6 Ways in Which ERP Will Dominate Financial Management In Coming Years

ERP and financial management

As a part of the trending business world, the obvious question we always ask is how can we maintain our resources in the most efficient way possible.

It is, of course, by using the robust ERP solutions that are accessible to manage the accounts, CRM, HRM. In the next 30 years or so, with the essential change in ERP trends and development, the ERP industry will see tremendous growth and especially in these areas:

Small & Medium Enterprise (SME) Growth

Due to great ERP incentives for SMEs that include fewer operations & maintenance costs, more organizations accommodated ERP solutions.

Financial Growth

ERP systems for a well-functioning operational system ensure highly capacitive and unified business functions, and the growth is anticipated to rise by almost 30% by the end of the year 2020.

Cloud-Based & On-premise ERP Growth

 Due to the rise of cell phone technology and social networking platforms, the ERP industry is anticipated to rise by 10% by 2020. Its increasing popularity amongst companies to unite cloud-based ERP forming a hybrid system with ERP solutions.

Defense & Aerospace Growth

Aerospace organizations predicted an estimated growth of 7.9% in the period between 2014 through 2020. This increase has taken place due to the data clarity that the ERP solutions have given to the companies, primarily monitoring and managing basic operations remotely.

Social Media & Digital Marketing

ERP will look into being more social media-friendly in the upcoming years due to the growth it recognizes in terms of users each year. Also, It is set to rise by 3.02 billion by the end of 2021. Organizations understand the need for improved collaboration. As the next generation of ERP systems appears, social media applications show value in connecting businesses internally and externally with customers and suppliers.

The evolvement of IoT (internet of things)

Now that more goods and devices are getting connected to the internet, and that is how more data can automatically be feed-in into the ERP system.

How ERP will dominate Financial Management in Coming years

According to the latest report issued by Allied Market Research, titled, ERP Software Market by Component, Deployment Model, and End User: Opportunity Analysis and Industry Forecast, 2019-2026, the global ERP software business was valued at $35.81 billion in the year 2018, and is predicted to reach $78.40 billion by the year 2026, expanding at a CAGR of 10.2% from 2019 to 2026. In 2021, the world is will likely have more promising innovations, including technologies like blockchain or AI, greater attention to functionality and personalization, more clouds and aggressive startups disrupting existing markets.

Also, an uptick in demand for ERP amongst small & medium-sized businesses and technological progressions in enterprise resource planning software is supposed to provide profitable opportunities for market growth in the forthcoming years. This is connected to numerous advantages provided by ERP software, such as end-to-end control of software, managing IP within the organization, and executing notable customization as and when needed by the company.

Owing to these factors, a large number of businesses across the globe opt for an on-premise deployment model for collecting and securing their data using ERP systems. Nonetheless, one of the major reasons why ERP’s role in finance is evolving is its access to more powerful analytics. Built-in or add-on, modern ERP solutions’ analytics empowers quick decision making and plan execution. It allows accounting, finance, and planning departments to rapidly and effectively respond to any situation and adapt to operational changes. Our team is ready to help with ERP solutions.

Are you looking for more? Then, REXO ERP is the perfect resource for anyone looking to find the right ERP for their business/organization.  Learn more about how to manage your business with Rexo ERP