As per Finances Online, the global ERP software market is expected to grow by 7% CAGR. Undoubtedly, enterprise systems are one of the most indispensable platforms that a business needs to invest in.
Actually, enterprise systems are unique solutions that help businesses to automate numbers of business processes. In recent couple of years, several businesses around the world have embraced these applications, and the major reason for their adoption is the convenience they add in enterprises’ processes.
However, the technologies have a big hand in boosting the importance of these applications. When the businesses started to adopt these software, a few technologies were there to support the workflow, but now there is no dearth of technologies that are pushing the development.
By the year 2022, a number of technologies will transform this practice and in this post, we will glance over those technology concepts. So, stay tuned with the article to know about the amazing technologies that will enhance enterprise applications in upcoming years.
Technology Concepts Enhancing Enterprise Applications
#1: Intelligence Enterprise Systems
As per well-known Evans Data Corporation, the main target of artificial intelligence and machine learning developers is ERP software industry today. From every 4 out of 10 industry leaders are striving to use these technologies in ERP systems. While machine learning is the major attraction among many of them.
Enterprises are becoming intelligent and eager to deploy these technologies to relish the fruit of advancement. Among all of these, the driving force by 2022 will be Machine Learning.
Another fact is that these days businesses own a huge amount of data. Machine learning enables them to perform predictive analysis that can help them comprehend the data faster and incur insights that they wouldn’t have otherwise.
Another advantage of machine learning is that data can be churned to figure out potential issues before time, in case of system shutdowns. This saves a huge cost, enterprise productivity and time to recover the data. Altogether, with the help of AI, it is possible to identify inefficient processes and perform root cause analysis to make the process more dynamic and reduce cost.
#2: Connected Enterprise Environment
The next more outstanding advancement in this space is “Enterprise Internet of Things” that allows physical 'things' with embedded computing devices to contribute to the processes of the business. In this ecosystem, devices get connected to each other and share real-time data. This helps in reducing manual work for enterprise executives and increase overall work efficiency.
With the help of embedded devices such as sensors actuators based on internet communication and cloud platforms, businesses can easily automate processes with the help of applications. While, these applications work on the basis of contextual information given by programmed devices such as sensors, vehicles, machines, and other equipment.
Besides, IoT based application systems also enable to send control instruction to the mentioned devices on the basis of the business rules. While internet of things is a thrilling concept that allows physical devices to connect on a network (internet) and opens the door to the endless number of opportunities.
The real value to this integration comes from data. As Big Data processing and analysis are getting advanced, the insights obtained from IoT data sets will become priceless for the decision-maker of enterprises.
Altogether, technologies such as machine learning and real-time stream allow persuasive scenarios including predictive maintenance and proactive monitoring of exclusive equipment of industries. It is also possible to mine the sensor data sets, connect to the legacy devices with the software platforms and operate them from an essential element of IoT solution.
Indeed, this integration will be exciting and impressive in the upcoming years.
#3: ERP Based On Cloud
From the beginning of 2019, there is a great upsurge in traction of cloud-based ERP systems. The demand for cloud-connected ERP systems has increased mostly because of the operational efficiencies that cloud provides to businesses. As per a dozen of researches, the cloud-based ERP market will reach to $29 billion by the end of this year, which would make an $11 billion increase from the year 2016.
The implementation of SaaS solutions has steeply increased to 85 %, while 76% of businesses have already planned to move to the cloud already.
What are the factors encouraging cloud’s adoption?
SaaS applications allow enterprises to choose their own model concerning their needs. Altogether, they can easily upscale and downscale in the wake of any required change that business needs at any point in time.
To serve a huge customer base, a single instance of the software is enough. Therefore, an application that uses a single code base –maintained for all centrally and share a common infrastructure is used by all users. This multi-tenancy makes SaaS application customization easier requirement of each enterprise businesses.
Another aspect that make cloud based system businesses’ choice is cost saving. While Cloud-hosted ERPs are cheaper than on-premise solutions, enterprises can save upto 30% of the cost. Altogether, there is no need to pay up-front license fees as SaaS is generally subscription-based. SaaS has a very convenient a “Pay as you go” model too that narrates cost as per the usage.
Apart from these, many other advancements are emerging through that you will see in the upcoming years. However, the main question how users will see these upgrades. The fact is that a huge user community is out there who will have their own perception.
While enterprise mobile application development trend is also booming, it would be interesting to see the users’ response.
Another significant aspect is companies like Techugo are exploring the potential of other technologies (blockchain) that can be another new advancement in this space.
Don’t you think that blockchain integration will provide huge data security to enterprises? To find out its answer, stay hooked with us.
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