11 Top ERP Software Trends for 2024: New Predictions & What Lies Beyond?

As businesses start to open after months of dealing with the COVID-19 pandemic, many now realize that the market is not what it used to be. Limited resources, tighter timelines, and increasing customer demands are just some of the challenges that even large corporations find hard to overcome. With new problems come new ERP software trends to help organizations face the ever-changing market.

Our experts compiled ERP software trends for 2022 to make sure that you are ahead of your competition. Below are some of the key topics that you should know, from mobile ERP systems to machine learning and AI adoption. Can your ERP software handle the new market demands? Read on to find out.

Companies are continuing to rely on ERP systems to run practically all aspects of their operations. Consequently, with the increasing market demands and limited resources, organizations are looking to optimize their processes in order to keep up. On top of that, the Great Resignation is highlighting the human resources issues that affect many industries, leaving companies with limited staffing.

As a result, there is an increasing demand for smarter solutions that can run entire operations composed of several departments. According to experts, ERP software marketing is expected to hit over $97 billion in 2024. In comparison, the market was valued at around $94 billion in 2018.

As industry, technology, and enterprise needs continue to drive ERP software development and adoption, developers are rapidly shifting to meet market demands. Below are some of the answers to an important question: what is the future of ERP?

1. Complete Migration to the Cloud

Starting 2020, cloud adoption is exceeding expectations in various industries. Businesses that transitioned before the pandemic discovered that working remotely and maintaining productivity was quite straightforward. In some instances, productivity increased more than projected as a result of remote work.

As a result, companies are embracing the cloud, with 46% of ERP solutions already in private cloud systems (Accenture, 2020). Another 12% are housing their ERP systems in the public cloud, while an additional 17% are taking advantage of hybrid setups.

The migration to the cloud is further underscored by 48% of companies reporting that they have completed their shift to the cloud with some aspects still in progress. Around 19% of organizations are also focusing on optimizing their cloud landscape after exploring several cloud solutions. Meanwhile, one-third are also heavily focusing on shifting their infrastructures to the cloud.

However, 25% of companies are still using on-premise, legacy ERP systems. As such, they struggle to meet modern business requirements, such as analytics or data-driven processes. And, with most of their workforce moving to remote work, these old solutions are rapidly becoming obsolete.

Barriers to Cloud Migration

This minority of companies have several valid reasons for their hesitation to shift to the cloud. Close to 27% are concerned about data loss, with another 27% worried about security breaches (Panorama Consulting Group, 2021). These issues are not without legitimate reasons.

The Ponemon Institute and IBM reported that the average cost of a data breach had reached around $4.24 million per incident in 2021 alone (IBM, 2021). Additionally, the cases of data breaches from January 2021 to September 2021 (1,291) have far exceeded the number of cases in the entire year 2020 (1,108) (Identity Theft Resource Center, 2021).

While 2021 is an alarming year for cybersecurity (Forbes, 2021), more and more companies are moving to the cloud due to its undeniable benefits. ERP software in the cloud is much more cost-effective while allowing companies to become more competitive.

2. ERP Platforms Going Mobile

Enterprises are no stranger to mobile applications. In fact, 78% of growing businesses said that their employees use mobile devices to access company- and work-related information when they are away from their computers or working outside the office (Agile Dynamics Solutions, 2020). Additionally, 84% of companies reported that mobile devices are positively affecting their overall productivity.

With many ERP solutions now available in the cloud, their move to the mobile space is just natural. Companies now need to meet the needs of a more mobile and remote workforce. As such, many features of ERP solutions are extending to mobile devices.

Mobile ERP systems significantly add value by extending powerful functionalities beyond offices, plants, and warehouses. They allow companies to be more proactive through forecasting and data analytics.

Thanks to the availability of WiFi networks and improvements in mobile data speeds, staff members have access to real-time data through their mobile ERP apps. For instance, B2B field sales personnel can have real-time updates about product supplies. They can offer products that are readily available, which minimizes waiting time for the customers.

