ERP potential- The world has witnessed a remarkable disruption and digital transformation in technology over the past few years. Many organisations have transitioned from large-scale, resource-intensive implementation exercises to operational investments with lower costs. This particular trend has not only set the stage for financially viable technology but gives organisations across the world breathing space in terms of faster implementations and rollouts.
Enterprise resource planning (ERP) software has been a key element of this transformative journey of digital disruption. Over the last two decades, it has helped companies in emerging markets manage all aspects of their operations, from procurement and manufacturing to financial reporting.
Now those old, complex systems are giving way to a new generation of cloud-based ERP applications that offer companies big advances in automation, ease of deployment, and artificial intelligence-based analytics.
Emerging technologies propelling cloud ERP
While companies in emerging markets are in the early stages of cloud ERP adoption, CIOs and CFOs have realised the myriad opportunities it brings to the table, especially in improving business processes and reducing capital investments in the data centres and other systems that will be used to manage on-premise software.
One of the main reasons business leaders prefer cloud ERP over on-premise software is that the former is future-ready and already benefiting from emerging technologies including artificial intelligence (AI), the Internet of Things (IoT) and blockchain.
Cloud-enabled emerging technologies play a key role in changing the way companies operate and compete.
A CFO could now use AI to automate and improve the accuracy of routine financial management tasks. For example, an ERP system with AI capabilities embedded could learn what a standard expense (and expense report) looks like and flag suspicious expenses to the manager – significantly reducing the time managers need to spend on reviewing expenses.1
With such ERP cloud solutions, organisations in emerging markets can go the distance in their respective business sectors and Oracle plays a key role in this market by helping to modernise organisations through our in-depth ERP Cloud suite.
For example, in Sri Lanka Millennium Information Technologies2 (MillenniumIT ESP), a leading information systems solutions provider in Sri Lanka, has gone live on Oracle ERP cloud to help simplify its business processes and increase visibility into its financial operations. The project was completed in 10 weeks and has helped enable MillenniumIT ESP reduce IT complexity and increase employee productivity by helping to automate previously manual processes and improving decision making through advanced data analysis.