Today's ERP solutions
For ERP solutions, the capability to integrate disparate business processes and data sources holds an often-unrealised opportunity. It can meet the demands placed on finance teams by providing a single view of all factors that influence the financial performance of a company.
Beyond integrating business applications, a modern ERP solution can use machine learning to automate routine business processes and be trained to apply business rules.
From accounting, supply chain, customer relationship management (CRM), human resources management and reporting requirements, a modern ERP solution can generate the insights that support crucial commercial decisions.
Harnessing the true capabilities of an ERP solution
Too often, organisations rely on spreadsheets to ‘patch’ the gaps between data sources and systems that should otherwise be managed by an up-to-date ERP. This approach absorbs resources, delays reporting and increases the likelihood of data inaccuracies with research showing that up to 90% of spreadsheets can contain errors.1
A well-maintained ERP solution can help ensure that finance teams are confident in the veracity of the data they use, and in turn, the quality of the strategic insights they produce.
However, fully utilising a long-term ERP solution requires ongoing investment and continuous improvement, adequate staff training and organisation-wide commitment to using just one ERP solution, to maximise its potency.
The solutions of tomorrow
Our personal finances are coming under greater control due to technological advances, and CFOs expect the same of their business solutions.
Advances in Artificial Intelligence (AI) and Internet of Things (IoT), supported by quantum computing that can underpin the next generation capabilities of AI, have the potential to equip finance teams with full visibility over an organisation’s financial management.
Deeper integration across previously siloed operations and applications, combined with the removal of manual data capture, could also deliver current and predictive financial insights, giving CFOs a complete and accurate financial picture of their organisation in real-time.
In today’s financial markets, information is abundant, but hard to synthesise and action in a timely manner. In the future, an ERP solution could predict a need for funding, put that request out to market and provide financial information to allow interested financiers (or their ERP software) to respond.
An ever-increasing pool of data is being collected and harnessed by ERP solutions. The continued move of these applications to the cloud is inevitable to protect confidential information about a company’s finances, staff, and customers from increasing cyber security threats.
Beyond data-protection, the use of AI and other technology brings unique challenges. For example, with decisions being made by an increasingly sophisticated AI – will an ERP software be able to explain how a decision was reached? Business leadership and Company Boards will be tasked with holding both their people and the ERP software accountable.
The future for your business
Done properly, an ERP solution can improve productivity, generate savings and deliver insights a business needs to make sound financial decisions. However challenging the future is, ERP solutions are here to stay.
To learn more from leading industry experts about what’s important to business and the economy visit CommBank Foresight™ – insights for future-facing businesses.