Even within company premises, mobile ERP systems are valuable. Push notifications allow key stakeholders and managers to make real-time decisions. Additionally, mobile-exclusive features make data collection easier through camera, geolocation, and fingerprint recognition. This allows companies to capture productivity information that is otherwise difficult to collect.

Most Popular ERP Software

Here are some of the best ERP software in the market today:

1. NetSuite ERP is a complete and scalable ERP solution that streamlines business processes. It provides high-growing, mid-sized businesses, and large enterprises the right tools to accelerate growth and drive innovation.
2. Sage Intacct is a flexible accounting and financial management software built for businesses of all sizes. It has powerful automation features, multi-dimensional data analytics, and other advanced functionalities that drive company acceleration.
3. SYSPRO is an industry-built ERP software that simplifies planning, execution, and control production processes. As an end-to-end platform, it has complete tools for record-keeping, resource allocation, analysis, planning, and reporting.
4. Sage Business Cloud Enterprise Management offers financial, supply chain, and production management in one flexible business management solution. It provides rich and integrated functionalities perfect for distribution, manufacturing, and services industries.
5. Oracle ERP is designed to drive innovation, enhance business productivity, and improve your operational performance. It is a full-suite platform with finance, project management, procurement, risk management, and other core features.

3. IoT Integration

An ERP system is only as effective as its data. To become competitive, an organization should have an efficient data collection strategy in place to take full advantage of its ERP solutions. Fortunately, internet-of-things (IoT) makes data collection a breeze.

The potential of integrating IoT with ERP systems is not lost among industry leaders and companies. In fact, it is estimated that about 73.1 ZB of data will be generated by IoT devices by 2025 (IDC, 2020). Industrial IoT applications are among the leading use cases of this, with video and security surveillance leading the pact. Additionally, experts report that the global industrial IoT market is expected to reach about $1,119.4 billion by 2028. They expect the IoT space to increase at a 17.0% CAGR from 2021 to 2028.

In an interview with Atul Sali, Director and Co-founder of Orange Oranges Technologies, he highlighted the benefits of IoT in cutting down the costs of data collection and system monitoring. He mentioned that wireless solutions, such as IoT, are much cheaper and simpler to deploy. Furthermore, they have the potential to reduce the expenses in implementing ERP in industrial settings.

For example, he mentioned the use case of IoT-ERP integration in the chemical industry. A chemical manufacturing plant monitors numerous information such as pressure, humidity, temperature, and even vibrations. Deploying IoT devices in their warehouses automates data collection. When the information from IoT devices is fed into ERP applications, 24/7 monitoring is much more efficient. This opens opportunities to lower insurance costs as well as identify inefficiencies.

4. Industry-Specific ERP

According to industry experts, Deltek is leading the pack when it comes to the market share of ERP systems worldwide at 32.46% (Datanyze, 2021). It is followed by Microsoft Dynamics (8.42%), Workday (5.76%), SAP ERP (3.57%), and Microsoft Dynamics GP (3.48%). The majority of these top ERP software is industry-agnostic. That is, they offer a wide range of core and advanced functionalities that are meant to provide solutions to any type of organization.

However, it is notable that the top system, Deltek, brands itself as a “Project ERP and Professional Services Automation” solution (Deltek, 2021) which is significantly different from its competitors. A closer look reveals several industry-specific ERP products under the Deltek umbrella. For instance, it offers Costpoint, which is developed specifically for government contractors. On the other hand, it also provides an ERP solution called Workbook, which is meant for agencies.

These products show the increasing need for industry-specific ERP solutions. While ERP got its start in manufacturing, its popularity has spread to many other fields. Even small- to middle-sized organizations now require ERP to run their operations.

Breakdown of ERP Users

Based on a Survey by Software Path, a large portion of ERP users are found in distribution (45.42%), ecommerce (43.79%), professional services (42.96%), and non-profit (40.93%) (Software Path, 2021). Many of these fields require specific functionalities and features.

And while industry-specific ERP systems are relatively more expensive than generic solutions, organizations are now demanding tailor-made solutions. An ERP solution specifically developed for industry use cases means there’s little to no customization needed, is much faster to implement and deploy, and is designed with industry knowledge and best practices in mind.

