Most companies today run on a fractured ERP environment. Over half of respondents to our 2018 “ERP in the Cloud” poll told us that they’re using multiple on-premises ERPs in their organization (see chart, below). That stands in the way of standardizing processes, looking across processes, and collecting cross-enterprise data.
Not coincidently, the survey identified a growing interest in shifting companies’ ERP platforms to the cloud. Over 40% of enterprise respondents said that a cloud ERP strategy is either critical or highly important to their overall transformation effort.
So far with the cloud, companies have adopted point solutions. However, organizations are beginning to realize that they are still missing a core IT architecture that would integrate disparate applications. They need a single and agile technology backbone: One platform that integrates functions and processes, and that is scalable, easily upgraded, inexpensive to own, and comes with built-in best practices.
A major benefit of moving to cloud-based ERP is the ability to create a holistic view of enterprise data. Today, a lot of this data “orchestration” is handled manually; it often requires customized adaptations and consulting intervention. With cloud ERP, the links are easily automated, increasing finance’s field of vision. That’s important in enabling more sophisticated analyses, and thus the insight finance can offer senior management.
More advanced data-management capabilities provide three critical benefits to the finance function:
Building a robust data-management capability is critical to managing performance and identifying and predicting financial results. It’s the foundation for the adoption of other digital tools, like advanced analytics or artificial intelligence. While HR leads the way so far in the adoption of cloud-based ERP solutions, finance’s adoption rate is forecast to double in the next 12-18 months to 44%, according to our 2018 ERP in the cloud poll.
Sure, we’re a long way from a mainstream cloud-based ERP environment. But the need for a cohesive enterprise platform (and the focus of large vendors’ development efforts) indicates that the trend toward greater adoption will only become more pronounced.
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