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Cloud exposes opportunities for those tied to ERP

There are many compelling reasons why organisations address Enterprise Resource Planning (ERP) software to manage core business processes and collect and interpret data from a spread of activities like HR, supply chain management or financial control.

According to figures from Allied marketing research , the ERP market is showing no signs of slowing down and is predicted to succeed in $41.69 billion by 2020.information technology education There’s no doubting that ERP delivers to businesses on many levels. Sales forecasts are not any longer supported guess work, order volumes are often easily balanced with inventory, and workforce planning are often brought in line with business needs. ERP systems help with these and lots of more challenges for tens of thousands of organisations.

System frustrations

However, for all of the various benefits it offers to the organisation as an entire , it’s not uncommon surely business functions to become frustrated by the rigidity and limitations offered by the functionality on offer to them from their organisation’s prescribed ERP system, whether that’s JD Edwards, Oracle, SAP or Sun Systems. While ‘core functions’ like finance, manufacturing and HR are well supported by ERP’s ‘core features’, often other business functions, procurement being one, can find themselves in receipt of ‘add on’ functionality that purports to be a totally blown system. However actually these more niche functions may are the results of a gap-filling acquisition of a technology that's poorly integrated or not a part of an extended term roadmap.

Making the move

Let’s take procurement’s plight as an example. we discover that a lot of procurement professionals are looking to maneuver faraway from what’s offered to them in their ERP system towards best in school eSourcing and eProcurement technology. this may enable them to automate manual processes and contain and better manage organisation-wide spend, thereby delivering a mess of business benefits. It’s worth noting that there's a stark difference between the make-up of ERP and procurement systems. While ERP tends to be a ‘deep’ system employed by relatively few people, purchasing systems perform ‘shallower’ processes, relatively speaking, and may be employed by almost anyone in an organisation that must buy something. Where ERP must manage complexity, procurement must offer simplicity to its user base. an equivalent applies to other outlying functions less well served by ERP.

Increasingly, procurement teams face the selection of continuous to use their ERP system or make the move to a cloud-based eProcurement system which will integrate seamlessly with it.

But how can departments like procurement convince the remainder of the business, especially IT, that ERP not meets their needs which moving to a cloud-based system which will be integrated and be done securely and without disruption?

The integration challenge

We’ve seen many of our customers seek to require these steps before being halted by the mixing challenge, and concern from IT managers that integrating with a remotely hosted, third party system may pose a risk to the organisation, especially where business-critical master data and finance systems are concerned.

When it comes eProcurement software especially , often one among the most important roadblocks is that the question of integration with financial processes, however, the tide is now turning and a few cloud-based eProcurement solutions accompany ready configured integration Platform as a Service (iPaaS) so as to securely integrate with any required system offering users freedom of choice and therefore the ability to automate, improve and better manage many of their day-to-day procurement processes.

Efficiency benefits

For example, one among our customers uses JD Edwards (JDE) for finance and used its procurement module for over ten years to boost purchase orders and approve invoices. The system wasn’t considered very efficient or easy-to-use so certain departments chose to bypass it all at once , preferring instead to manually process their orders. However, the complexity and limited functionality of the prevailing system was preventing the organisation from making wide-scale purchasing efficiencies and restricting its view of organisation-wide spend.

Deciding to integrate a replacement eProcurement system with the JDE finance system that might enable variety of efficiencies including better spend control, more efficient order processing and payments, the organisation selected a hybrid cloud approach allowing us to host our cloud-based service from within its data centres.

Another of our customers, a worldwide organisation of scale, was keen to form efficiencies to the management of its indirect spend across Europe.cloud technology Multiple systems were getting used across the region for indirect purchasing and these were largely manual, paper-based processes that didn't provide full visibility and control over expenditure. As a result, collaboration between the purchasing teams and finance, and with suppliers, weren't integrated and will cause duplication on spend or maybe the business purchasing goods or services it didn’t need.

After considering the selection of using the procurement element of its ERP, so as to enhance indirect purchasing across Europe, it chose to maneuver its entire European operations to a separate, cloud-based eProcurement system to integrate with SAP. It now features a single view of European-wide purchasing enabling significant cost savings.

Best-of-breed cloud-based solutions offer a number of advantages across a business, not only for one team, so for those parts of the business poorly served by ERP, cloud-based solutions complete with iPaaS may offer a viable and low resistance alternative to the limited functionality currently on offer.

A day within the lifetime of a corporation in FinTech

The FinTech market is accelerating at a rapid pace. Global investments in FinTech firms reached $5.3 billion over the primary quarter of 2016, a rise of 67 per cent in comparison to an equivalent period twelve months previous. so as to sustain this growth, the FinTech industry is working within a really broad market, targeting any and every one areas of the financial sector.

As a result, the day-to-day lifetime of a FinTech business can vary massively counting on its particular circumstances. Everyone from startups to multinational banks are now joining the financial technology sector and lots of businesses are now that specialize in the delivery of bespoke solutions instead of becoming a jack of all trades. Even so, there are some common elements among FinTech firms.

Namely, many FinTech businesses are committed to disrupting traditional ways of working. this might take the shape of mobile payment platforms, investment analytics, peer-to-peer transfers or many other yet-to-be-discovered disruptive approaches.

A hedge fund horror story

One of the areas that FinTech firms are making an impression in is hedge funds. Hedge funds may became synonymous with the worst excesses of the finance industry, but they continue to be a viable approach to investment. As a result, cutting-edge startups are seeing how they will use digital technologies to reinvigorate an investment strategy that has been alive since the 1940s.

One of the ways in which they're doing this is often by utilising data-intensive tools and analytics solutions to assist managers and investors optimise portfolios, manage risk and track performance.

Taking a data-heavy approach, however, does accompany its challenges, particularly regarding security.virtualization technology FinTech firms store, transfer and analyse vitally important data regarding hedge fund investments and security are often difficult without vast IT resources. Failure to stay this data protected could easily cause a “hedge fund horror story” where fraud and corruption are allowed to occur.

However, cloud computing can provide FinTech firms with the resources to safeguard hedge fund data while still embracing the newest digital technologies. At Veber, we provide FinTech businesses robust security measures as a part of our cloud hosting packages. This includes a variety of firewall options (virtual, shared and dedicated), anti-virus protection and encrypted access over our virtual private networks (VPNs). The latter is especially important when it involves hedge funds, as remote customer access is usually necessary.

Another potential horror story surrounding investment technology isn't having the specified network infrastructure to manage data flows. this might end in poor forecasting, or maybe unexpected downtime. For FinTech companies operating in an immature market, these sorts of disruptions are often terminal to future business success. With cloud computing, however, organisations enjoy the network infrastructure of their third-party vendor. Our network technology promises high availability and increased performance to make sure that FinTech businesses and their customers have access to the info that they have , whenever and wherever they have it.

The FinTech industry is changing fast. What the longer term holds is difficult to mention , but data will likely remain at its heart and cloud computing offers the industry the safety , reliability and scalability which will prevent FinTech horror stories from becoming a reality for your business.