There is a lot to consider before diving into a new Enterprise Resource Planning tool, not the least of which is whether the company and its people are ready for one. Everyone should be involved, from the top decision makers to the front-line employees. If decision makers aren’t on board, who will provide budget approvals? And if the employees haven’t bought into the idea, they may not be up to the task of adopting your new tool, eroding the business case for change.

Enterprise Resource Planning tools are continually evolving and being enhanced to provide businesses with the newest and greatest technologies. Trends change yearly according to what is available from the developers as well as what is demanded by the market. Moreover, the type of business you are in affects what you look for in an ERP – retailers might require a tool that can scale up with a boom in new stores while a manufacturer might ask for a tool that can be easily customized based on changing product needs.

Below are some of the newest trends in ERP tools and their related benefits:

Artificial Intelligence

Companies gather huge amounts of data from their customers on a daily basis. Why not use that data to help grow the business, increase productivity, and automate some tasks? An ERP tool with AI capabilities can analyze data, automate processes in accounting and finance, find correlations between sales trends and departments, assist in marketing strategies by analyzing purchasing behaviors, and even monitor employee performance.

Robotic Process Automation

With RPA, rule-based processes can be performed without human intervention, leaving employees more time to complete more complex tasks. The bots can complete the jobs with fewer errors, in less time, and with better compliance.

Internet-of-Things (IoT)

In the not so distant past, phones, tablets, and even desktop computers wowed us. They were futuristic and “smart” by the standards of the day. Now we expect more. Nearly every person has access to a minimum of 3 screens at a given time. The next big thing out there is connecting every other thing to the internet, which can include everything from electric razors to microwaves. It is estimated that by 2020, over 100 billion things will be connected to the internet. Retailers can use data that it collects from these things in partnership with their ERP tool to drive business decisions such as new product/service development, customer relations, and loyalty.

In addition to the newest trends laid out above, retailers, in particular, should consider whether the chosen ERP is:

Cloud-based

Retailers should take advantage of a cloud-based ERP so they can avoid having to host the software on their own data center. Instead, data can be shared easily and securely via the internet in real-time across all departments in any geography. This solution can save time and money by reducing overhead/support and simplifying infrastructure.

Scalable

Retailers are constantly growing; therefore, an ERP must be able to accommodate changes in business needs. Some of the scalable options to look out for include global capabilities, data storage capacity, the ERP vendor’s vision for future technology, and the ability to add on additional services that may not be required at your currently levels of capability maturity.

Mobile

Retailers often rely on mobile devices, such as phones and tablets. Having a mobile ERP allows users to create, access, and share information easily through these devices. Having access to data in real-time allows for better control over business operations, reduced turnaround time, and better productivity. Ultimately all of these will lead to better customer experience.

Which Enterprise Resource Planning tool is right for your retail business? There are a lot to choose from including SAP, Oracle, NetSuite, Magstar to name a few. They are not a one size fits all model as well. It used to be that large enterprises were the only ones to consider implementing an ERP tool. But now, it is becoming imperative for small and medium sized businesses to adopt ERP tools to gain economies of scale and compete more readily as they grow and mature.

The ERP you choose might differ based on your size but, generally speaking, the desired outcome is the same: save money and time by streamlining processes across all departments, make better data driven business decisions, and present a better experience for customers and employees.

Contact your Helios ERP experts today to discuss how we can assist you on your journey. We are your “one-stop ERP shop” and can assist by identifying your unique requirements, mapping/formalizing your business process, assessing which vendors are the best option for your organization, building a pragmatic business case that makes sense, and completing the implementation.