With each passing day, digital transformation is becoming more vital for organizations, opening the doors to new opportunities. The same applies to the ERP software as well, merging ERP and disruptive technologies to develop customized solutions paves the way to improved business functionality and a competitive edge in the long run.
Just as ERP systems have varying degrees of success, so do the digital initiatives that rally around them. Most industry experts agree that ERP systems still play a valuable role, albeit with a need to focus more on practical use-cases, developing agile solutions that scale with changes in demand, and driving solutions aimed at user engagement.
An efficient enterprise resource planning (ERP) solution and more productivity in mind are the two main factors that enterprises take into consideration before they adapt to digital transformation initiatives.
Besides, meeting the objectives of process efficiency or operational efficiency is the driving force behind integrating digital transformation into the workplace. Credit to advances in technology here is how emerging concepts like Cloud, Automation, AI, Internet of Things (IoT), Blockchain, and Robotics the must ingredients for Digital Transformation.
Cloud acceleration, though not a new trend, will be a game-changer in 2021. Cloud-based ERP is provided as a service to the business and hosted by an ERP vendor.
Cloud-based ERP software offers real-time inventory insights to sales teams, frees finance teams to respond to audit queries, keeps a close eye on cash margins by integrating and automating financial and operational business functions.
Robotic Process Automation
The major challenges that growing companies face include resource planning, product, and inventory management. ERP systems bring together repetitive work processes that include invoice processing, back-office processes, ERP data entry, payroll management, user termination, and so on.
By augmenting traditional ERP systems with Robotic Process Automation (RPA) enterprises can gather intelligent insights into their operations and equipment capacity to maximize production levels.
An automated inventory forecasting model factoring reorder points (ROP), sales velocity, and economic order quantity helps to ensure optimal inventory control. Enterprises can thereby track any changes live and allow for scheduled equipment maintenance, thereby reducing unexpected downtime.
Artificial Intelligence Driving Customer Engagements
Superior customer experience is a vital goal that most enterprises drive for, regardless of whether they are a small-scale establishment or a large-scale multinational network.
Artificial Intelligence has given rise to new information retrieval techniques. Intelligent text-enabled chatbots, can answer customer queries, solve customer service bottlenecks, and add to customer stickiness.
For instance, chatbots lets sales managers enquire on stock availability across the world through intent-based questions.
Technology lets ERP solutions connect to customized customer interactions for quick delivery of better products to the market, in-order-to to let the operation team have a substantial competitive edge over those that do not.
By learning from the historical data sources through machine learning models, AI and natural language processing (NLP) models enable quicker understanding of the user intent to help in swift decision making. These patterns reveal market intelligence trends and predict future outcomes that help businesses with actionable insights to proactively manage their customer relationships.
Internet of Things and Smart Packaging
Finished product transit safety and its shelf life affect how the stakeholders interact with the brand. No one would want to suffer losses on the stock.
The solution lies in smart packaging which encapsulates diverse packaging technologies that extend shelf life, product quality, display information for retailers, distributors, and consumers, and enable shoppers to connect with the company.
Intelligent packaging is driven by the Internet of Things (IoT), which connects devices (like sensors, mobile phones, and wearable devices to each other) via the internet for improved distribution safety.
Blockchain and Supply Chain Efficiencies
The modern supply chains can be very complex. Concerns arise when the end-user wants to authenticate the origins of the source of production. Blockchain technology can help identify which parties are involved in the entire product lifecycle beginning from the raw material to the finished product. Blocks or distributed ledgers ensure transparency and information sanctity, where the blockchain owner has the choice to give either restricted access or complete access to the parties of the blockchain.
Companies that rely on ERP systems benefit from blockchain integration to keep their inventories in check, track supply chain, manage their finances, and perform data critical transactions without having to worry about security or cyberattacks.
Moreover, the capabilities of blockchain ledgers to hold and store information blocks may become a transparent, secure, and reliable way for businesses to move forward.
These records may encapsulate viable business data like invoices, supply chain traceability, accounting entries, and so on. Businesses are increasingly trusting to add a security layer to their operations and create a more transparent and seamless experience.
ERP remains one of the most prevalent solutions that augment productivity and increases workforce efficiency. Businesses need to strategize and make the most of Emerging Technology enablement to unlock the true potential it holds. This can certainly help them implement a complete digital transformation for good and be future-ready for new challenges and equally rewarding opportunities.