5. More Data-Driven Processes

A 2017 report from The Economist highlighted the importance of data as a commodity in an information-driven market (The Economist, 2017). Industry leaders and experts followed suit by pointing to data as the next big thing in business. As ERP moves to the cloud and becomes more affordable for many companies, data-driven processes and decisions are becoming a norm.

The rapid demand for big data in the last decade or so underscores this trend. In 2011, the worldwide big data market size was valued at only about $7.6 million (SiliconANGLE, 2018). Fast forward to 2020, the big data market share is about $130.7 billion. And, it is expected to grow to $234.6 billion by 2026 (PRNewswire, 2021).

Benefits of Data-Driven Processes

Better access to data means ERP systems can produce better data models, statistical patterns, and information relationships. As a result, companies can leverage data to make data-driven decisions, optimize processes, and even develop predictions and anticipate trends.

For example, companies are now using historical data to identify future business opportunities and monitor their organization’s processes. In manufacturing, supply and demand data are used to create more efficient production processes. Real-time information is being used by managers to ensure that their teams are performing efficiently at all times.

Among the organizations that completed their implementation of ERP in 2020, more than half have achieved their expected goals in reporting and visibility (67%), operational efficiency (65%), and growth/competition (62%) (Panorama Consulting Group. 2020). All of these goals require data-driven processes to fulfill or improve.

6. Customer-Oriented ERP

ERP has long moved from back-office operations, such as inventory or manufacturing, to become a fully-featured solution. Meaning, many customer-facing organizations are taking advantage of ERP systems to gather customer insights. With this in mind, it’s only natural for them to rely on data to optimize their relationship with customers.

A survey by Panorama Consulting Group in 2020 shows the increasing demand for ERP in customer-oriented sectors (Panorama Consulting Group, 2020). While manufacturing companies are still the majority of ERP buyers (33.66%), other organizations in industries such as non-profit (6.93%), healthcare (4.95%), retail (3.96%), utilities (3.96%), and more are following suit.

By streamlining backend processes, organizations improve their customer service. For instance, they use ERP to ensure that their inventory meets the ever-changing demands for specific products.

However, according to experts, out-of-the-box ERP systems are still struggling in the B2B space (IBM, 2020). Around 32% of B2B customers have higher expectations when it comes to sales experiences. Unlike in the past, around 66% of B2B leaders are now embracing ecommerce as an essential part of their buyer’s journey. B2B customers demand the agility of the sales experience in the B2C space but with higher expectations and complex requirements.

As a result, ERP vendors are taking notice by developing customer-oriented ERP. By looking at inventory and order management software, they are beginning to extend ERP systems to handle dynamic order orchestration, analyze real-time data, and even provide omnichannel support.

In fact, most ERP software integrates with inventory management, order management, CRM, and order-taking systems, which are customer-oriented features. Furthermore, many solutions come with such functionalities out-of-the-box without further customization or the need for third-party applications.

7. ERP in the Post-Pandemic World

Supply systems throughout the world have been severely disrupted by Covid-19. There was a decrease in consumer demand and industrial activity in 2020 due to the fast spread of the virus, which led to industry shutdowns throughout the globe. However, with the rollout of vaccines, many sectors are now starting to recover.

While this is good news overall, it is not without its challenges. Businesses in different sectors have attempted to reopen, given the perceived protection against the pandemic. However, many report being unable to employ rapidly enough to meet their growing labor needs, resulting in an all-time high of 10.1 million job postings in October 2021 (Federal Reserve Economic Data. 2021).

In addition, due to the worldwide shortages of goods, some cannot maintain enough inventory of their items. The situation has been particularly challenging for enterprises with complicated supply chains as their operations are susceptible to interruption due to input shortages from other sectors.

Major industries are suffering from hundreds of millions in losses due to the disruption in the supply chain. For example, the consumer electronics sector is still reeling from the shortage of resources, with 36% of companies suffering from a loss of at least $100 million.

