Major ERP Trends to Watch Out for Retailers

Businesses have been leveraging the benefits of ERP for quite a long period of time now. It has profited them in many ways, from streamlining operations to improving efficiency. Over the years, the ERP system has advanced its features and potential to grow more and meet the requirements of the present-age enterprises.

With this, innovative technologies have begun to flourish in the retail sector, along with improving customer services. ERP, hence, became an utmost aspect of the industry. With more and more retailers understanding the potential of ERP, it has been witnessed that the demand has risen. However, the retailers are now also focused on using innovative solutions aligned with software to automate their procedures as well as enhance the overall business structure.

To help you understand better, let us walk you through the upcoming and leading trends associated with ERP, driving the market.

Cloud ERP uplifting the perks for the retailers-

In the past, many businesses relied on on-premises ERP software and were hesitant to move their essential business functions to the cloud, but this is quickly changing. Businesses are embracing cloud ERP to benefit from a more straightforward deployment, lower costs, elasticity (i.e., the capacity to only use the resources required at any given time), new functionality, a reduced need for internal IT resources, and the capacity to add users and functions with ease to accommodate business growth.

Two-tier ERP is among the top trends-

In the past, many businesses attempted to implement a single ERP system for the corporate office, all regional offices, and all subsidiaries. However, in practice, that strategy was frequently expensive and difficult to implement because subsidiaries frequently had specific needs, didn’t need the entire capability of the corporate system, and battled with the one-for-all solution strategy.

Two-tier ERP is one of the major ERP trends for 2023 because of this. With two-tier ERP, businesses can take advantage of their current ERP system investments at the corporate level, while subsidiaries and divisions use a separate ERP solution, which is frequently cloud-based. While smaller business divisions switch to a secondary ERP system, larger firms may continue to use their primary ERP system for financials and other essential functions.

Digital Transformation is leading the wave of streamlined operations-

Digital technology integration into all corporate processes to enhance daily operations is referred to as “digital transformation.” While raising employee productivity, enhancing customer service, and improving communication, this strategy can frequently increase revenue and competitiveness.

Since an ERP suite often affects the majority of a company’s operations, it makes sense to start there in order to facilitate this shift. The adoption of AI and advanced analytics, as well as the integration of ERP with IoT devices, are a few developments mentioned below that can be viewed as a component of this digital transformation.

More Insights with Other integrated Technology Integrated technologies-

Advanced ERP is an important component of a company’s digital transformation, but it is only a small portion of a larger technological investment. To enhance key operations, businesses are combining their business software with other emerging technologies, such as IoT. For instance, retailers track the movement of items within the warehouse using warehouse management systems that gather information from mobile scanners and intelligent conveyors. Some businesses combine ERP Solution with ecommerce to enhance the workflows associated with online orders. This integration updates inventory levels, records payments, and immediately initiates order fulfillment.

ERP and social media will also be more closely related in the coming year. Companies can gain a comprehensive insight into their audience by viewing the social media activity of customers and prospects in one location, which enables them to develop an in-depth understanding of their customer that enable them to improve both their strategies of digital marketing and customer experience. By adding data from social media interactions with sales order history and communication with customers, companies can gain more insights into the overall sales procedures and experiment with new ways to target and sell.

Customization leads to elevating customer experiences-

Earlier, it was difficult to adapt ERP platforms with complex scripting languages to specific organization requirements. However, businesses can now take advantage of cloud ERP solutions, sometimes known as “low-code” platforms, that are built for simpler configurations. A rising number of ERP solutions are also being developed to meet the demands of various sectors.

Companies require ERP systems with capabilities like highly customizable dashboards to meet their needs as they concentrate on providing more individualized, relevant experiences to customers. The rise of AI-based conversational and assistive user interfaces like chatbots, which can understand user voice or text input and answer queries utilizing customers’ and order data contained within the ERP is one new trend.

AI-powered capabilities to improve the existing structure-

ERP is now embedded with the capabilities of Artificial intelligence (AI) and machine learning (ML) to assist enterprises in meeting increased demand for customization and enhancing a range of business processes. It is now possible for retailers to either select an ERP with inbuilt AI and ML features or integrate them into their existing structure.

Mobile ERP

With mobile apps becoming the norm, ERP providers have begun to offer mobile support. Marching forward with innovation, the ERP solutions are enhancing to offer on-the-go access to important business data, enabling employees to conduct front-end as well as back-end tasks, regardless of their location. Mobile ERP, furthermore, can also encourage collaboration for dispersed workforces in different time zones.

Mobile ERP apps developed with a user-friendly interface can empower users with easy access to complete their work without the requirement of a computer. Employees can complete tasks such as expense reporting, time tracking, call logging, and more, and can monitor the status of important workflows or approvals from their phones. Mobile ERP offers valuable insights, including real-time

data, remote access, enhanced productivity, faster and more precise data capture, and increased agility.

What Does the Future Hold for ERP?

Cloud computing and the Internet of Things have simplified businesses to use ERP systems. But this is not just it, as ERP has a plethora of advancements. It is on the verge of presenting its potential in the field. And hence, we can expect an array of innovations in the coming period. The use of AI and ML in ERP, though in its infancy for now, is expected to thrive on the ground very soon, enhancing the abilities and potential of ERP software. It is anticipated that the advancement will help businesses become more cost-efficient, along with saving money.

Furthermore, with mobile ERP leading the way, it is anticipated that employees would appreciate this trend. It will prove useful for businesses always having on-go employees. Moreover, there are a lot more cutting-edge technologies to be added to the ERP. Sooner, it will change the curve, helping businesses to introduce flexible outcomes in their working structure.

If you are planning to integrate your work structure with one such advanced solution, try our Grexpro ERP, an advanced solution that caters to the needs of present retail scenarios. It offers much-needed support to your business and prepares it to face the upcoming circumstances. The software is easy to imply or integrate with your existing business structure. If you are interested in knowing more about Grexpro ERP, get connected to our experts today!