Enterprise Resource Planning is being implemented by most of the organizations to streamline its business processes. ERP enables smooth flow of information between the functional departments in the organization. The strengths of an ERP are security, high integrity, scalability, controlling, tracking and monitoring. ERP system has evolved from earlier times and it continues to evolve and address new topics in the market. The latest trends in ERP or Enterprise Resource Planning are many. It calls for constant upgrades and modifications to keep up with the times. Some of the issues to be dealt with in the latest trends in ERP are as follows:
1. Expenditure: Implementation of the ERP system requires quite some expenditure. The organization should be able to invest heavily to implement ERP due to which it keeps the medium and small scale companies away. One of the latest trends in ERP will be to reduce this cost to the minimum level so as to able the medium or small sized companies to invest in ERP implementation. These companies can also realize the benefits of ERP if they are able to afford the implementation process.
2. Time Duration: The time period required for the implementation of an Enterprise Resource Planning system is fairly long as it can take anywhere from six months to two years to complete. The latest trend in ERP is to reduce this time taken for the implementation process. This will reduce the man hours lost during the implementation phase and attract more companies to implement the ERP.
3. Need based Application: The companies are looking for more of the need based applications instead of having to buy the entire ERP software package. As some of the applications provided are not useful to the company, they are looking for purchasing only the applications needed.
4. Latest Technologies: Web enabled technology aids in making the enterprise operations to go online. One can access the needed data from any part of the world and easily. This latest trend in ERP makes it more efficient. Wireless ERP has made it possible to share the data through internet and other devices making it easy for people to access it. Open Source ERP aids in doing away with the problem of paying the license fees during installation and during every modification process.
These latest trends in ERP are to increase the scope of ERP to small and medium scale companies instead of limiting to the large scale companies only. These trends have to be incorporated by the ERP vendors to improve their services. The modernization of Enterprise Resource Planning software has to make it more user friendly. The software professionals are looking to bring about these changes as per the latest trends in ERP. The ERP needs to provide a complete solution to the organization to achieve their high goals. ERP needs to undergo modifications and upgrades as per the future trend to increase its demand in the market. These trends will help small companies and medium companies to implement the ERP system and the demand will continue to increase for the Enterprise Resource Planning.
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