Solutions to Coronavirus-Related Supply Chain Issues 

While industries are still recovering and adjusting from supply chain issues, enterprises are implementing various measures themselves. In a post-pandemic world, ERP becomes more valuable and strategic. They are particularly focusing on the following solutions:

• Smart Manufacturing and Supply Chains – Real-time visibility is essential for companies to effectively manage their supply chains. For example, port delays, weather patterns, and supplier concerns may all be included in their analysis, and they can make course corrections in real-time as a result. Additionally, they have to conduct their production and supply networks with a smaller workforce in order to meet the social distancing standards they have.
• Consumer Behavior Trends – Businesses must contend with an onslaught of customer data as purchasing habits shift. They must develop the scale required to send smaller quantities of products to an increasing number of locations as well as manage a rise in item returns.
• Automation in HR, Finance, and Procurement – Companies want sophisticated automation that depends on fewer but more competent personnel, as well as workers who can work from the comfort of their own homes or other locations.

Modern ERP systems address these difficulties. Using these tools, organizations can monitor sales, inventory, manufacturing, and finances in real-time. Powerful data analytics allow for more agile choices, such as making supply chain modifications to increase resilience. ERP solutions that have strong ecommerce capabilities can help companies better interact with consumers before and after a transaction.

8. Fully-Integrated ERP

Organizations are always evolving, and integration aids in this process. It allows for the automation of processes and critical business activities, data sharing acceleration, and data analysis enhancement. Integration eliminates duplicate data input and wasteful internal communication by connecting and synchronizing software with other systems, such as ecommerce platforms.

At the heart of this integration are ERP applications. An integrated ERP system enables you to manage every area of your business from a single application, ensuring that data flows effortlessly across the organization — and all the way down to your accounting records. Integrating data and processes boost efficiency and allow more informed and data-driven decision-making.

CRM is the most integrated application with ERP software, with around 68% of companies doing so (Opentext, 2021). Up to 66% of organizations are also integrating HRM and trading partner solutions with ERP. This shows the complex needs of organizations, especially as customer demands and expectations change.

Enterprises in different industries seem to understand the benefits of integration. Up to 92% are already using some form of centralized integration platform. Another 79% reported that integration is one of their critical priorities (Opentext, 2021).

However, implementing integration projects continues to be a major hurdle for these companies. About 86% of organizations have experienced delays in launching and rolling out ERP integration projects. Similarly, 63% of companies reported a loss of connectivity due to technical issues with their integration.

9. Two-Tier ERP as an Answer to Industry 4.0

The worldwide industry 4.0 market will develop at a breakneck pace in the coming years as industrial automation acceptance increases, robot technology adoption improves, and government financing for digitalization grows. According to research by Facts and Factors, the Industry 4.0 market share will reach $210 billion by 2026. This is triple in value compared to its market value in 2019, which was $70 billion (GlobeNewswire, 2021).

Among the technologies with the greatest impact on enterprises, the Internet of Things is leading the charge at 72% (Deloitte, 2020). It is followed by AI (68%), cloud infrastructure (64%), big data and analytics (54%), and nanotechnology (44%). The significant effect of these technologies further indicates the rapid transition to digital manufacturing.

Among these innovations, IoT, cloud infrastructure, big data, and data analytics are integral parts of modern ERP implementations. However, with the current setup of ERP, how can companies adapt to Industry 4.0?

The answer: two-tier ERP.

Traditionally, businesses attempt to use a single ERP system for their corporate headquarters, regional offices, and subsidiaries. However, this is incredibly expensive and exceedingly difficult to deploy. Subsidiaries frequently had unique needs, did not require the entire capabilities of the corporate system, and battled with the one-size-fits-all solution.

Two-tier ERP enables enterprises to use their current ERP resources at the corporate level (tier one) while operating subsidiaries and units on a separate ERP solution (tier two), which is frequently on the cloud. While larger firms may continue to utilize their main ERP system for financials and other fundamental activities, smaller business segments may opt for customized solutions. The efficacy of this technique is contingent upon the capacity of the tiers to share data—some tier two cloud solutions feature built-in integration capabilities with corporate ERP systems.

