Technology trends that can transform business in 2018 and beyond

Technology trends that can transform business in 2018 and beyond

What are the most significant technology trends in the new year? At ePROMIS, our top market researchers identified three shifts in technology that will rule coming years. How did we do that? Well, we associate with a wide range of organizations globally to help in their technology sourcing decisions. In addition to these everyday interactions, we surveyed professionals from North America, Europe, and Middle East & Africa regions to spot tech trends and also to understand the customer expectations for technology in the future. Being a global leader in the ERP software market, ePROMIS has made investments in technology and innovation to leverage the business trends that have the potential to reshape the current ERP software ecosystem.

1. In-memory computing

In-memory computing is creating waves in the ERP marketplace. Now, organizations are more interested in analyzing and identifying emerging market trends, generating knowledge and insights, forecasting cause and effect than essential data management and analysis functionalities of their legacy ERP systems. As a result, ERP software solutions run on in-memory computing platforms are becoming attractive strategic assets in the business world. In this technology, instead of disk-based databases, the Random Access Memory (RAM) is used to store data. This technology will remarkably accelerate the processing speed of the ERP system, as the data stored in memory can be accessed very quickly than on a hard disk. In-memory computing enables comprehensive data view, analysis of massive data volumes, real-time data, and accurate reports.

2. Internet of Things (IoT)

As more devices are becoming smart day by day, the Internet of Things (IoT) is becoming an interesting topic of conversation. As IoT can gather a huge volume of data for analytics the demand for incorporating Internet of Things applications into business processes is emerging.

The Internet of Things will play a vital role in the future of ERP software, significant players in the business software market, such as ePROMIS are already ahead of the game with research and developments for the management, administration, and processing of IoT data. IoT integration into ERP software systems is beneficial to all industries, and it can give business owners better insight into every stage of areas such as supply chain, manufacturing, projects, and asset performance.

3. Artificial Intelligence-based business applications

From the personal assistant of our smartphone to what we saw in science fiction movies, everyone is familiar with the concept and applications of Artificial Intelligence. AI is gradually becoming a part of our daily life and the trades we do. According to researchers cognitive automation, intelligent automation, and computer vision are three AI technologies that can significantly impact the future of ERP software systems. Cognitive automation technologies focus on knowledge-based tasks, i.e., a business application equipped with cognitive automation can mimic human thought processes and make decisions.

Intelligent automation is a more advanced technology compared to cognitive automation. The thought process is not limited to routine, and predictable tasks in an Intelligent Automation enabled ERP software. This type of AI does not require structured requests or queries; we may talk to the system like we do with a person. Computer vision technology allows ERP systems to perform independent computations by recognizing images, interpret solutions, and even learn from human emotions. Although the concept of computer vision has been around for decades, it hasn't moved beyond research labs into real-world business applications. More and more organizations will plan and initiate their migration to intelligent business systems this year.

In addition to the above three comparatively newer technology trends, the ongoing tech trends such as enterprise mobility, cloud computing, big data, e-commerce integration, demand for industry-specific solutions will continue and accelerate.

The pace of technological change is fast and getting faster every year, running outdated technology is bad for any business. Subscribe to ePROMIS newsletter to receive more information, including the latest ERP news, blogs, market trends, and corporate resources. Follow ePROMIS on Twitter @ePROMISGlobal, and watch videos on the official YouTube Channel