By now, most of the professional world know digital transformation is far more than a buzzword. This wave of change is significantly and swiftly altering the professional landscape for almost every industry, as well as every job function and/or business process within. Even just a few years ago, keeping an organization’s enterprise resource planning (ERP) software up and running was a monumental, full-time task, but giant leaps forward in ERP technology have brought about enormous changes.
For the Office of Finance, it is hard to overstate the impact of these shifts. Countless, time-consuming tasks in accounting, forecasting, budgeting, planning, and more, have become streamlined with the help of automation software, artificial intelligence, and machine learning, freeing teams from the day-to-day minutiae to more strategic and meaningful roles that impact the growth and innovation of their business.
And, as the saying goes, “the best is yet to come”. According to Deloitte, by the year 2025,
periodic reporting will be ancient history and real-time predictive
forecasting will be the new normal. The continued growth of an already robust
collection of cloud ERP solutions and related microservices will make that
possible. As ERP undergoes a digital transformation of it’s own, several new technologies
stand out as real game-changers for the future of the Office of Finance:
Artificial Intelligence and
Together, machine learning and
artificial intelligence have unlimited potential to make any
organization’s Office of Finance more efficient and effective. Machine learning
has the power to transform the Office of Finance by automating routine tasks,
augmenting human decision-making, and accurately predicting outcomes.
But AI can do more than just automate, it can unearth insights that
would be near imperceivable through traditional human oversight. Machine learning algorithms can parse vast
stores of data far quicker and with a greater level of accuracy than was
previously possible. According to research data from MindBridge, “when AI analysis is
applied, it is up to 900 times more likely to identify errors in data.” Whether it’s an
accounting mistake, unusual transaction activity or an issue with logistics,
spotting anomalies early can help to greatly reduce risk, and save considerable
amounts of both bandwidth and capital.
Computer scientists have been working for decades on the challenge of
getting machines to understand and respond to natural human language. Two primary approaches have emerged: either
building from the ground up (cache model) or retrofitting a product with
natural language capability.
When paired with solid AI capabilities, natural language processing (NLP) has the
potential to humanize the user experience in significant ways. For example,
users could issue an NLP request to generate a one-off report and have it
delivered by email to a specified list of recipients. The practical application
of NLP will allow for almost instantaneous access to valuable data, giving
finance professionals more time to focus on strategic decision-making.
According to Polaris Market Research, the virtual assistant market is
expected to reach $21.5 million by 2026. And with Alexa,
Watson and, of course, Siri assisting our every move in our personal lives, it
is no wonder the Office of Finance is looking for opportunities to use this
same technology to streamline and accelerate processes on the professional
If Alexa can tell you this weekend’s weather, why shouldn’t a virtual
financial analyst be able to forecast next week’s market or keep track of
ongoing tasks among finance team members or translate your dashboards (sparing
you and your team hours of digging through spreadsheets to find the right data)
and powering insights so you can focus on what’s most important; analyzing the
data and offering strategic value to your teams and business. The data is
there, and virtual financial assistants will make it easier to access and act
on it (quickly!).
So, what’s next? With the rate of digital transformation, the answer to
that question is changing every day. Advancements like artificial
intelligence, machine learning, virtual assistants, and NLP technologies will
be crucial in helping to democratize technology and free up the bandwidth of
ERP operators, allowing them to dive deeper into the data to foster even
At Prophix we are always looking for that next great innovation to give
mid-market FP&A corporations the edge they need. Whether it is through new
technologies or domain knowledge, Prophix’s overriding innovation is that it
has extended the reach of mid-market FP&A professionals with technology
that was once only available to much larger enterprises.
https://erpnews.com/v2/wp-content/uploads/2019/10/digital-transformation.jpg400600katiehttps://erpnews.com/v2/wp-content/uploads/2018/10/[email protected]katie2019-10-17 11:04:032019-10-17 11:04:04AI Levels the Playing Field for Digital Transformation of ERP
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