10. AI and Machine Learning Adoption

Artificial Intelligence (AI) and Machine Learning (ML) have played a significant role in industrial and enterprise advancements. As such, businesses are embracing the potential of artificial intelligence and machine learning to extract higher-quality data, enhance productivity, cut costs, and get more value from their data.

According to recent research, over 40% of digitally ready businesses currently include AI in their company strategy (TechTarget, 2021). The researchers also discovered that up to 83% of businesses feel AI is vital to the success of their efforts to assure corporate development.

Similarly, a global study of data specialists reported that 45% of companies had used machine learning methodologies in their operations (Business over Broadway, 2021). Twenty-one percent of poll respondents said that their firm is investigating machine learning approaches for future use.

In ERP, artificial intelligence and machine learning systems are taking over jobs that formerly needed human intellect. ERP systems oversee the generation, processing, and reporting of corporate data and assist enterprises in managing their information. These important data processing requirements encompass all aspects of the organization, including financials, production, warehouse operations, projects, and the staff necessary to manage the firm.

As AI software and ML strategies continue to improve, they will be able to take on an increasing number of routine activities that presently need human evaluation or require the analysis of huge quantities of data that can be completed by a computer alone.

For example, conversational bots enable users to communicate with a system through voice or text messaging in order to produce orders, update work status, and confirm the arrival of a product in the warehouse, among other duties. These bots are capable of doing nearly any operation that previously needed a person to open a screen and manually enter data.

11. Increased Emphasis on ERP Security

Beyond the pandemic, 2020 (and subsequently, 2021) has been a year of widespread cybersecurity attacks and data breaches. With a significant portion of the workforce working offsite, enterprise systems, such as ERP, are not equipped to handle security issues presented by remote work.

According to a report by IBM, the cost of a data breach per incident has now reached $4.24 million, the highest in 17 years (IBM, 2021). The quick migration to remote operations seems to have resulted in more costly data breaches. On average, breaches cost over $1 million more when remote labor is implicated in the occurrence.

Sectors that saw significant operational adjustments as a result of the pandemic, such as retail, healthcare, hospitality, distribution, and manufacturing, also faced a significant rise in data breach costs. By far, the most expensive kind of breach is healthcare, at $9.23 million per occurrence—a $2 million raise over the previous year (IBM, 2021).

As a result, systems that utilize massive amounts of data, namely ERP and other integrated systems like CRM, are facing considerable threats. As such, companies are fast-tracking their efforts to secure their ERP applications. And with the future of work heavily favoring remote, hybrid, and distributed arrangements, companies are prioritizing enterprise security.

Why Enterprise Security Matters

Enterprise security is a multifaceted issue that encompasses both a company’s internal or private business secrets and employee and consumer data protected under privacy regulations. It is gaining more attention as a result of substantial penalties and government action imposed on big worldwide corporations such as Facebook, Yahoo!, Target, Home Depot, and Equifax for the loss of sensitive consumer data to hackers (Privacy Hub, 2021).

Whereas enterprise corporations previously focused on protecting their proprietary code or trade secrets from competitors and counterfeiters, they are now confronted with new data privacy laws in the United States and the European Union that can impose significant financial penalties on companies that mishandle or lose consumer data. The shift to cloud infrastructure for business process support, a trend that’s common in ERP implementation, creates new issues for corporate security in information technology.

https://www.youtube.com/watch?v=jykxSelkpLk

How do environmental sustainability efforts impact ERP adoption?

With sustainability becoming a top priority, businesses are exploring ERP solutions that support eco-friendly practices. ERP systems now play a role in tracking, managing, and improving environmental performance across the organization.

