As the core IT system for large businesses, not to mention a growing number of small ones, enterprise resource planning (ERP) platforms have not been standing still in recent years. Indeed, while areas such as artificial intelligence (AI) and automation have been garnering headlines, these very advances have been quietly written into ERP.
Conor Flanagan, ERP team lead at technology consultancy Storm Technology said that advances in the software platforms, notably Microsoft Business Central, were bringing substantial change, and with it, added value.
“For one thing, there have been relatively exciting advances in automation. One of the key improvements in ERP solutions in recent years has been the automation of seemingly mundane or manual tasks,” he said.
Improvements in automation and integration ensures that ERP remains the single source of truth in an organisation and the cornerstone when it comes to reporting and decision making.
“A key advantage of Business Central, is being part of the wider Microsoft ecosystem. This allows for seamless connectivity with other Microsoft products such as Outlook, Teams, Excel and the Power Platform. The core Business Central product can be enhanced by integrating with Power Pages, for example, empowering a third party to input data into Business Central or consume data from Business central through an online portal.
“For example, a subcontractor registration: you can empower the subcontractor to register online themselves, ensuring the data automatically flows to Business Central, reducing paperwork and manual intervention and increasing accuracy. Furthermore, this can be linked to workflows in Teams, allowing for approval or review before committing the data to Business Central,” he said.
“This automated approach enhances efficiency and quality of the data removing the need for maintaining multiple versions of the data and the need for manual data entry.
“With further investment in and enhancements in AI, this is bringing automated forecasting and budgeting to the forefront. Although this still needs to be reviewed by a human, this draft budget saves time and with improved data inputs this budget can get increasingly accurate.
There have been exciting advances in automation
“Accountants can now focus on reviewing the budget to look for ways to increase margin and revenue instead of spending time compiling the data for the budget. Ultimately the same time is required but this time is now spent on how to add value and improve the business rather than pulling together the budget data.
“One of the main reservations around implementing a new ERP system is ensuring value for money. Companies will all seek to find efficiencies and ROI [return on investment]. What we are seeing is, the automation and seamless integrations available will free up staff to work on higher value-add tasks. This focus on higher value and strategic tasks can result in a significant ROI. With this shift in mind, businesses are now placing more emphasis on the role of the CTO and creating new roles such as financial analysts and system accountants.”
With the move to cloud, one of the key benefits is having an evergreen solution. The modularity of Business Central, which is a cloud-based platform, means that the software can be adapted to meet the specific needs of a business by adding-in functions without the need to modify the core application or incur additional costs. As a result, organisations do not face porting costs or get stuck with unmaintained custom versions of the software.
“This evolution presents an opportunity for accountants and businesses to invest in systems that improve processes and drive growth,” Flanagan said.
“With their unique skill set and understanding of business processes, accountants are well-positioned to lead this change.
“By leveraging their background and business process knowledge, accountants can effectively communicate with C-level executives and ensure they are delivering maximum value to key stakeholders. To provide the best advice to clients, it’s crucial to adapt to new technologies and bring strategic thinking to the table.
“In other words, stay curious.”
With change comes concern, but while there is always the risk of people being automated out of jobs, Flanagan said what he saw was opportunity. Specifically, financial professionals can grow their role with the value they provide to the business.