ERP is Now Passé – So What’s Next?
When we started In4Velocity, our goal was to solve the problem of information access across an organization for a Real Estate Developer. We wanted to digitally transform a Real Estate developer’s business by bringing together all their key processes online, under one application platform – In4Suite®). In4Suite® would enable incredible efficiency for the daily workings of a Real Estate Developer’s operations.
We did this by connecting the “Buy Side” (their vendors and suppliers), the “Sell Side” (their customer, agents and investors) and the “In-Side” (their organization), on a single platform, thereby enabling instant information access to all the stakeholders, any place, any time and in real-time.
We went a step further by innovating around key processes by leveraging automation, thereby removing redundant and repetitive processes. For example, in the process of account voucher creation for each financial transaction, it is quintessential to create a voucher which is a repetitive task executed manually by the accountant in the accounts department.
In the accounting entry perse, it does not change much for a type of transaction, each day, every day (e.g. a receipt for money received). It requires people in accounting to enter the data each time there is a bill payment, or payment is received.
By building a codified business rules engine (a smart brain) will create the right group and ledger automatically [i.e. Build and maintain the COA (Charter of Accounts)]. It will also post the valid transaction voucher at the right place so that there will be a significant reduction in the manual data entry for the accounts department and the organization.
We built portals for all stakeholders to be able to interact with the property developer’s extended organization, to self-serve, improve efficiency, and remove unnecessary transaction costs.
It can be a customer who wanted to know their payment schedule or a tax statement or a copy of an agreement they had signed or wanted to make a payment; or whether it was a supplier who wanted to figure out their accounts statement or upload their quotation. Each player was provided with their access, thereby reducing the overall manual cost of service and improving efficiency.
These platforms and tools provided a reduction of transaction costs, and a significant improvement in efficiency, and furthered the cause for improved information access to all parties. It, in turn, provided the real estate developer’s organization with the impetus to perform better each day.
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But Now, All this is Passé
The expectation from technology now goes beyond the data-in and data-out world, it goes beyond budget controls and workflows, it goes beyond just passive reporting, where a user of a system might want to know some information based on a set of criteria required! We are moving away from a world of pulling information from a system where transactions are stored and recorded.
We are moving into the world of Business Analytics, Artificial Intelligence, and Blockchain data! We are moving to a world of predictive analytics and decision-making, where deep learning algorithms can automate and push informational trends and suggest the next steps to key decision-makers. We are moving to a world driven by Artificial Intelligence that must become part and parcel of every software application’s inner core.
What an ERP Does Today is in Itself “Passé’!
It is now necessary for an ERP to be the harvester of data and the repository of information, on which ML (Machine Learning) and DL (Deep Learning) must work. They should work to provide the necessary input to make decisions that are more accurate and more appropriate than an occasionally pulled static report.
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