Stay Ahead of the Curve: Harness the Power of Cloud ERP for Increasing Performance

Why move to cloud ERP?

Well unless you’ve had your head in the sand, the benefits of cloud computing have been made clear made clear for some time now.

Overall, it’s clear that switching to a cloud-based ERP solution offers a range of benefits that can help to drive cost savings, efficiency and innovation. So, if businesses are looking to future-proof their operations, the transition to the cloud should be top of the list.

What are the benefits then?

Since the widespread adoption of cloud computing, businesses have seen a range of benefits associated with switching to a cloud-based ERP. For enterprises, it comes down to cheaper costs and better scalability, but the advantages of cloud ERP extend far beyond this.?

Cloud-based ERP provides access to a much greater range of features, capabilities, security and analytics capabilities than many traditional on-premises solutions. You can even access real-time data across multiple systems, giving you a more accurate picture of your corporate performance and providing better control and visibility.?

Cloud ERP also minimizes the need for expensive hardware and IT resources, allowing businesses to focus more on core operations and growth. There’s no need for infrastructure, hardware and software maintenance and upgrades, as this is all taken care of in the cloud. And cloud ERP allows for easier collaboration across teams and departments, with data and information accessible from anywhere at any time.

In addition, cloud ERP enables faster innovation cycles. Teams can link in new data sources, applications and processes much faster, as well as being able to quickly test and deploy new features into production. This means businesses can keep up with changing trends and customer demands much more easily than if they had an outdated and difficult to use on-premises system.

In the near future, this shift to the cloud will be further accelerated with the announcement that SAP and Oracle will no longer support on-premise ERP after a certain date. This means that businesses that have failed to move to the cloud will be left behind in terms of speed, agility and cost savings that cloud-based ERP delivers.?

Cloud ERP gives you the ability to access your business's data and applications at any time and from anywhere with an internet connection, without the need for on-premise hardware and software. Cloud ERP also delivers greater scalability, faster deployment times, improved collaboration, and reduced operational costs by eliminating the need for expensive maintenance and IT support. Additionally, cloud ERP provides enhanced security, data integrity, and business resilience, as well as the ability to track and monitor changes in real-time.

How much are market leaders investing in Artificial Intelligence and Machine Learning?

Both SAP and Oracle are investing massive amounts in AI and machine learning. According to one 2018 report, Oracle has invested over $100m in AI and ML over the past 5 years at that point. SAP has reportedly invested over $4.5billion – this was stated in a 2019 report from SAP’s joint CEO of the company’s intention to invest four billion Euro in AI, machine learning and other cutting edge technologies.

When AI and machine learning become embedded in ERP, companies that have not adopted cloud ERP will be disadvantaged because they won't have access to all of the features, capabilities, and features offered by the latest technology. Cloud ERP systems will conveniently allow companies to access the most up-to-date features and capabilities that are offered by ERP providers, while traditional ERPs may not provide access to such features.

As AI and machine learning become integrated into ERP, data can be collected and analysed in real time, automating many processes and providing valuable analytics and insights that can help businesses stay competitive and improve their performance. Traditional ERP systems are not designed to handle these advanced capabilities, and companies that don't use cloud ERP will struggle to stay up to date with the latest technological advancements.

What tasks can I expect to be done by AI and machine learning in the future?

1. Automated data entry: AI-driven automation of the accounts payable process including invoice entry, data validation, and automatic payments.

2. AI-driven accounts receivable: Automated customer invoice creation and customer communication.

3. AI-driven financial report creation: Leveraging AI to create accurate and timely financial reports on an as-needed basis.

4. AI-driven analysis of financial data: Embedded analytics for real-time financial analysis and insights.

5. AI-driven fraud detection: Proactive detection of fraud activity and warning systems.

6. AI-driven forecasting and budgeting: AI-driven forecasting and budgeting with predictive analytics.

7. AI-driven financial consolidation: Automated financial consolidation across multiple entities.

8. AI-driven tax compliance: Automated tax compliance to quickly identify potential issues and reduce potential tax liabilities.

If you are thinking about starting on a finance transformation journey, please get in touch for a chat and follow me for more content on transformation discussions.

Copy right???Clair Green