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Progression of ERP and GRC in 2019
In 2019 companies can expect certain progress and automation in resource planning and compliance. Automation technologies are required for balancing workflow within the company and take accurate decisions. Automation is expected to create new jobs and also new types of software. Companies will start to redistribute their IT budgets from basic software and hardware expenses to new technologies such as AI, Robotic Process Automation (RPA), IoT and blockchain.
Companies are facing some significant risk related to security and fraud. Businesses will rely more on Governance, Risk management, and Compliance (GRC) software and services to address such risks. In 2019 companies can expect to see some relevant growth in a few factors:
Two-tier model in ERP: An Enterprise Resource Planning (ERP) software attempts to address most of an enterprise’s operations. Customization is required to some extent to address the specific needs of a company which is usually done by employing partners with scripting expertise. This is usually done by the adoption of the two-tier model, which combines two or more solutions from separate vendors which significantly reduce the cost of implementation, cloud deployment and increases the efficiency of ERP. With such advantages, companies of all sizes can now implement and benefit with ERP.
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Social media: In any business or industry, social media helps in building a better strategy by improving communication. Social media can significantly change the way operations are done at every level and in every department. ERP needs to be integrated to cooperate with your social media strategy.
Access to Data: As Data has become a very valuable asset, the availability of a company’s data in a centralized location helps increase in collaboration and streamlined completion of tasks. Complete visibility provides more logical workflows and allows inter-departmental processes to be easily tracked with maximum efficiency. All of this makes it possible to make quick decisions with precision and accuracy.
Personalization: The ERP systems are personalized to make it easy and fast for programmers and staff to customize the application according to their needs to improve productivity and customer experience.
Increase in Compliance and GRC: GRC is used to manage the flow and accessibility of information within an organization to track compliance, identify risks and implement policies. Companies will need to have a more logical approach in 2019 towards ubiquitous threats like cyber attacks, money laundering, geopolitical instability, trade wars. Implementation of General Data Protection Regulation (GDPR) has made companies keep up with the latest regulations and compliance rules by adopting GRC software like Environmental Health and Safety tools (EHS) and Quality management software (QMS).
Automation: RPA software has helped companies to improve productivity and reduce costs for accounting, purchasing, HR, sales, IT by replacing some jobs and also software used by them. The intellectual capability of automated GRC can identify trends, determine relationships, understand native language and make predictions based on the data.