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#BizTrends2024: 5 trends redefining business integration
And, ERP, what it was a few years ago, versus what it is today, is completely different.
However, the future of ERP will undergo significant changes, driven by the ever-evolving technological landscape. In 2024 and beyond, you can expect to see a continued focus on integration, with five new trends that will further streamline and optimise business processes.
It is also being used to automate fulfilment and replenishment processes and monitor the performance of warehouse equipment. In the future, there will be even stronger integration between ERP systems and IoT devices.
This enables businesses to have real-time data from their operations. This data can then be used to improve decision-making, optimise resource allocation, and predict potential issues. It can also be used in combination with financial or other data to improve forecasts and ordering cycles.
Hyperautomation involves the use of multiple technologies, tools, or platforms, including artificial intelligence (AI), machine learning (ML), event-driven software architecture, robotic process automation (RPA), business process management (BPM), integration platform as a service (iPaaS), low-code/no-code tools, packaged software, and other types of decision, process, and task automation tools.
When we look to the future, there will be a continued rise of hyperautomation solutions that are specifically designed for ERP integration. These solutions will make it easier and faster for businesses to automate tasks, such as data entry, order processing, inventory management, invoice processing, such as Sage Intacct Accounts Payable Automation, for example.
Furthermore, low-code or no-code integration solutions are making it possible for businesses to integrate their ERP system with other applications without having to write code (or without expensive outside development partners). This will make integration more accessible to businesses of all sizes, regardless of their technical expertise.
So, all CFOs should take note here as expectations will be to combine data across multiple business systems with financial data and to make real-time spending and investment decisions based on these data models.
Looking forward, we will see even more AI and ML capabilities being integrated into ERP systems and these newer versions will learn and react faster and provide even better insights. This will allow businesses to automate even more tasks, make better decisions, and gain deeper insights into their operations.
Also, proactive and predictive AI and ML can help prevent costs or errors before they occur. GL (General Ledger) outlier detection is one example that can pick up transactions that are “not normal” before they are processed. In the same way, predictive models can simulate millions of scenarios before go-live, preventing unpredicted losses.
Supplementing this, Integration Platforms as a Service (iPaaS) offerings are growing with a broader range of pre-built integrations for the most popular cloud-based applications. This will make it easier for businesses to integrate their ERP system with other cloud applications without having to develop custom integrations (and move to a different ERP at a later stage).
This includes implementing strong security protocols, conducting regular security audits, and training employees on cybersecurity best practices. The latter, where hybrid working and Bring Your Own Device have already become mainstream, should be a very high priority for any business to prevent malicious attacks through their employees’ personas and devices.
About Jeff Ryan
Jeff Ryan is the MD for AWCape, a Sage Business Partner and has over 20 years of experience. He has extensive strategy and technology consulting, project management and business development experience in multiple industries. In addition, having held several senior positions in different organisations has given Jeff a deep understanding of business drivers and needs.