What is Modern ERP? How to Choose the Ideal Modern ERP for Your Business?

In today's volatile economic climate, modern Enterprise Resource Planning (ERP) system help businesses save costs, improve processes, and increase efficiency. It automates the provision of data insights to optimize decision-making, which is crucial for business success. Against this backdrop, there is no sign of slowing down in the development of the global ERP system market. In fact, ERP technology continues to evolve, with new digital platforms and technologies such as Cloud Computing and Machine Learning emerging to provide businesses with real-time, uninterrupted business operation status.

 

What is Modern ERP?

 

Over the past 20 years, the emergence of service-oriented architecture and the subsequent birth of more advanced Cloud and Mobile Frameworks have paved the way for the development of "ERP 2.0. （opens in a new tab）" This is also why the Cloud has become a hallmark of Modern ERP, with Cloud providers being responsible for ERP setup, storage, maintenance, and security protection.

 

Modern ERP can integrate all data from all departments of the enterprise, helping businesses make wise decisions in real-time. It is not restricted by devices and supports role-based customization, precisely meeting the unique needs of various business users. By integrating all data, Modern ERP can create business content of indispensable value: it can provide personalized views for business managers in each department and build a single source of information and provide consistent information for the entire enterprise.

 

Features of Modern Cloud ERP Platforms

 

Cloud Computing has rapidly changed the way businesses operate their systems today, including ERP. By definition, Modern ERP is cloud-based ERP. It can integrate all enterprise data through multiple modules connected to various business areas, supporting decision-makers to access the information they need at any time through any device.

 

Modern ERP platforms also bring the following advantages:

 

1. Real-time Embedded Analytics

 

Modern ERP systems provide role-based real-time analytics through dashboards, which is very important for businesses to make strategic decisions and improve operations, helping businesses improve efficiency, save costs, and increase customer satisfaction.

 

2. Personalized Dashboards

 

Modern ERP can provide role-specific data and Key Performance Indicators (KPIs) through personalized dashboards, precisely meeting the needs of various personnel in the enterprise. At the same time, since modern ERP can integrate all enterprise data, all roles can work based on a single source of information.

 

3. Built-in Security

 

The built-in security tools of Modern ERP can provide strong data encryption capabilities; support enterprises in building appropriate security policies, reliably verifying user identities, and setting access permissions; and support enterprises in implementing single sign-on and multi-factor authentication security measures.

 

4. Scalable

 

Unlike traditional on-premise ERP systems, cloud-based Modern ERP can expand quickly with the development of the enterprise. Modern ERP systems adopt a modular design, with one module focusing on a corporate function and supporting on-demand addition. This means that enterprises can meet the needs of different stages through the same ERP platform.

 

5. Advanced Technology

 

Modern ERP systems widely adopt various emerging technologies, on the one hand, promoting the automation of various error-prone manual processes and tasks, and on the other hand, providing more in-depth predictive data analysis functions to help businesses predict purchasing patterns and adjust product production. In addition, Modern ERP systems can also collect data from various IoT devices in real time, such as handheld scanners and wireless sensors.

 

Deploying Modern ERP

 

Before choosing a Modern ERP system, businesses need to clarify their strategic goals at the organizational and departmental levels, and then entrust the deployment of Cloud ERP to the Cloud provider - which is also one of the advantages of Cloud ERP. During the planning phase, businesses should pay attention to the following points:

 

• Identify and analyze the existing environment and challenges faced. Enterprises should comprehensively identify inefficient links in the process, growth obstacles, and all factors that do not meet customer expectations, determine whether they have sufficient data to make real-time decisions, and clarify the costs of existing systems.

 

• Evaluate the advantages of the ERP candidates. Enterprises should create an achievable goal list for the ERP candidates, such as reducing manufacturing delays, accelerating payroll process speed, improving customer satisfaction, and improving cash flow and employee retention.

 

•Evaluate costs. In addition to saving money for businesses in various ways, Cloud ERP can also bring considerable savings in terms of subscription license numbers, user numbers, customization requirements, third-party software integration, and training. By correctly evaluating the cost of Cloud ERP, businesses can better make budgets and avoid unexpected expenses.

 

•Identify risks. Whether the Cloud provider can access sensitive data of the enterprise and customers is a major risk of Modern ERP. Enterprises should be clearly aware of this risk, as data leaks or internet outages may occur at any time. For this, please choose a Cloud provider that has strict data permissions, disaster recovery, and business continuity plans for all scenarios.

 

Oracle NetSuite is Built for the Cloud

Oracle NetSuite ERP is built for the Cloud, providing tools, services, and modules designed for growing businesses, precisely meeting the needs of various business functions in modern enterprises, such as accounting, supply chain management, manufacturing, human resource management, and marketing automation. The Oracle NetSuite Modern ERP system can provide real-time operational visibility and in-depth insights, helping businesses save costs and improve efficiency, and can also enhance automation capabilities to help businesses make wiser decisions.