With its triumphs and struggles, 2017 is behind us. It’s time to take stock of the year and to consider what we can do differently in 2018 to make our businesses successful and strong.
While perhaps these challenges have troubled us in 2017 (or even before that), we can move past them. Overcoming these obstacles can also lead to accepting new opportunities. Read on to learn how ERP integration and a single source of truth result in better business decisions and improved outcomes.
Some of the biggest challenges that companies faced in 2017 were related to analytics, reporting, and planning. These challenges have arisen due to the processes and technologies companies use to carry out these activities.
There are companies that still use highly manual processes for reporting and planning. Creating reports and plans requires an investment in valuable time and resources, and there’s always the concern that your data isn’t accurate because there could have been a mistake in entering it in the first place, or the information is out of date because data repositories aren’t connected to a central source that’s constantly being refreshed.
“Challenges arise due to processes and technologies to carry out analytics, reporting, and planning”
Another issue for many firms is that the reporting process has become very IT-dependent. A user in a line-of-business unit will run a query, but he or she most likely won’t understand how to phrase the query to get the desired results. This situation leads to a great deal of back-and-forth between the user and the IT department, diverting the IT department’s resources into an area which isn’t its core competency. By the time the report is finished, there’s also a good chance that the data is too old to be actionable.
Can These Challenges Be Overcome?
If your resolution for 2018 is to make your analytics, reporting, and planning processes more efficient and cost-effective, you’ve most likely been on the hunt to optimize them so that you can see some long-awaited positive results. Today’s technology can help you achieve those goals.
The need for speed, agility, and flexibility has been long unmet by legacy applications. Historically, organizations have struggled to leverage the information from their ERP system in a way that keeps the information accurate and understandable. This hurdle has led to the development of many information extraction tools that have been positioned as the solve. Unfortunately, instead of simplifying the information accessibility challenge, they made it even more complicated and expensive. This state has brought about a new-age approach to ERP management coined, “post-modern ERP.”
Fueled by the necessity for speed, agility, and flexibility, the post-modern ERP era is what analysts like, Gartner are predicting to be the solution that meets evolving enterprise needs.
Harnessing the Latest Generation of BPM Solutions to Ensure Business Success (in 2018 and Beyond)
To make the most of post-modern ERP solutions, you need a post-modern ERP strategy. And the linchpin of that strategy is ERP integration.
Even cloud-based applications need to be integrated into a financial performance management solution which itself is fully integrated into an ERP system. Integration allows these apps to draw vital information from the ERP system so that users can access it from the application without security risks or erroring of the data. Additionally, integration is crucial for ensuring that different components of the ERP ecosystem function optimally.
As the importance of integration continues to be understood and required, business leaders should look to solutions that are natively built for their ERP system. Doing so reduces cost and offers a sustainable approach to business performance management. With native integration, all of the information you need is right at your fingertips so users from any business unit can gain deeper insight into your corporate performance and make better decisions without extraction and manipulation.
What the Future Will Look Like after ERP Integration
Crystal balls are for carnival fortune tellers – no one can really see into the future. That being said, there are some predictions we can make with confidence about outcomes your company will realize after ERP integration.
For a start, you can expect to obtain accurate, real-time information about your corporate performance, making performance management a simple task. It also means that you’re no longer looking in the rearview mirror when you prepare reports - every bit of data is current.
“We’ve got some predictions about the outcomes your company will realize after ERP integration”
Moreover, instead of constantly reacting to information from your BPM system, you can be proactive and take steps to smooth the road ahead, regardless of what bumps appear in the distance. And business users aren’t limited to utilizing ERP applications during office hours (or even at the office). They can work wherever and whenever they need to so that you can continue running at the speed of business.
Another way in which ERP integration benefits organizations is that it enables users to save time and effort during the analytics, reporting, and planning processes. Instead of manually entering information or involving the IT department any time they want to run a query, they can spend time focusing on the work they need to do.
"Thanks to ERP integration, business users can spend time on the work they need to do"
While we can’t change the past, the future is ours to shape. By adopting the right technologies to support processes, you can become more efficient, agile, and competitive. Read our guide to vetting and purchasing a BPM solution to learn more.