ERP is Now Passé – So What Next?

erp-passe

When we started In4Velocity (In4), 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 (aka In4Suite®). This 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 own organization), on a single platform, thereby enabling instant information access to all the stake holders, 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 the creation of an accounting voucher - for every financial transaction in accounts, it is necessary to create a voucher which is a repetitive task that is done manually by an accountant in the accounts department. 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. This does require people in accounting to enter the data each time a bill is paid, or money is received.

By building a business rules engine (a smart brain) that could be codified to automatically create the right group and ledger (ie. Build and maintain the COA Charter of Accounts) and post the right transaction voucher, at the right place each time, provided for a significant reduction of manual data entry for the accounts department and the organization as a whole.

We built Portals for all stake holders to be able to interact with the property developer’s extended organization, to self serve, improve efficiency and remove redundant transaction costs – whether it be a customer who wanted to know their payment schedule or wanted 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 their own access, thereby reducing overall manual cost of service and improve efficiency.

These platforms and tools provided for a reduction of transaction costs, a significant improvement in efficiency and furthered the cause for improved information access to all parties. This in turn provided the real estate developer’s organization the impetus to perform better each day.

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 he or she requires! 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 Block-chained data! We are moving to a world of predictive analytics and decision making, where deep learning algorithms can automate and push informational trends and suggested 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 no doubt be the harvester of data and the repository of information, on which ML (Machine Learning) and DL (Deep Learning) must work to provide the necessary input to make decisions that are more accurate and more appropriate than an occasionally pulled static report. Traditional ERP systems will no longer hold much ground by themselves without incorporating AI (Artificial Intelligence) and more so, traditional CRMs (Customer Relationship Management Systems) and SFAs (Sales Force Automation Systems) no longer will be able to compete as standalone tools by themselves, as AI becomes more main stream. The reasons for this are obvious as AI algorithms work best with larger multi-dimensional data points which only ERPs can capture as they encompass many more processes than CRMs and SFAs.

In4Velocity is in works to integrate AI and ML to its product software In4Suite® and make the life of a real estate developer simpler than ever before.

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