• Resource Management
  ERP software helps track resource usage, waste generation, and energy consumption. With detailed insights into production and resource allocation, companies can optimize processes to reduce waste and promote efficient resource use.
• Supply Chain Transparency
  Sustainable ERP systems improve supply chain transparency by tracking the origins, materials, and environmental impact of products. This allows companies to make informed decisions and collaborate with environmentally responsible suppliers, thus reducing their carbon footprint.
• Regulatory Compliance
  Many regions have strict environmental regulations. ERP solutions assist companies in monitoring compliance with these regulations by tracking environmental data, providing reports, and automating compliance documentation.
• Waste Reduction Initiatives
  ERP platforms can support initiatives to reduce waste by managing inventory efficiently, planning production cycles that minimize surplus, and enabling digital documentation processes to reduce paper use.
• Sustainable Reporting and Certifications
  Companies can leverage ERP to streamline sustainability reporting, making it easier to obtain certifications such as ISO 14001. This data can be shared with stakeholders, enhancing transparency and supporting brand reputation.

ERP Will Continue to Evolve

ERP has advanced significantly since its inception. Today, its integration with cloud computing has transformed the way businesses operate, making it simple to utilize. Earlier ERP systems were designed exclusively for large-scale manufacturing firms, particularly for process maintenance. However, ERP solutions are now being used in a variety of businesses, from financial firms to small businesses.

As the business sector transforms, ERP will continue to evolve in order to meet operational demands. ERP software trends will continue to reshape business operations, as it evolves into a fully integrated system for global corporations. Similarly, modern ERP systems will become more specialized as specific industries require advanced features. ERP will continue to be at the center of innovation and advancement in business.

Key Insights

• Complete Migration to the Cloud: A majority of companies are moving their ERP systems to the cloud to improve productivity and efficiency, although some still hesitate due to concerns about data breaches and loss.
• ERP Platforms Going Mobile: The rise of remote work is pushing ERP systems to extend their functionalities to mobile devices, improving productivity and real-time data access for employees on the go.
• IoT Integration: IoT devices are becoming ubiquitous in business operations, enabling efficient data collection and system monitoring, which can significantly improve ERP performance.
• Industry-Specific ERP: There is a growing demand for ERP systems tailored to specific industries, which offer more relevant functionalities and require less customization.
• More Data-Driven Processes: The increasing importance of data analytics is driving companies to adopt ERP systems that can leverage big data to optimize processes and make informed decisions.
• Customer-Oriented ERP: ERP systems are evolving to better handle customer-related processes, integrating with CRM and order management systems to improve customer service.
• ERP in Post-Pandemic World: The pandemic has highlighted the need for ERP systems to manage supply chain disruptions and support digital manufacturing and automation in various industries.
• Fully-Integrated ERP: Integration with other applications, such as CRM and HRM, is becoming essential for ERP systems to ensure data consistency and streamline operations.
• Two-Tier ERP for Industry 4.0: The concept of two-tier ERP is gaining traction as a way to adapt to the digital manufacturing revolution, allowing for more flexible and efficient operations.
• AI and Machine Learning Adoption: AI and ML are increasingly being integrated into ERP systems to automate routine tasks, improve data analysis, and enhance decision-making processes.
• Increased Emphasis on ERP Security: The shift to remote work has heightened the focus on ERP security, with companies prioritizing measures to protect against data breaches and cyber-attacks.

FAQ

1. What is driving the migration to cloud-based ERP systems?

The migration to cloud-based ERP systems is driven by the need for improved productivity, efficiency, and remote work capabilities. Cloud ERP systems allow companies to access real-time data from anywhere, making it easier to manage operations and maintain productivity.

2. How are mobile ERP systems enhancing business operations?

Mobile ERP systems enhance business operations by providing employees with real-time access to critical data and tools from their mobile devices. This improves productivity, allows for quicker decision-making, and enables employees to work efficiently from any location.

3. Why is IoT integration important for ERP systems?

IoT integration is important for ERP systems because it facilitates efficient data collection and monitoring across various aspects of business operations. This integration helps companies optimize processes, improve system monitoring, and reduce implementation costs.

4. What are the benefits of industry-specific ERP solutions?

Industry-specific ERP solutions offer tailored functionalities and features that meet the unique needs of specific industries. These solutions require less customization, are quicker to implement, and are designed with industry knowledge and best practices in mind, leading to better performance and efficiency.

