ERP News

Today’s ERP is All About Emerging Technology

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Next-generation ERP applications will leverage emerging technologies like machine learning, 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 order to not only survive but thrive, organizations must be increasingly agile. Companies need to be able to make prompt, informed decisions about how to adapt to rapid and constant 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 finance 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. At the recent FEI Committee on Finance & IT (CFIT) meeting, hosted by Oracle Corporation in Redwood City, California, Oracle VP, Financials Strategy, Terrance Wampler said the future of the finance function is “intelligent and connected”. The finance function will be data-driven, complete and secure by harnessing:

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

Wampler says CFOs will be “balancing ‘operational efficiency’, which focused on cost and quality and perfecting transactional processing and workflow and what we’ve defined as ‘operational agility’, harnessing the ability to manage hyper-growth, using robotic process automation (RPA) and machine learning (ML) to further improve process efficiency, as well as securing the skillset needed to be collaborative and partner with the business – using predictive analytics and modeling to uncover insights and help guide the business forward.”

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

Machine Learning Automation

  • Transaction Processing
  • Compliance Automation
  • Fraud Detection
Intelligent Apps

  • Optimized Supplier Payment Terms
  • Best-Fit Supplier

 

Internet of Things (IoT)

  • Proactive Maintenance

 

Blockchain

  • B2B Transactions
  • Intercompany Processing

 

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 sophisticated technologies, such as cloud computing, natural language processing (NLP) and autonomous operations, with cognitive elements. These “autonomous” ERPs will be powered with machine learning to create:

  • Touchless transactions – Transactions created automatically from document images, etc.,

 

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Article Credit: FEI

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