Complex company data now needs to be handled by management software. Executives are warming up to cloud ERP and IT with built-in analytics.
Corporate executives are faced with complex company and market data, and will be relying on the next generation of IT systems to sort through it. The most important data can be used to make competitive decisions, once specialized software has filtered the noise out. For many companies, enterprise resource planning software is the answer. A recent study by audit, tax and advisory firm KPMG LLP found that executives are putting high priority on info intelligence. Responses found that “data needs are driving company investment decisions regarding the upgrade and advancement of ERP and IT architectures," said Stephen G. Hasty, KPMG's National Advisory Innovation Leader.
Too much data, but ERP, and the cloud can help
Respondents are overwhelmed with data (49 percent), and consider a cloud strategy to present future data-management challenges (59 percent), though 56 percent believe the cloud can help their organization become more agile and competitive. ERP upgrades are planned to improve operational efficiency (48 percent), eliminate manual processes (42 percent), improve IT and other units’ alignment (37 percent), and improve compliance (34 percent). "In the past, the focus was usually on connecting processes or transactions from siloed or disparate systems, often creating a hodge-podge of unfocused information", Hasty said. 41 percent of respondents are planning an ERP upgrade, and 26 percent plan implementation in the next twelve months.
Installing smart systems and top-level corporate involvement
Instead of installing basic hardware and software for IT systems, “executives have solicited business-unit input in advance,” Hasty explains, “and planning for new IT frameworks at leading organizations already includes data analytics, predictive modeling and cloud strategies to improve corporate knowledge." The cloud is a challenge to most executives, but a viable next-generation option for ERP. In 2010, 82 percent said cloud migration raised issues, compared to just 53 percent this year. 59 percent said addressing the complex data has become a senior management concern, 54 percent for their board of directors as well.