The nature of all living things is to not only exist, but to make progress and grow. The driving force behind growth is improvement and efficiency at what it sets it sets out to do. Businesses and technology indeed demonstrate this drive; even the most casual observations of history make this point obvious. We now see automated vehicles driving themselves around busy cities originating from automobiles that required hand cranking by an operator before use.
And so it goes with Enterprise Resource Planning systems. From its inception in the 1960s as a form of early Materials Requirement Planning for the manufacturing industry to artificially intelligent ‘smart’ systems like those used by Amazon, Google, and Netflix, cloud ERP has progressed at break-neck speed and is sure to continue shaping markets.
Computing operations that once required rooms full of expansive hardware and cables couldn’t do back then what we can now do from devices readily accessible in our pockets.
The growth in many business processes results from the right technology implemented along the way and is undoubtedly the case with ERP. What company wouldn’t want to be more efficient, more organized, secure, and profitable?
Integrating with emerging and evolving technological capabilities keeps companies innovative and competitive in today’s market. If an organization’s goal is to grow and prosper, then cloud ERP lies at the heart of the effort.
Cloud-based ERP solutions help businesses streamline operations, allowing for combined digital environments that bring critical resource systems together. Instead of using multiple software and accounting applications, cloud ERP solutions seamlessly integrate disparate systems into one efficient solution.
- Accounts payable
- Accounts receivable
- Budget and Planning
- Time management
- Spend management
- Contract management
- Supply chain management
- Inventory management
- Order management
- Warehouse management
- Customer relationship management (CRM)
- Human resources management
With an array of integration options, businesses get the flexibility to connect their cloud accounting system to nearly any applications they need—whether they are proprietary custom applications or widely used business systems like Salesforce CRM. Organizations get the versatility to tailor their connections specific to their workflow processes.
Pre-built connections. Access pre-configured system-to-system connections built-in or available through the vendor
An integrated system increases data transfer accuracy between departments and particularly critical for accounting, logistics, and resource management. With all this capability, day-to-day business happens faster, more accurately, and more efficiently.
Improved Data Security for the Remote Workforce
Every business should protect its clients, stakeholders, and employees from devastating data compromise that damages a company’s reputation (not to mention its bottom line). From a data protection standpoint, cloud ERP offers improved security over on-premises ERP solutions by eliminating the need for costly hardware and dedicated spaces. Cloud ERP integrates systems and simplifies security so that businesses can use the system, not maintain it.
As more businesses see the benefits of remote work, individual device security becomes a paramount concern that requires diligence and up-to-date solutions. Cross-platforming between operations increases the risk that costly cyberattacks can exploit vulnerabilities. Cloud ERP systems remain up to date with security patches applied, restricting access to critical systems while allowing secure remote access and monitoring– no IT department or dedicated staff needed.
Integrating cloud-based ERP solutions may require initial investment; however, this investment makes sense when weighed against the long-term financial savings that cloud systems can offer. System upgrades are typically automated with no maintenance requiring IT staff to monitor and no headache.
Artificial intelligence is commonly used in more of today’s business operations and offers more reason for cloud systems to dominate the future of business. AI in accounting is the future of many organizations because it can automate financial processes and eliminate manual, error-prone, and time-consuming tasks.
AI-enabled cloud ERP systems deliver incredible improvements in predictive capabilities, which can be utilized in various applications to make a business more effective and more efficient.
Enhanced data analytics improve predicting business trends, making way for more efficient inventory management, sales predictions, staffing needs, and general financial planning. AI accounting systems can also enhance accounting departments’ functionality, ensuring proper billing and banking reconciliations without time-consuming human review. Since AI becomes inherently better as it learns, your business gets automation that increases functionality, productivity, and efficiency.
Advancements in technology will continue as businesses move into the future. Cloud ERP solutions make it easier for a company to integrate new technology advances and use the latest innovations. The question isn’t whether businesses will need to integrate cloud-based ERP solutions – it’s how long they can afford to wait before they cloud ERP adoption.
The Future with Sage Intacct
Business growth comes from understanding what your organization needs right now to make informed decisions to meet your evolving business requirements. Sage Intacct’s multi-entity architecture stands ready for your business expansion goals and process automation that grow in complexity as you grow in size.
Moving to a cloud solution brings superior features to modern organizations. Sage Intacct offers intuitive reporting and analytics, a better, more instinctive user experience, modernized integrations, and anywhere accessibility for companies on the move.
Are you ready to make the switch? Contact one of our business growth advisors and we’ll make sure you have all the answers you need to decide.