What is an ERP?
An Enterprise Resource Planning is a process used by companies to manage and integrate the important parts of their businesses. It is an application that automates business processes, and provides insights and internal controls, drawing on a central database that collects inputs from departments including accounting, manufacturing, supply chain, sales, marketing, and human resources.
Moving to an ERP system can be one of the best investments you can make to grow your business. It’s a challenging process and you want to define your end goal and map out a clear path to success.
Companies across every industry, with diverse business models, have realized the benefits that come with ERP solutions with extensive functionality that can cater to a wide variety of organizations and requirements.
You need to innovate before someone else does.
A cloud-based system is a particularly excellent fit for not only large enterprises but also for small and medium-sized businesses that don’t have the excess funds to invest in software and hardware, or who don’t have the extra space to house the hardware for their ERP system.
Why should you consider Cloud technology?
Cloud-based ERP systems have a low implementation cost as opposed to the traditional, hosted model. Using the most technologically advanced software is no longer a game of weighing the ROI.
Generally, companies find themselves version-locked with their legacy software because of the prohibitive costs associated with upkeep – which often range from half to 90% of a company’s I.T. budget.
There is no need to squeeze every last minute out of an aging system when the update or switch to a new system happens hardware-free.
All of the costs typically associated with system upgrades go out the window when dealing with a cloud ERP.
Cloud technology affords you a “version-less” system that makes it easy to benefit from the pace of innovation.
Updates on the platform are automatically performed by the service provider. You thus consistently rely on the latest product improvements and an updated database without having to deploy an IT team on-site, accrue additional fees, or risk the stability of your software architecture. That is how cloud technology gives you a dependable ERP that is always up to date and running at optimal efficiency.
For businesses, it’s never been more important to embrace change and quickly adapt. A key way to ensure a business is prepared for change is to implement technologies that can better equip the company for uncertain future circumstances.
Cloud ERP is generally better at future-proofing.
Its architecture and cloud-native software make it relatively easy to modify and augment with add-on modules for new types of operations. Customers implementing an ERP solution must also carefully consider their integration and data management strategy.
Consider the following future activities and features that cloud ERP can facilitate without undue disruption or cost:
To stay in tune with the Demand
Scalability and flexibility is what a growing company needs to stay in tune with the rollout of new products and quickly enter new geographies/markets. An ERP that facilitates growth through localization support for a broad range of countries—taking into account regulations, data residency requirements, and data security legislation.
An Integrated Solution
Making the move to Cloud ERP means you can innovate intelligently and instantly. No more waiting for insight or integration. No more solution gaps because third-party or custom apps are delayed or impossible to navigate. No more waiting to be disrupted without the ability to get ahead of the game and be the disruptor.
Application programming interface, or most commonly known as API, allows two applications to talk to each other. If you have third-party solutions to manage your warehouse, eCommerce, or Customer Relationship Management (CRM) for example, it’s necessary to have an API to connect all your data sources. Your ERP system is responsible for a significant amount of your operations to improve efficiency, productivity, and visibility.
Choosing an ERP system that uses a REST API will allow your other applications to easily integrate with your ERP and vice versa.
Data & Insight Driven
By connecting data across accounting, sales, purchasing, inventory, and customer service, cloud ERP gives leadership teams and managers a holistic view of the business.
With an end-to-end perspective, you can identify bottlenecks in processes, compare location performance, and spot emerging product trends. Thus, the better business will be created in the future.
A “future-proof” ERP Cloud will provide tailored dashboards, modifiable workflows, and intuitive user interfaces. Your ERP Cloud solution must be easily tailored to meet your business needs — without requiring IT involvement or becoming so customized that it cannot be updated or extended.
Application of AI & ML to ERP systems
Cloud platforms need to produce a self-learning information system that involves artificial intelligence and machine learning across all the networks. A cloud-based infrastructure integrated with core ERP services gives knowledge of machine learning and artificial intelligence algorithms that encourages the training of the entire system. AI can couple with ERP software to boost efficiency, spot trends, make predictions, and otherwise have a positive influence on your company. AI is an amazing tool that deserves to be implemented in all sorts of companies.
Expanding ERP with IoT and Mobility
Real-time data collected via the IoT and ported into an advanced enterprise resource planning software is key to running the autonomous world of the future. ERP systems that are built for tomorrow’s IoT landscape not only gather more data but also directly port that data into the right tool for its business function.
5G capabilities for wireless connectivity will be crucial in the extension of IoT to more capabilities and use cases. The speed of data transfer will undoubtedly improve the current use cases of IoT devices. What we’re looking at is an ability for companies to directly monitor the conditions and automated responses of tooling and mechanical devices in near-real-time. When we can implement near-instantaneous data transfers, artificial intelligence (AI) or machine learning (ML) can stop processes, change course, or alert the manager on call to changes.
Change security and compliance practices
Keeping pace with the government regulations, industry standards and quality initiatives have become an overwhelming challenge for every business. In addition, to comply with the electronic data laws continue to evolve. With a fully integrated business management system, audit trails, and user-based security natively based, cloud ERPs are able to achieve flexibility and being intuitive at a relatively low cost.
Advances in cloud software platforms provide the tools, framework, and system integrators to quickly and cheaply pilot new ideas. The technology is here now. End-to-end process visibility across multiple units/departments/locations, along with analytics deployment. You need to innovate before someone else does it.
About Incepta Solutions
At Incepta Solutions, our team of #InceptaInnovators is passionate about developing the bridge between people and operations, as we create stories that we can all be proud of.
Since our inception in 2010, we are recognized as trusted experts in providing digital services to global businesses. We are proud to be named one of the top 5 Information Technology companies in Canada on the Growth List 2020 (published by Canadian Business and MacLeans). In addition, we are humbled to be a certified Great Place to Work – Canada.
Our full suite of technology services includes:
Integration | Digital Transformation | Cybersecurity
Data Management | Cloud Strategy | Customer 360
At Incepta Solutions, we provide business solutions that solve challenges and enable future growth and success for our clients. We leverage industry-leading technologies to provide innovative solutions that are robust, of premier quality, and cost-effective.
In our growth journey, our goal is to become a global leader in digital transformation and enterprise solutions. We enable businesses all over the world to solve complex and critical integration challenges. As #InceptaInnovators, we hope to look back at these times on how we have helped global brands and enterprises achieve success. Our driving force is that one day, we are able to reflect on our shared journey and be proud of the stories we have created together.