Enterprise resource planning (ERP) systems emerged in the 1990s. Even though they don’t do much in the way of planning, the systems provide companies a means of centralizing and consolidating transaction data collection (such as purchase orders, inventory movements and depreciation), automating the management of processes, and handling the bookkeeping and financial record keeping for these transactions and related processes. ERP systems are an indispensable piece of IT infrastructure in today’s enterprises. Alas, they also are inherently flawed. But perhaps not for much longer.
Topics: Mobile, SAP, Social Media, ERP, Operational Performance Management (OPM), Analytics, Business Collaboration, Cloud Computing, Oracle, Business Performance Management (BPM), CFO, Infor, Supply Chain Performance Management (SCPM), Workday, Social, FPM, Intacct
Technology for the Office of Finance can have transformative power. Although progress has been slow at times, today’s finance organizations are fundamentally different from those of 50 years ago. For one thing, they require far fewer resources (chiefly people) to perform basic accounting, treasury and corporate finance tasks. In addition, public corporations report results sooner – sometimes weeks sooner – than they could in the mid-20th century. And finance departments are able to harness substantially more data and a wider array of analytics to promote insight and support more agile decision-making.
Topics: ERP, GRC, Office of Finance, audit, finance transformation, Tax, Analytics, Business Analytics, Business Intelligence, Business Performance Management (BPM), CFO, Financial Performance Management (FPM), Vertex, FPM, Innovation Awards