Acumatica’s Ajoy Krishnamoorthy reveals his top five business trends for 2022. And it should come as no surprise that he sees cloud ERP playing a key role in each one.
After years like 2020 and 2021, businesses are fully aware that the world can change on a dime. The unexpected and globally impacting pandemic is an obvious example. It forced many organizations to make drastic changes, such as fast tracking their digital transformation plans. As such, the pandemic has greatly influenced the business trends for 2022.
Today, I’m sharing the top five business trends I see for the year ahead. And it should surprise no one that the trends have a recurring theme: the importance of cloud ERP.
Business (and Cloud ERP) Trends for 2022
MarketsandMarkets estimates that the cloud ERP market is expected to reach USD 101.1 billion in 2025. In comparison, the market in 2020 was USD 45.3 billion. According to the market research firm, the note-worthy growth is due to “growing demand among enterprises to improve operational efficiency and streamline business processes, the impact of COVID-19 pandemic, and increasing adoption of cloud-based solutions.”
It can be inferred that organizations, reeling from the economic strain of continuously changing restrictions, are taking steps that will help them overcome current and future challenges. These steps are the top five business trends for 2022.
1. Resiliency and Adaptability
Psychology Today defines resilience as the “psychological quality that allows some people to be knocked down by the adversities of life and come back at least as strong before. Rather than letting difficulties, traumatic events, or failure overcome them and drain their resolve, highly resilient people find a way to change course, emotionally heal, and continue moving toward their goals.”
The COVID-19 crisis is certainly an adversity. Thorsten Leppek, Director Asia Region, Acumatica, writes in a recent post that he’s seen “human resiliency and innovation rise to overcome” the pandemic-fueled challenges by using cloud ERP solutions.
Cloud-based ERP solutions consolidate data from every department, making the data accessible by employees located in the office, in the field, at home, or on the road. Essential or not, a company can continue operating when the team has access to their business platform from wherever they’re located and whenever they need.
Resilient businesses don’t stop when it’s not “business as usual.” Instead, they adapt to the changing circumstances using modern, future-proof technology.
Agility is a close cousin to resiliency and adaptability. While resiliency and adaptability speak to the resolve to not surrender to circumstances, agility is what makes resolve possible. Agile companies can adapt to changing circumstances quickly and easily, as exemplified by Acumatica customer PennAir. CEO Seth Bray says, “While our competition struggles to adapt, our team has been able to work anywhere and maintain business continuity under any scenario because we’re running PennAir on Acumatica in the cloud.”
Operating in the cloud provides direct access to business processes day or night via any web-enabled device. Teams, whether together or apart, can pivot to remote work, connecting and collaborating seamlessly. Rebecca Ogle, CFO of Safety Management Group, says her team was able to begin working remotely in early 2020 because of Acumatica. “We’ve all been able to stay business as usual: efficient, functional, and productive—and still serving clients. It’s been so nice to know we have reliable software we can use from the comfort of our home.”
Businesses in 2022 understand that agility through modern technology, like cloud ERP software, is critical to future success.
Sustainability, as defined broadly by Investopedia, refers to the ability to “maintain or ‘sustain’ itself over time.” The sustainability movement is said to have originated in the 1980s, though the concept of sustainable development was used as early as the late 1960s. Concern over the vast consumption of natural resources and a passion for preserving the environment has powerfully influenced consumer choices. Consumers consider an organization’s sustainability practices as they compare and contrast their growing options.
However, sustainability is more than a business trend; it’s a mindset. Consumers and businesses alike are demanding net-zero carbon emissions (Acumatica was recognized as a climate neutral organization in July 2021), environmentally friendly choices (check out Acumatica’s dedication to sustainability during our annual Summit), and technology that helps reduce paper, water, and energy consumption.
Anyone who has worked with a company that didn’t fulfill their promises knows the importance of authenticity.
Though authenticity is one of my top five business trends, we at Acumatica don’t consider it a “trend.” It’s a way of life. We’re committed to building strong relationships with our partners, which includes offering an award-winning Acumatica Partner Program and a no-compete promise. We also offer our customers the only Customer Bill of Rights in the industry. They can trust that their rights are protected and that we’ll be there for them during the good and the bad times.
When Industrial Specialty Services (ISS) established itself in the refining, petrochemical, gas, power, pulp/paper, offshore, and subsea markets with their integrated mechanical services, the company needed a cloud-based ERP solution. CEO James Craig says, “We needed a solution we could trust and that we knew would work with the services we provide.”
Finally, 2022 business trends are pointing to the need for interoperability. Not a new concept, interoperability is nevertheless a must for the year ahead.
Seamlessly integrating a cloud ERP solution with best-of-breed applications creates a connected business. In addition to resiliency and adaptability, the benefits of being a connected business include interoperability (eliminating the need to switch from one application to another and accessing business-wide data from a single source of truth), enhanced customer and partner collaboration, and the easy adoption of new technologies, such as IoT.
Ben Rothe, CEO of Premier 1 Supplies, says, “With Acumatica’s open API framework, I can get data in and out quickly without having to hire outside developers. That is a great benefit.”
A Successful 2022
Organizations desiring to have a successful year should consider implementing Acumatica, a reliable, flexible, and trustworthy cloud ERP solution. We’re a sustainability focused and trustworthy company that provides much-needed resiliency, agility, and interoperability in today’s digital economy.
Taken from: 5 Business Trends for 2022 – Acumatica Cloud ERP