4. Full-fledged application of GenAI in ERP

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3. Improving the security of ERP systems
Security is another area where ERP systems often fall short, which is understandable given the complexity of ERP platforms and the fact that many were developed long before modern security threats emerged. However, as companies strive to improve security and privacy across the board, finding ways to strengthen ERP security will be a key focus in 2024.

Organizations will achieve this goal, for example, by integrating AI-powered security protocols into ERP systems to improve real-time threat detection and enable rapid automated incident response.

We also expect to see more ERP systems moving to the cloud, in part due to a desire to take advantage of modern security features such as identity and access management (IAM) systems that are available in cloud environments and help prevent unauthorized access and protect the confidentiality and integrity of data.

Generative AI, which appeared on most companies' radars singapore mobile database the release of ChatGPT in late 2022, is now moving from an experimental technology to the basis for enterprise-ready products.

In the ERP space, we expect to see more companies adopting GenAI-powered solutions in 2024 to achieve goals such as simplifying interactions with data, which is likely to be particularly useful in the manufacturing and logistics sectors. GenAI will also be one of the technologies that will help improve the automation and efficiency of ERP, as it will allow companies to implement automated, data-driven systems without the need for explicit programming.

5. Composite ERPs are gaining momentum
The concept of composite ERP, which involves breaking down monolithic ERP systems into multiple products or services, has been discussed in the industry for several years. However, we expect 2024 to be the year when a critical mass of organizations adopting a composite ERP strategy is reached. The desire to improve cost efficiency and access a broader set of tools and features will drive more organizations to use solutions from multiple ERP vendors or services.