ERP Trends that will benefit the FinTech Niche

By CIOReview | Thursday, July 4, 2019

ERP is going through great alterations and vendors should adhere to these changes. Therefore, finding the right ERP software is the key to project success as well as implementing innovation into business.

FREMONT, CA: Enterprise resource planning (ERP) software evolved in the early 1990s. Therefore, enterprises still stuck in using archaic systems need to upgrade their legacy software systems to meet the demands of new generation customers. Enterprise-level solutions can automate the internal processes of the organization while Big Data, business intelligence, and predictive analytics can attach value to the table. That is why so many software vendors start leveraging innovative technologies in ERP development. 5 ERP trends to look forward to in 2019 are:

1. Cloud Adoption:

Cloud ERP solutions allow for fast and remote data access without any complex technical configuration. With cloud-based solutions, organizations can focus on core issues, save costs, and get strong user support. By accepting cloud-based technology for FinTech, businesses guarantee the high level of innovation and productivity in their internal processes.

2. Business Intelligence:

Business intelligence can transform raw data into significant information like analytics or data-driven reports. Manual data collection is no longer effective, thus, new ways of data visualization are in demand for different kinds of businesses.

3. Customer-centric Focus:

The majority of modern enterprises are putting their customers first. Nonetheless, ERPs are still created keeping in mind supply chain management, inventory, and accounting but not the end users. Customization of ERP can resolve the situation as custom solutions are typically user-friendly and offer a lot of abilities to integrate with third-party applications.

4. Flexibility Capabilities:

The future is prospective for those ERP developers who offer different options for business solutions. Though cloud providers give importance to the modularity, customers will definitely want consolidation of ready-made software as a service (SaaS) solutions. Therefore, there should always be some flexibility to move from one software to another.

5. Competitive Pricing:

Enhanced business processes, high competition, and Innovative technologies have resulted in more competitive pricing, which is a great benefit for ERP customers. Owing to cloud computing, pricing models have become more flexible and further economical. Instead of paying for high hardware costs, more and more clients are now changing to "per user" subscription.