Hi! My name is Brad and I’ve been a financial professional for many years now.
Enterprise resource planning software, or an ERP system, allows your business to manage and integrate financials, supply chain, operations, reporting, manufacturing, and human resource activities throughout the organization.
ERP systems today offer the ability to keep up with business changes and implement the latest innovations and best practices on a regular basis, but only if your company is staying up-to-date with current ERP trends.
Let’s take a look at some ERP trends to follow to ensure that your ERP system is working efficiently and effectively for your organization.
Most ERP systems are set in the cloud because the cloud is the primary delivery platform for new and emerging technologies like blockchain, AI, machine learning, cognitive computing, intelligent process automation, and IoT.
As more finance professionals take an interest in these technologies, their desire for innovation and new capabilities is being realized. These new technologies can not only automate routine transaction processing and eliminate manual tasks but also reduce the likelihood of errors.
Finance professionals still face many challenges when it comes to getting the right answers. Current ERP systems don’t deliver the meaningful insights finance professionals need to find the answers they are looking for.
The ability to offer meaningful insight to the business is what sets a strategic CFO apart from others so it’s very important that finance professionals can analyze data and perform what-if scenarios. This can not only help CFOs cut costs and uncover new possibilities but also create new business models.
The New Standard of ERP
With more than 76% of organizations with plans to run their ERP systems in the cloud, Cloud ERP has become the new standard for finance offices. While historically, migrating a core financial system has been a huge reason to leave technology systems running on-premises, the benefits of moving existing ERP systems to the cloud outweigh any potential pitfalls.
With the pace of business change accelerating, finance leaders can no longer rely on the tools of the past to keep up with competitors. The right ERP cloud system not only provides new capabilities but new and innovative technologies as well.
If you want to learn more about ERP trends to watch, click the link below for more information.