Covering Disruptive Technology Powering Business in The Digital Age

Attributed by Vincent Tang, Vice President, Asia of Epicor

Vincent Tang, Vice President, Asia of Epicor

Enterprise Resource Planning (ERP) systems of today have evolved significantly from their early hardware-based iterations. Growing from just a record-keeping tool, modern ERPs now gather and analyse data from across an organisation to deliver valuable insights, facilitate collaboration via intuitive dashboards, and empower flexible working arrangements.

These benefits position ERP systems as catalysts for scaling operations, broadening the customer base, and increasing revenue. Capitalising on this potential, however, hinges on a keen understanding of how ERP systems can be leveraged to navigate changing conditions. Here are five industry trends to keep an eye out for:

1. Growing cloud adoption

Public cloud spending is on the rise in the Asia-Pacific. IDC, for example, projects this figure to reach a whopping $219.3 billion by 2027.

In the face of growing demand for agile cybersecurity, data analytics, and AI technologies, organisations’ cloud budgets should factor in how cloud-based ERPs contribute to achieving these key objectives.

Historically, on-premises ERP hardware struggled with limited storage and bulky physical assets requiring constant specialised maintenance. Today, cloud environments enable organisations to operate efficiently from anywhere, allowing for quicker and easier scaling. ERP solutions are taking the same route, with cloud-based ERP systems empowering organisations to store vast amounts of data and extract valuable insights to inform operational improvements.

Additionally, cloud-based ERP systems provide employees with access to pertinent data and insights regardless of their location, supporting flexibility across the globe.

2. Rising IoT usage

According to Transforma Insights and Statista, the number of IoT devices used across industries will triple by 2030 to over 29 billion devices.

More IoT devices means more opportunities to gather more data to inform operational efficiency, energy usage, process speeds, downtime, and shipping information.

This heightened visibility can better inform strategic planning, optimise productivity, and boost efficiency. For ERPs, this translated to the ability to gather, collate, and analyse data from across the enterprise network, enhancing decision-making on operational processes.

Which is why 32% of respondents in Epicor’s 2024 Agility Index said they were optimistic about automation increasing efficiency and productivity. Meanwhile, 26% said they were excited about cost savings, and a further 23% earmarked improving supply chain agility as the benefit they most looked forward to. With the potential of artificial intelligence (AI) and machine learning (ML), these benefits can be further accelerated.

3. Growing need for insights

But more data alone isn’t enough. To become truly data driven, it is essential to study various processes — such as machine efficiency, delivery times, workflows, talent deployment, and throughputs—to identify strengths, weaknesses, gaps and potential improvements. This is ultimately the key to pinpointing areas for enhancement.

Given that ERP systems are already collecting large amounts of data, it’s high time that organisations harness an ERP solution that facilitates business intelligence and analytics through an intuitive dashboard that provides clear visual representations of data.

The tangible benefits of this approach were highlighted in a recent Epicor, which found that, despite factory workers citing rising raw material costs as their top challenge, detailed operational insights provided by a robust ERP system opened avenues to rationalise expenditures.

4. Increased focus on user experience

In an era where people are increasingly familiar with screens—from smartphones to self-service kiosks—ERP systems are evolving in design, functionality, and usability. By tapping into users’ familiarity with such interfaces, ERP systems become easier to use, driving adoption, and leading to significant savings in time and money, as well as increased productivity, as staff spend less time navigating complicated interfaces.

We can also expect ERP systems to continue exploring ways to speed up and aid adoption. After all, modern ERP systems already offer customisation options, allowing workers to tailor business applications to their specific needs—for instance, customising workflows, modelling, or building an analytics dashboard to their exact specifications.

5. A connected workforce

The topic of work flexibility is now integral to the world of employment. Ensuring cohesion rests on fostering collaboration across multiple physical locations.

ERP systems can be a major boon in this regard. With their ability to hold operational data and insights, ERP systems can connect stakeholders across the organisation, providing each one with a comprehensive view of business operations. Modern ERP systems also come with social tools, enabling workers from different locations to interact and collaborate effectively.

Given its current trajectory, ERP systems are poised to cement themselves as an essential. Staying competitive, therefore, hinges on understanding ensuring these systems are well-equipped to give enterprises an edge. Only by leveraging robust ERP solutions can businesses thrive in our digital-first world, both now and in the future.

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