Insights from Steve Basoff of SYSPRO Canada
Now that you already know an ERP system is a great investment for your business, the more challenging part is actually choosing what type of system may be right for you. Here is a quick summary of what's new and upcoming within the ERP world:
1. Cloud ERP
In this system, data is stored on the internet instead of running on your company's premise. Technical difficulties are rare and there is no need for local IT infrastructure as IT support is provided by the data centre. They have low upfront prices because they are typically associated with a monthly subscription fee. They are by far more secure than regular systems because it is much more difficult to hack an off-premise data centre.
2. Mobility ERP
We are always on the go and because of that, we rely on our phones to keep up with nonstop emails. Why not make things even more convenient by being able to access your company's data through mobile ERP? Your ERP system will move anywhere you are, so long as you have a cellular data plan.
3. Social ERP
This ERP system is fitting for how much social media has evolved over the past few years. Social ERP looks like the dashboard of a LinkedIn or Facebook page, sending important information your way instantly. This system is convenient because of how quickly it is able to surface information to you. It is a more conventional way to receive notifications—if there is an important sales order you want to monitor, you can ask the system to follow it and send you update notifications on the matter.
4. Artificial Intelligence
This phenomenon allows computers to use massive amounts of data and algorithms to make predictions which help you make better business decisions. Using your company's data, AI can suggest the best ways to generate money. For example, if a customer bought X product, AI would suggest to recommend product Y to the same customer. AI is useful when a customer may be considering changing suppliers and moving their business elsewhere. It can determine this based on massive amounts of data such as customer buying behaviours to then notify you with information to appropriately win over the customer. AI can also increase productivity and efficiency in the workplace, as it leaves more room for employees to do the more creative tasks associated with a business, while AI takes control of the mundane tasks associated with ERP software.
5. Chat Bots
Chat bots are becoming more and more common, specifically within tech support. These bots have artificial intelligence and use natural language to speak to customers. The main phenomenon here is the ability to speak in natural language, so customers don't feel like they're talking to an automated robot…even though they are.
6. Industrial Internet of Things (IIOT)
This phenomenon brings together SMART machines, analytics and communications, and essentially allows them to intelligently manage themselves. This integrated system can monitor, analyze and improve operational efficiency, safety and security, which results in smarter business decisions for companies. According to Accenture, 84 per cent of companies believe they would benefit from IIOT, while only 7 per cent have developed a business strategy. This is a full proof opportunity for your company to be competitive and get ahead of the game.
