Today’s ERP is All About Emerging Technology

PostedOn: 2018-04-30 12:25:12

Next-generation ERP applications will leverage emerging technologies like machine education, intelligent apps, Internet of Things, and Blockchain for efficiency.

In the digital age, and with turbulent market conditions, many current business models are presented with substantial opportunities and threats. In organize to not only endure but thrive, organizations must be increasingly agile. Companies need to be able to make prompt, informed decisions about how to adapt to rapid and invariable changes and then implement new strategies. In addition, they need to be able to quickly manage performance, constantly monitor what’s working and what is not and redeploy resources to the best opportunities and returns. So, where does sponsorship fit into all of this?

This is creating new demands on CFOs and their finance teams, which are driving finance to rethink their mission and operating model. The finance function will be data-driven, complete and secure by harnessing:

  • Interactive Reporting
  • Touch fewer Transactions
  • Continuous Insight & Close
  • Adaptive Intelligence
  • Process Control & Automation

Next-generation ERP applications will power the following emerging technologies for efficiency:

There continues to be an evolution in automation on a continuum that ranges from enabling strategies that improve parts of the business process to more classy technologies, such as cloud computing, natural language processing (NLP) and autonomous operations, with cognitive elements. These self-ruling ERPs will be powered by machine learning to create:

  • Touchless transactions

Transactions created routinely from document images, etc.,

  • Continuous close 

Automated accounting for real-time performance insights,

  • Audit and policy compliance

Automatic tracking of policy adherence and compliance, and

  • Automated fraud detection

Reporting anomalies automatically detected.

As finance functions look to transform, artificial intelligence (AI) will be critical. Given the weight of data, no longer will finance rely on analysts.

As companies bring many of these technologies together, the final piece of the riddle will be blockchain. The blockchain is non-reputable because there is the consensus from all nodes in the chain on each new transaction, so the transaction can’t be denied as invalid. It is immutable because each new block contains a hash of the previous block, creating the chain. Blockchain also creates a single, trusted source of truth. All participants agree the data on the blockchain is correct. There are four key enterprise applications of Blockchain currently driving business value:

  1. Tracking things of value (enable autonomous marketplaces)
  2. Secure B2B integrations (reduced friction, autonomous governance)
  3. Secure, Decentralized Record Storage & Maintenance (eliminating transaction intermediaries)
  4. Tracking the provenance of products and materials (guarantee product quality and safety)