Enterprise Resource Planning (ERP) systems have been the backbone of business operations for decades, providing organizations with the tools to streamline processes, manage resources and drive growth. As technology evolves and businesses adapt to changing landscapes, the ERP market is also undergoing transformative shifts. IFS Cloud is an integrated ERP solution which gives businesses the tools that are needed to build a digital-first organization enabling them to compete in today’s fast-changing global environment. Here are five ways IFS Cloud competes with the ERP market trends:
1. Globalization
As organizations expand their operations across the globe, they experience normal change that comes with growth while facing strong competitions and the need for ERP systems capable of managing diverse currencies, languages and regulatory frameworks has never been more crucial. With real-time data synchronization, organizations can streamline cross-border supply chains, enhance communication and gain a comprehensive view of their global operations. IFS Cloud technology focuses on enhancing and optimizing business processes and operations. It enables faster and more accurate demand forecasting which allows for more accurate inventory orders. IFS Cloud increases efficiency and time saved for warehouse packing and also includes controls that allow HR to leverage, manage and view global absence limitations from multiple countries in a single place.
2. Digital transformation
Digital transformation provides endless opportunities for companies to innovatively standardize, improve and automate business processes, in order to quickly act on customer and market trends. ERP solutions are at the forefront of the digital transformation revolution. Technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and data analytics are used in modern ERPs to aid in making data-driven decisions, automate routine tasks and optimize operations. IFS Cloud increases user productivity and reduces administration overhead time. It can also increase production capacity utilization by helping create more realistic schedules to better meet customer demand.
3. The experience economy
In the contemporary business landscape, customers bring their consumer expectations into corporate settings. They seek swift and convenient, user-friendly and digital-oriented experiences, often favoring self-service options. Offering a great product and customer satisfaction is no longer enough as loyalty in today’s age is earned through each interaction point, influencing customer retention. ERP systems enable businesses to tailor interactions with customers and partners. IFS Cloud aims to provide a flawless customer experience offering all its solutions and capabilities within one product, built on a common platform. From managing cross-collaborated projects to editing payroll information, users can have everything they need all in one place, saving them time in their workday.
4. Compliance
Firms need to exhibit adherence to regulations and safeguard their corporate image by monitoring products and transactions. They need to fulfill diverse requirements encompassing health and safety, environmental and ethical considerations as well as legal obligations. By integrating compliance modules, ERPs help organizations manage and report on data privacy, cybersecurity and industry-specific regulations. When it comes to regulatory compliance IFS Cloud provides you with a comprehensive perspective of your supply chain and manufacturing enterprise from all angles. From a project management standpoint, IFS Cloud can track edits to reports and provide additional information such as who made the change and what the previous values were in order to provide accurate reports saving time for the organization.
5. Sustainability
In recent years, the market has witnessed a significant shift towards sustainability as a driving force behind technical innovation. Organizations are revamping their procedures, evaluating the materials they employ and closely examining the environmental credentials of their collaborators. These organizations are determined to showcase substantial enhancements while contributing to the advancement of a more “circular economy”, which aims to decrease worldwide waste. Modern ERP solutions are being designed to help organizations monitor their environmental impact, optimize resource consumption and ensure compliance with sustainability regulations. IFS Cloud offers support for sustainability regulatory reporting requirements through an extended eco footprint capability. With the IFS Cloud Emissions Tracker, carbon footprint data from spreadsheets or manual input can be collected to view and manage an organization’s carbon emission.
To learn more about how Baker Tilly and IFS Cloud can help your business, please reach out to our dedicated team.
