The Future of ERP: Trends and Predictions for NetSuite Users

Enterprise Resource Planning (ERP) systems are often seen as the backbone of large-scale businesses. They keep all the important business processes running smoothly in real-time. Now, with tech moving faster than ever, it’s no shocker that these systems, like NetSuite, are getting some cool upgrades to keep up with the times. Today, we’ll walk through some of the top ERP software trends being watched at Devma and their impact on NetSuite users. 

What Exactly is an ERP System?

An ERP is a software application used by companies (usually enterprise) to manage and integrate specific aspects of their business. This system can include functionalities to support various business processes such as finance, human resources, procurement, distribution, and services. It’s the central hub where data, feedback, and systems from across corporate systems gather into a cohesive platform. When everything is organized in one area, it allows for improved processes, reduced costs, and improved decision-making across all departments due to the new feature of comprehensive insights into operations, facilitating real-time data availability, and automating tasks.

Cloud-First Approach

It used to be that companies kept their ERP stuff in-house, but now everyone’s jumping into the cloud. Why? First off, the global cloud ERP market is expected to grow 13/6% annually and reach $40.5Bn by 2024, per Statista. With technology advancing, new updates for NetSuite users could include improved flexibility, scalability, and reduced IT overhead. Second, the cloud approach allows a company to access all their tools and data on hand anytime, anywhere—perfect for the work-from-home crowd.

Artificial Intelligence and Automation

Artificial Intelligence (AI) is all the rage across all industries and it’s bound to transform ERP systems. It’s giving ERP some serious brainpower across the board, in processes such as predictive analytics, task automation, and personalized user experiences. Furthermore, NetSuite AI integrations are making everything from money management to keeping track of inventory a whole lot smarter.. While AI is still young, the future of the technology’s maturity will see it become a key piece of the puzzle for predicting market trends and consumer behaviors, which ultimately leads to companies staying hungry. 

Integrated IoT Capabilities

Continuing on with the facilitation of real-time data collection and asset monitoring, enter The Internet of Things (IoT). This is another form of technology that will integrate with ERP systems. For NetSuite users, this boils down to better tracking and smarter decisions. For companies big and small, this can significantly improve operations, specifically for those in the manufacturing and supply chain space. 

Enhanced Customization and Flexibility

In a world where every business is trying to stand out, being able to tweak your ERP system could make all the difference. NetSuite’s all about giving you the options you need to make your mark and stay ahead of the competition. Adaptation is the name of the game, and this new NetSuite flexibility can be just that for businesses looking to take advantage of market changes.

Greater Focus on Data Security and Privacy

You’ve seen the headlines – big companies like Facebook and Google taking heat for data leaks. With ERP systems, there are tons of data every day, and that pile’s only getting bigger. That being said, beefing up security is a top priority The majority of future ERP updates will most likely focus on improving data security measures and ensuring compliance is met for global privacy regulations. For the Netsuite crowd expect to see more enhanced features for data encryption, secure access management, and regular compliance updates. 

Expanding Ecosystems and Integration

All pieces of technology that are enhancing business operations rarely function alone, they perform as an ecosystem. ERP systems are no exception. With that, ERP systems are getting ready to integrate with third-party applications and services, making it a breeze to handle all your business needs in one spot. 

Takeaways

The future of ERP systems is bright as a supernova, and promises exciting advancements that will help businesses increase efficiency, make smarter decisions, and manage operations more effectively. For NetSuite users,  staying informed about these trends and preparing to adopt new technologies will be key to leveraging their ERP investments. As we look ahead, it’s clear that the role of ERP systems will continue to evolve, becoming even more central to successful business management in a digitally driven world.

Ready to take your business to the next level? Check out Devma’s NetSuite services today!