ERP is getting smarter, according to Oracle CEO Mark Hurd. With new innovations coming to finance seemingly faster every day, not keeping up is the same as falling behind. Technologies like artificial intelligence (AI) and machine learning are bringing new capabilities to the finance space, decreasing time spent on routine tasks and lowering TCO.
So how will the future of ERP systems integrate these new features? Hurd has some predictions on how enterprise applications will evolve within the Oracle Cloud suite leading into 2020:
For many organizations, staying up to date on the latest technology is the biggest challenge facing them today. Cloud applications eliminate the catch-up fall-behind cycle of updates with the latest and greatest, providing organizations with a competitive advantage. In a recent Oracle survey, 81 percent of respondents cited “Staying current on technology” as a top benefit of ERP cloud.
As great as each application is individually, they’re even better when integrated as a full suite, offering seamless interconnectivity of data and workflow processes across applications. As organizations continue to move their applications into the cloud, the benefits will start to snowball as increased connectivity and innovation empower customers to make more informed business choices.
AI has been a hot topic in enterprise technology recently, and it’s easy to understand why when looking at the long-term impact it can have on everything from finance to marketing. When it comes to ERP, AI will make strides in reporting, automating rote processes and delivering fresh information faster than ever before.
AI can also assist in compliance, conserving resources and empowering finance with intelligent analysis. Deriving actionable insights from massive collections of data is a fundamental strength of AI and a key component in its ERP utility.
Hurd touched on this capability in a conversation with Constellation Research founder Ray Wang, noting that “the intersection of ERP and AI is shifting the way people are buying. They’re not buying a finance system–they’re buying the ability to ask a question.”
Sensing a theme yet? Not only does AI increase efficiency, it plays a major role in security. The migration to the cloud is really a return to vertically-integrated technology stacks. The cloud provides a single configuration of software and hardware to be encrypted, patched, and secured. And with the introduction of AI through new services like Oracle Autonomous Database Warehouse Cloud, enterprise applications start to protect themselves, automatically tuning, patching, and monitoring, all without need for human labor—or potential for human error.
These are just some of Mark Hurd’s predictions for how the cloud and AI will change the enterprise application landscape. Watch Mark Hurd’s Oracle OpenWorld keynote to hear more about ERP’s inevitable shift to the cloud.