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ERP In 2023: Requires Relevant Functionality To Meet Changing Business Needs

Key Highlights

  • ERP 2023 systems are becoming increasingly essential to address evolving business challenges.
  • However, to remain relevant, ERP must incorporate new technology and features.

The ERP industry is facing a contradiction. Many companies rely more on ERP systems to manage an increasingly complex business landscape, so they demand more features to address new challenges. However, they remain tied to outdated infrastructures and old ERP software, making upgrades difficult to sell.

Analysts said that the cost and complexity of upgrading ERP systems are still a challenge for many companies. ERP industry experts believe that offering new functionality and improved integration with external systems will help ERP systems better cater to changing customer needs, simplify the upgrade process and make for an easier sell.

Experts believe the next iteration of ERP must include AI and machine learning in 2023 to remain relevant.

More Customer Choice

According to Eric Kimberling, CEO and founder of Third Stage Consulting Group, ERP will evolve in 2023, and customers will have more choices. He said the choices include offerings from traditional vendors such as SAP, Oracle, Microsoft, and Tier 2 providers and point applications from vendors not usually considered ERP vendors.

Smarter Business Processes

ERP 2023 applications evolve from simple transaction processing to more intelligent process automation and re-imagination. Embedding technology like machine learning will make business processes smarter and more efficient.

ERP 2023 vendors still stuck in on-premises systems must guide customers to more modern ERP applications with platforms running in hyper scaler clouds. However, moving to the cloud won’t necessarily make ERP applications more innovative. ERP customers with a forward-looking approach will drive vendors to provide more cutting-edge solutions.

ERP 2023 is facing challenges as customers are reluctant to upgrade due to cost and complexity. It has missed opportunities to add new functionality that is important for companies today.

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