After reviewing the biggest ERP headlines and advancements of 2023, it is time to evaluate where ERP is going in 2024. With AI and industry-specific enhancements, along with major technology innovations, these and many other ERP forces are set to converge, which will dramatically benefit customers in ways we cannot even imagine in 2024. But how will the ERP vendors really enhance their products to achieve this vision? And how will their strategies compare to 2023? In this special episode of The ERP Advisor, Shawn Windle & Rebekah McCabe make their ERP market predictions for 2024, and how these trends could impact your business.
Over the past year, major ERP vendors across the market have made great strides to provide even deeper functionality and more diverse technology stacks. Here are our vendor evaluations for 2023 and what we predict for their market presence and innovation in 2024.
Acumatica undoubtedly experienced great growth in 2023. Its industry-specific solutions and extensive partner network have allowed Acumatica to deliver and do so efficiently. Acumatica will build on this successful past year by continuing to provide deeper industry functionality and offer new solutions, like their Professional Services Edition in 2024. By utilizing AI and the xRP platform, Acumatica will be competitive in the ERP space for many years to come.
Deltek continued its stronghold on the architecture and engineering industries, as well as extending its capabilities for government contracting. Deltek ranked well this year across major reports and different industry-specific organizations. Unlike other software vendors, Deltek is really at a crossroads in its lifecycle where the vendor can choose to compete in their field of choice. Based on trends of 2023, Deltek will continue to provide even greater value for government contractors and project-based businesses.
ECI made a handful of acquisitions in 2023 of companies across the construction, lumber, building materials, and e-commerce industries, while also improving its preexisting product line by releasing major functionality, especially for Deacom, specific mobile solutions, and through Spanish translation capabilities. Looking into 2024, ECI will continue to hone its focus by integrating previous acquisitions into its platform and providing deeper, industry-specific functionality. With this reorientation, ECI’s industry solutions will continue to develop.
Infor emphasized its platform offerings this year by putting its data offerings first and deepening its relationship with AWS. Infor is one of the first to offer machine learning, artificial intelligence, and robotic process automation all in a single, connected platform, giving us a sneak peek into the innovation behind closed doors. Following other industry trends, Infor focused on offering deep industry functionality, specifically in the healthcare, automotive, and manufacturing industries. We expect Infor to continue to invest heavily in data-driven solutions in 2024 and offer even greater industry-specific functionality.
IFS was expansion-driven in 2023, experiencing strong financial results, making major acquisitions, and expanding its partner network. Global growth was a major focus with partnerships in India and executive leadership changes in the Southern & Western Europe, LATAM, APJ, and ME&A regions. IFS will build upon this momentum in 2024 by continuing to spread its message and putting a specific focus on reaching mid-sized companies.
Microsoft is a major player in the ERP space especially as they pour more investments into Microsoft Azure. Through partnerships with AWS and Oracle Cloud Infrastructure, the infrastructure giants are going to be able to change the ERP landscape and the way businesses interact with and utilize their data. Microsoft will also continue to invest in Microsoft Dynamics 365, especially by embedding AI throughout its technology with Copilot and its specialized industry versions.
NetSuite’s objective in 2023 was to prioritize product development as featured at their “SuiteWorld” conference in October, especially with its acquisition of Next Technik for field service capabilities. By leveraging technology developed by parent company Oracle, NetSuite was able to expedite time to market. Redwood UI was embedded throughout NetSuite to improve user experiences and NetSuite was able to go live in Canada because of the established Oracle Cloud region in the area. In 2024, NetSuite has already emphasized data by developing NetSuite Analytics Warehouse and committing to the launch of a NetSuite Enterprise Performance Management (EPM) suite. NetSuite will enable users to do more with less in 2024.
Oracle turned its sights to offering greater global functionality and extending its product offerings through complex infrastructure updates through partnerships with Microsoft and Red Hat. Oracle opened more cloud regions globally and offered solutions for greater data transparency, with the ultimate goal of delivering actionable insights to customers. Looking forward, Oracle and the other ERP giants will collaborate to better serve their customers and expand their investment in major infrastructure.
Sage has a strong international presence and has focused its go-forward strategy on Sage Intacct. Sage targeted expansion through various incubator programs and different initiatives meant to empower businesses in the SMB space to grow and cultivate talent for the future of software. Sage also worked on the Azure platform to develop solutions and simplify the software upgrade process for SMBs while making major updates to Sage Intacct. Moving forward, Sage will continue to focus on Sage Intacct by making the product available with the Azure platform and providing even deeper, industry-specific functionality.
Despite the cultural changes, Salesforce put industry-specific innovation, data utilization, and AI at the forefront of its technology strategy in 2023. They remain a clear frontrunner in the CRM space but extended their capabilities further with automotive-specific solutions, alongside healthcare and the public sector. Moreover, Salesforce will continue to embed strong artificial intelligence and automation capabilities throughout its technology stack to deliver greater value, especially in its solutions on Force.com.
With 2023 total revenue surpassing €31 billion, SAP cemented its position as one of the largest ERP vendors in the world and demonstrated how it utilizes the clear resources it had this year to invest in new advancements and solutions. Like other giants in the ERP space, SAP is creating programs and solutions to move into the SMB space, as exemplified by GROW with SAP bringing cloud ERP benefits to midsize customers. SAP also jumped on the AI trend, leveraging pre-existing technology offered by IBM Watson and embedding it in its solutions early in the year, followed by the announcement of Joule, SAP’s new AI assistant. As we move into 2024, we expect SAP to continue to leverage AI resources to cater to the SMB market while investing in the expansion of programs like GROW and RISE, along with specific solution updates, especially with AI.
Because of its European background, Unit4 has excelled at complying with and understanding customers’ international requirements. This has been a competitive advantage for Unit4 and has contributed to its international growth in 2023 and beyond. With a special focus on Professional Services Organizations in 2023, Unit4 focused its messaging and marketing efforts in North America to capitalize on the growing market. Unit4 also announced the general availability of App Studio in 2023, allowing customers access to a low-code platform to develop business applications and better automate processes. In 2024, we expect Unit4 to ramp up innovation and public relations to collaborate with preexisting providers and expand its network of resources.
Workday has several partners carrying out new strategies to reduce the price of implementations by utilizing artificial intelligence solutions. Workday is considered the preeminent HCM solution in the market and it leveraged its brand name in 2023 to begin penetrating the SMB space. Workday also reoriented its strategies this year through major executive leadership changes to drive growth. Workday Financials’ adoption is increasing especially given their strong multinational capabilities for midsized companies. In 2024, we will see Workday partners further sculpt their AI strategies to revolutionize the technology space and reduce costs for customers.
This past year was defined by major technological advancement, with the rise of generative AI and a drive for deeper industry-specific functionality. The technology is in place for growth to go beyond anything we have seen before, and we look forward to the advancement that will take place in 2024 to hone emerging tools. Furthermore, ERP vendors will utilize the lessons learned in 2023 to reach new heights in 2024 and beyond, especially as many of the vendors turn their focus to the SMB space.