The Enterprise resource planning software market is in a phase of rapid expansion. The ERP market is projected to exceed more than $49.5 billion by 2025. The primary reasons businesses invest in ERP include cost savings, improving efficiency, automating mundane tasks, and providing access to employees to critical information to make better decisions. And as companies increasingly rely on ERP systems, it continues to evolve to incorporate new technologies and support a wide range of functions.
Major Trends for Enterprise Software in 2022
1: Cloud ERP
62.7% of organizations prefer cloud-based ERP systems over on-premise software. More and more businesses are adopting cloud ERP because of simpler (and faster) deployment, lower costs, better flexibility (i.e., the ability to use the software anywhere, anytime), and decreased need for internal IT resources.
2: Digital Transformation
Digital transformation is the process of integrating digital technology into all business functions. Since ERP typically touches most company processes, it’s a logical place to start the digital transformation. Accenture’s 2020 ERP Trends shows three-quarters of UK executives are using cloud ERP as a gateway to modernization. For them, the cloud is a pathway to digital transformation.
Historically, ERP systems were difficult to customize. However, with the improvement in technology, businesses can now take advantage of cloud ERP platforms tailored for their company. Today ERP vendors offer more personalized, relevant experiences to customers that can better accommodate the company’s unique needs.
As businesses realize the importance of ERP systems, they will only improve over time. In the near term, companies will adopt cloud ERP software that is personalized to their unique requirements.