Spokesperson: Nick Jackson, finance transformation leader, Oracle
The launch of accounting software in the 1970s was revolutionary, but AI is driving the next wave of transformation in finance. With AI’s ability to automate tasks and interpret data, finance teams stand to gain significantly by adopting AI-ready systems. However, achieving this vision demands more than just upgrading old systems.
Centralising and validating data are essential for finance teams looking to leverage AI. When financial data, production metrics, and customer insights are dispersed across different systems, it can hamper real-time analysis and leave room for errors. Cloud-based ERP systems help address this by creating a unified data source, critical for effective AI adoption. With a centralised repository of data, finance teams can automate tasks like invoicing, enhance data accuracy, and derive actionable insights.
Realising the promise of centralised data
Migration to a cloud system isn’t just a worthwhile investment – businesses need access to real-time data to stay competitive, but also to successfully implement AI. Understanding financial and cash flow implications of production lines, inventory levels, and customer behaviours across continents requires that organisations are equipped to adjust forecasts readily. If this data is scattered across disparate systems or is manually entered every step of the way, mistakes are likely and the real-time visibility into the business is obscured.
One of the significant advantages of cloud-based ERPs is the ability to create a centralised repository for all of this data, a “single version of truth”, making it an essential precursor to the successful adoption of AI. With clean, high-quality data in place accounting teams can automate manual workflows such as the accounts payable and receivables processes.
An ERP system with AI capabilities built-in can scan physical invoices, identify key details like supplier’s name, costs, and goods purchased. Such details can be entered into the system automatically to expedite approvals, something that would be much harder to achieve with an on-premise system.
Similarly, AI tools can be used to help speed up the analysis of financial data, reducing the amount of time spent on the period financial close, or preparing reports. Taken together, this equips financial leaders with an improved understanding of why the business is performing at the level it is. It can also boost profitability by identifying which areas of the organisation are performing well and which may need additional support.
AI-driven efficiency and security for finance leaders
In the face of economic pressures, finance leaders are tasked with improving efficiency and reducing costs while meeting organisational needs. AI and automation embedded in financial processes can contribute towards dramatically enhancing productivity, speed, and accuracy by eliminating manual tasks.
With AI-powered cloud ERP systems, finance leaders can also benefit from enhanced compliance and security, as built-in risk management tools help detect irregularities, identify anomalies and trends, and bolster data integrity. These platforms are designed to keep up with regulatory changes and, in combination with other internal processes, help protect against errors and fraud, empowering finance teams to lead with confidence.
Ensuring scalability and reliability in ERP solutions
Finally, scale is an important consideration when evaluating ERP solutions, but it is frequently overlooked. In scenarios where businesses process hundreds, if not thousands, of transactions per second, the ability to manage very large data volumes becomes critical.
A proficient ERP can effectively manage large data volumes with ease, contributing towards smoother operations without sacrificing speed or reliability. This capacity not only helps ensure the maintenance of high-performance levels, but also reduces dissatisfaction caused by service interruptions.
Cloud-based ERPs with embedded AI capabilities aren’t just future-proofing tools—they’re critical for staying competitive. As market pressures mount, companies equipped with flexible, data-driven systems will lead the way, leveraging AI for smarter, faster financial operations and a more resilient approach to evolving demands.
