Processing
The technology of machine learning and other forms of artificial intelligence will increasingly be used in reporting and analytics. It will also be able to reveal value-added insights that make reporting and performance monitoring easier.
- New Digital Initiatives
It is expected that cloud-based ERP systems will become predominant in the next few years. Beyond that, a new digital initiative will be integrating edge computing, such as the Internet of Things (IoT). IDC predicts that by 2023, over 50% of new enterprise IT infrastructure deployed will be at the edge. Other initiatives will include distributed ledgers (e.g., blockchain) and hyper-automation in which artificial intelligence (AI) and machine learning will be used to increasingly automate processes and augment human requirements.
- Workers’ Skills Development
Although not an ERP capability as such, organizations are discovering that the skills that are, and will be, needed to make their ERP systems work properly are in short supply. ERP solutions will therefore need to include modern learning and skills development systems so businesses can help their workforces develop new skills to support new digital business models.
- Remote Work Opportunities
One of the trends that applies to business software is location independence. This is an IT operating model that allows ‘work from anywhere’ for customers and employees. Software used to be talked about as "cloud first." Now, it’s "remote first."
Find the Best ERP Software Solution for Your Business’ Future
Business owners will continue to face challenges for the rest of 2021 and beyond. They can minimize the number of surprises coming their way by investing in a modern ERP solution such as SYSPRO. These platforms have the advantage of being easy to use and scalable. Moving to the cloud offers flexibility, which will be an important factor when the economy reopens. PositiveVision has been working with companies in the Greater Chicago area to find the best ERP solution for their needs. Whether you are considering a move to the cloud or a hybrid solution, let our team help you find the right option.