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18 March, 2019 00:00 00 AM

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Ensuring modern cloud ERPs have emerging technologies embedded

Amit Suxena

Emerging technologies, enabled by the cloud, are set to help transform organations across the globe. This will not come as a shock for business leaders—there has been plenty of news surfacing about organizations exploring the use of blockchain, artificial intelligence (AI), machine learning, and the Internet of Things (IoT) to create new avenues that will ultimate benefit customers.

 

Businesses are still trying to navigate around the intricacies that come with the adoption of emerging technologies, but almost all of them want to grasp opportunities of today’s workplace faster.

Doing this, they are able to enjoy first-movers advantage in their field ahead of their competition. Financial sector, in particular, is well poised for disruption with the availability of emerging technologies. Therefore, it is vital for CFOs to understand the potential of emerging technologies and how to use it to best effect.

Today, it is super easy for organizations to integrate emerging technologies to help enhance their business processes.

Organizational processes are being rewritten to take advantage of these new technologies. With companies in Bangladesh gearing themselves to reinvent their businesses through a holistic digital transformation, imagine the business opportunities these emerging technologies can bring to local CFOs.

If the organization has a cloud Enterprise Resource Planning (ERP) solution, finance leaders could grab these opportunities swiftly to go the extra distance.    

With cloud becoming the primary delivery mechanism for blockchain, AI, machine learning, and the IoT, cloud-enabled emerging technologies are changing the way organizations operate and compete. In such context, cloud ERP solutions will play a key role and emerging technologies embedded within cloud ERPs will significantly ramp up the pace of innovation for different businesses.   

However, when purchasing a cloud ERP solution, modern CFOs need to be sure it embeds emerging technologies. Here is how to check that:

The ability to leverage emerging technologies rapidly

Your cloud ERP solution should not only incorporate emerging technologies but also make them available for the user immediately. Finance leaders need to ensure this, as many providers tend to deploy only the platform to enable new technologies.

It is not about the toolset which your ERP solution provider sells you but the significant business value that the solution brings for the organization.

With Oracle ERP Cloud, emerging technologies are natively embedded in applications, providing instant access to the benefits of AI, blockchain, machine learning (ML), IoT and more.

Take blockchain for example. It can enhance the operational efficiency of the finance functions significantly in different ways

using modern encryption mechanisms to protect individual data or modern tracking and locating methods to enhance the quality of products.

AI and ML have the amazing potential to simplify, accelerate and improve many aspects of an enterprise.

During Oracle OpenWorld 2018, CEO Mark Hurd predicted that AI will be integrated into every cloud application by 2025 . This means that AI is geared to bring so much value for finance leaders in years to come.

ML, on the other hand, gives companies that edge they need

to find and detect problems automatically by helping them to

identify important patterns in their data.

Your ERP solution should run smoothly

Just as much as you will not purchase a new car with parts obtained from other vehicles, CFOs should ‘look under the hood’ before purchasing a cloud ERP. There is a chance that your ‘next-generation’ solution might be a collective of legacy applications hosted in the cloud.

A report from Aberdeen points out that 76 per cent of organizations that focus on purchasing a true ERP embedded with emerging technologies will consider a single provider with a complete solution developed for the

cloud .

Companies want their cloud ERP solution to be running smoothly; they do not want a mixed bag of older technologies, which are connected

through different integration points.

In Bangladesh, DBL Group , a leading diversified conglomerate with business presence in apparel, textile manufacturing and ceramics, has deployed Oracle ERP Cloud to help innovate business processes, modernise talent acquisition, reduce IT costs and improve business agility to fuel the company’s expansion in Africa.

A true investor of emerging technologies

As a CFO, you need to keep up with current technologies because they can bring a real difference for finance.

That is why you need to choose a cloud ERP provider, who really puts an effort in investing in research and development (R&D).

Oracle ERP Cloud helps

organisations of all sizes quickly and easily take advantage of the latest innovations in emerging technologies to help enable enhanced productivity, reduced costs and improved controls.  

With Oracle OpenWorld Asia coming up, C-level executives from emerging nations will have a perfect platform to realize how harnessing the power of emerging technologies will empower organizations to be at the forefront of the next digital wave. Happening in Singapore from 26-27 March 2019, the whole platform is designed to promote new ideas and collaborations, as well as showcase the success of our customers and partners in Asia.

We believe it is going to deliver a leading conference experience that immerses attendees in the future of cloud, AI and other emerging technologies.

Emerging technologies are driving the next wave of business productivity and finance leaders have a unique opportunity to lead this change.

ERP solutions of past no longer equip today’s finance leaders with the capabilities they need for success.

Finance being a key element of an organization, it is of utmost importance that organizations should equip themselves with cloud ERP solutions, powered by emerging technologies, to reap the benefits of tomorrow’s countless business opportunities.

The writer is vice president and head of Applications - South East Asia and South Asia Growth Economies at Oracle.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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