In today’s business climate, your company must move faster and adapt to customers’ changing expectations with more agility than ever before. That means understanding and staying on top of trends and figuring out how to use them to your advantage. The most practical way to do this on a continual basis is to get on board with intelligent enterprise resource planning (ERP) in the cloud.
Intelligent cloud ERP drives value creation by offering an end-to-end solution with unequaled speed, scalability, ubiquity, and user experience. It is the best way to inject insight and smarter practices into your enterprise. Technology has always been the enabler for business change. But this approach greatly reduces complexity to help you move your business quickly toward efficient, effective, and agile operations.
Let’s break that down into four stages.
The four stages
Companies are finding themselves with huge amounts of data to collect and analyze, making it that much harder to find value in it. How can you build new organizational capabilities to put that data to competitive advantage?
Stage 1: Analyze
The first stage is to use transactional data to gain smart business insights that enable you to take action. If your systems aren’t built for the volume and complexity of incoming data, your view of your business reality may not be accurate. For example, it’s likely that your financial teams are spending more time collecting data than analyzing it. The solution is to offer everyone self-service access to in-memory analysis of live data. Cloud computing power can help you crunch data more effectively and identify process inefficiencies. You can base decisions on live data collected automatically from throughout the enterprise.
Stage 2: Optimize
With a process in place to effectively collect and analyze data, you can start to develop flexible, scalable processes across your enterprise. For example, machine learning can help self-correct and streamline processes. simplify routine tasks, remove unnecessary manual work, and cut out human error. Intelligent ERP cloud computing power can help double the productivity of your knowledge workers by filtering and presenting data more effectively.
Stage 3: Strategize
If the information you are analyzing is outdated and reduced to a select few roles in the organization, you won’t be able to obtain a clear picture of the present or plan the future. With intelligent cloud ERP, you can predict where your business needs to go by getting closer to your customers and better understanding market dynamics. You can implement new live data to identify the best choices for competitive differentiation. This includes info on how to optimize your resources as well as details on revenue, cash flow, and profitability. You can also cut down on loss by automatically picking up on patterns that predict fraud, lost revenue, and other anomalies.
Stage 4: Disrupt
Disruption can be a key element in your business strategy if you plan to move into new markets and stay ahead of your competitors. An agile business platform can support continuous innovation with intelligent solutions, and frequent system updates can help you embrace new business models and scale operations for fast growth. You can run your business at the speed of thought, and create agile, collaborative teams who can help you discover and adapt quickly to advances in technology and market shifts.
Intelligent cloud technologies can help you speed up deployment cycles and stay current with the latest technologies. These might include machine learning and artificial intelligence, digital assistants, in-memory analytics with real-time access to your business data, and complete end-to-end data integration.
The ability to scale fast and meet the changing demands of the marketplace is critical to keeping up with and outperforming your competition. Begin your journey to the cloud with intelligent cloud ERP.
Source: Digitalist Magazine