By Marty Schillaci, CEO of The Resource Group
As the CEO of The Resource Group, I’ve done a lot of research on the future of enterprise resource planning (ERP). Needless to say, I’ve learned some interesting things.
The first item, which isn’t surprising, is that business intelligence and reporting will play a key role in the future of ERP. Companies want better assimilation of information so they can make better decisions.
Visualization will also play a key role. We live in a world where we want to be able to visualize information and see trends as opposed to looking at printed reports.
Another important trend to note is closed social media. With closed social media, you’re communicating via instant messenger with customers, vendors and coworkers within your ERP application. The information from these communications is then stored and related to the transactions within the ERP system similar to a CRM system.
Next, we find that there is a move toward using best-of-breed applications. In the past, companies would try to find one solution that did everything. However, we’re seeing that trend going away. More and more companies are picking and choosing specific applications and integrating them into their accounting system so that their applications, such as HR payroll or CRM, are really dedicated systems selected to meet specific business needs and integrated into an ERP.
In addition, machine learning and artificial intelligence (AI) will definitely play a key role in the future of ERP. I believe we'll see ERP systems incorporating this technology. Some areas where AI will help to improve ERP solutions include automatic closings as well as having the ability to notify you of abnormalities in your data rather than just going through reports. With AI, your solution will eventually learn over time what you want to see and present that information to you in a very visual fashion.
So, why are companies moving to a new ERP solution? At The Resource Group, we’re finding that our Microsoft Dynamics GP clients are considering moving to a product like Sage Intacct because of one of the following four scenarios.
First of all, some of our clients need to have aging servers replaced so they're evaluating whether that makes sense or if they should move to the cloud.
The second reason why some of our clients are considering change is that it’s time to upgrade their Dynamics GP solution. As such, they’re comparing the cost of an upgrade with migrating to a new modern system like Sage Intacct.
Thirdly, we’re seeing more and more IT teams looking to move all applications to the cloud. So, our clients are faced with either selecting a hosting provider for Dynamics GP or going with a true cloud application.
And finally, some of our clients are finding that Dynamics GP no longer suites their needs, and a product like Sage Intacct has the functionality they need for their business.