Enterprise Resource Planning (ERP) systems are burning examples of the diminishing scope for growth or innovation in the Enterprise Software industry. After almost a decade of ERP systems’ penetration into business infrastructures, executives have realized the setbacks of these platforms, including security and productivity factors. Consequently, organizations are leaning toward Governance, Risk and Compliance (GRC) solutions, while reallocating their investments from conventional hardware and software to Internet of Things (IoT), Artificial Intelligence (AI), Blockchain and similar other new technologies.
Cloud-delivered ERP models are a thing of past; organizations are more inclined toward adopting systems offering more functionalities over ease-of-use, low costs, and flexibility. According to a report by G2Crowd, focus on feature-based ERP Platforms will increase from 48 to almost 75 percent in the fiscal year. Nevertheless, cloud-based systems have proven to be affordable for small and medium businesses (SMBs) due to their ease-of-integration, empowering them to improve their quality of work.
While businesses are profiting from multiple ERP options and avoiding vendor lock-in, most of them are confronted with the challenge of managing numerous functions at a time. Therefore, executive teams are struggling to meet deadlines and often compromise on the quality of results. Because of which, organizations are likely to consider a two-tier ERP model into the picture, featuring holistic industry-specific provisions on a cloud-based platform.
The announcement of the General Data Protection Regulation (GDPR) in 2018 emerged as a red flag for organizations, helping them realize vendors that are not abreast of the latest compliance regulations. Besides GRC, firms are also switching to Environmental Health and Safety Tools (EHS) to stay industry compliant at all levels of operations.
While SMBs continue to seek solutions for faster delivery of results, the growing popularity of automation is reducing the necessity of implementing any software introduced to the market. AI and Robotic Process Automation (RPA) will work in tandem with each other to automate business processes, leading to error-free and faster workflows. Although the adoption of AI is still at an embryonic phase, RPA has already penetrated workplaces, empowering teams to solve problems holistically as opposed to specific areas of a task.
The above discussion describes the predicament of most organizations across diverse industry verticals and the probable solutions to those challenges. However, substantial IT investments may not be the precise only answer to these issues. Organizations must also focus on trader wars, the geopolitical front, and the money laundering associated with it. To deal with such scenarios, more entrepreneurs prioritize their compliance to GDPR, leveraging advanced GRC and EHS solutions. The Grand View Research claims that the use of GRC solutions will increase by almost 30 percent throughout the year.
While cutting-edge technology ensures quality for the trading industry, it is an uphill task for organizations to decide on one from the wide assemblage of trends. To make this task easier, a distinguished panel comprising CEOs, CIOs, VCs, Analysts, and the editorial board of CIOApplications Europe has selected a list of ERP solution providers.
We present to you CIOApplications Europe’s “Top 10 ERP Solution Providers-2019.”