Top ERP Trends You Need to Capitalize on in 2024

Success is just as much planning as it is execution. And it’s never too early to start laying the groundwork for future success. Q4 is going to be over before we know it, and 2024 is going to be an exciting year in the ERP space. There’s a lot of exciting changes happening and staying in front of these paradigm shifts is going to give you an edge as we head into the first quarter of the new year. ERP systems are the backbone of many organizations, streamlining operations, enhancing efficiency, and driving growth, and capitalizing on the latest and greatest they have to offer only augments their effectiveness. Here are some ERP trends to capitalize on in 2024.

AI-Driven Automation

You knew this was coming, best to get it out there first thing. AI has entered the business world and it’s come in like a hurricane, even in the technology’s relative infancy. AI-driven algorithms and machine learning are taking over repetitive tasks, from data entry and invoice processing to inventory management, giving your colleagues more and more time to focus on more pressing matters. This automation will not only save time and reduce the margins for human error, but also provide valuable insights for strategic decision-making. The smart money is on standby ERP solutions to offer more and more AI-powered analytics and forecasting tools for better resource management and cost optimization. Expect more news coming out of industry players like NetSuite, Sage 100, Sage 300, and Intacct.

Cloud-Based ERP

We went in depth with this one a while back on our blog, but the sentiment is going to remain the same into 2024; and will probably intensify. The shift to cloud-based ERP solutions has been ongoing for several years, especially in the wake of COVID and the remote work boom. Cloud ERP offers scalability, flexibility, and accessibility, allowing businesses to adapt quickly to changing circumstances, all with the accessibility and access that cloud-based software facilitates. It reduces infrastructure costs and offers real-time collaboration across distributed teams. Cloud ERP will become an essential element for companies looking to streamline their operations, even in hybrid or remote work environments.

Mobile ERP

As the workplace becomes increasingly mobile, ERP software will become more accessible on mobile devices. Mobile ERP apps are set to become a standard feature, enabling users to manage their operations and access vital data on the go. This flexibility will enhance collaboration, decision-making, and productivity for remote or on-the-go workers.

Data Analytics and Business Intelligence

In 2024, ERP software will offer more robust data analytics and business intelligence capabilities. Advanced reporting, dashboards, and predictive analytics will empower businesses to make data-driven decisions with ease. The integration of AI will enable ERP systems to uncover actionable insights from large datasets, helping organizations identify trends and opportunities for growth.

Customization and Scalability

Every business is unique, and ERP software will cater to this diversity with enhanced customization and scalability options. Modern ERP solutions will allow businesses to tailor the software to their specific needs, ensuring a perfect fit. This flexibility will especially accommodate growing and mid-market businesses, scaling their ERP systems as their businesses grow with minimal disruptions/needs to upgrade.

Cybersecurity and Data Protection

As cyber threats continue to evolve, ERP software vendors will prioritize cybersecurity and data protection. Enhanced encryption, multi-factor authentication, and proactive threat detection will become standard features. Businesses will trust their ERP systems to safeguard their sensitive data and maintain operational continuity.

Want to make the most out of your ERP system as we approach the new fiscal year? Want to learn how to capitalize on ERP trends in 2024? Give us a call at BrainSell. Our ERP experts can help you get out ahead of these trends and stay on-top of the latest and greatest developments in the financial technology world.