5. How do data-driven processes impact ERP systems?

Data-driven processes impact ERP systems by enabling better data models, statistical patterns, and information relationships. This allows companies to make informed decisions, optimize operations, and predict future trends, leading to improved business outcomes.

6. What changes are being made to ERP systems to better handle customer-related processes?

ERP systems are evolving to better handle customer-related processes by integrating with CRM, order management, and inventory systems. This integration helps companies streamline backend processes, improve customer service, and meet higher customer expectations.

7. How has the COVID-19 pandemic influenced ERP systems?

The COVID-19 pandemic has influenced ERP systems by highlighting the need for digital manufacturing, automation, and efficient supply chain management. Companies are using ERP to address supply chain disruptions, manage inventory, and support remote work and digital operations.

8. What is the concept of two-tier ERP and how does it relate to Industry 4.0?

The concept of two-tier ERP involves using a primary ERP system for corporate headquarters (tier one) and a separate ERP solution for subsidiaries or smaller business units (tier two). This approach is relevant to Industry 4.0 as it allows for more flexible and efficient operations, supporting the digital manufacturing revolution.

9. How are AI and machine learning being integrated into ERP systems?

AI and machine learning are being integrated into ERP systems to automate routine tasks, enhance data analysis, and improve decision-making processes. These technologies enable ERP systems to handle complex data, predict trends, and provide real-time insights for better business management.

10. Why is there an increased emphasis on ERP security?

There is an increased emphasis on ERP security due to the rise in data breaches and cyber-attacks, especially with the shift to remote work. Companies are prioritizing ERP security measures to protect sensitive data, comply with privacy regulations, and prevent costly security incidents.

References:

1. Accenture (2020). Turning Intelligence Into Value: 2020 ERP Trends. Accenture.
2. Agile Dynamics Solutions (2020). Is Your Business Outgrowing Your Accounting Software?. Agile Dynamics Solutions.
3. Ailoaiei, A. (2021). The 10 Biggest Data Breaches. Privacy Hub.
4. Albertson, M. (2018). Software, not hardware, will catapult big data into a $103B business by 2027. SiliconANGLE.
5. Brooks, C. (2021). MORE Alarming Cybersecurity Stats For 2021!. Forbes.
6. Datanyze (2021). Market Share. Datanyze.
7. Deloitte (2020). Internet of Things (IoT): The rise of the connected world. Deloitte.
8. Deltek (2021). Project ERP and Professional Services Automation. Deltek.
9. Facts & Factors (2021). Industry 4.0 Market Size & Share Statistics Value Will Grow to USD 210 Billion by 2026, Global Estimation by Facts & Factors. GlobeNewswire.
10. Hayes, B. (2021). Machine Learning Adoption Rates Around the World. Business over Broadway.
11. IBM (2020). Why ERPs weren’t built to meet today’s B2B customer expectations. IBM.
12. IBM (2021). IBM Report: Cost of a Data Breach Hits Record High During Pandemic. IBM.
13. IDC (2020). IoT Growth Demands Rethink of Long-Term Storage Strategies, says IDC. IDC.
14. Identity Theft Resource Center (2021). Number of Data Breaches in 2021 Surpasses All of 2020. Identity Theft Resource Center.
15. Global Industry Analysts, Inc., (2021). Global Big Data Market to Reach $234.6 Billion by 2026. PRNewswire.
16. Panorama Consulting Group (2020). 2020 ERP Report. Panorama Consulting Group.
17. Panorama Consulting Group (2021). 2021 ERP Report. Panorama Consulting Group.
18. Parkkinen, V. (2021). Why 91% of enterprises are looking for new integration solutions. Opentext.
19. Software Path (2021). 2021 ERP Software Report. Software Path.
20. The Economist (2017). The world’s most valuable resource is no longer oil, but data. The Economist.
21. U.S. Bureau of Labor Statistics (2021). Job Openings: Total Private. Federal Reserve Economic Data.
22. Williamson, R. (2021). ERP Systems: How It Benefits From Artificial Intelligence. TechTarget.

By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.