How AI and cloud ERP are used for economic transformation

In today’s evolving business landscape, organizations are transforming their operations with cloud ERP and AI, signaling a key shift in the importance of how data is managed so that it can be leveraged effectively. This is particularly true for the finance and tax departments.

Mergers and acquisitions are common growth strategies, but many organizations find it difficult to integrate the acquired businesses after an acquisition. Studies show that up to 70% of mergers and acquisitions fail to achieve the intended synergies. The M&A process requires thorough due diligence and planning, but integrating financial and tax systems can take years, burdening teams with non-automated tasks to make data-driven business decisions.

Workforce retention is another major challenge during integration, often leading to a decrease in morale and productivity. To ensure a smooth transition, finance managers need to create an empowering environment, providing teams with tools to work effectively, focus on strategic initiatives and make quick decisions. Real-time decision-making relies on easy access to essential, reliable information.

Integrated cloud with AI solutions further revolutionize financial operations by providing real-time analytics that enable agile decision making. For example, AI significantly improves forecasting and scenario planning, which have traditionally been manual processes. With AI cloud solutions, financial professionals can now anticipate scenarios in real time, whether they are related to customer behavior, market trends or tracking inaccuracies. Teams can extract information from other sources within the organization and gain knowledge to make better strategic decisions.

In addition, companies can use AI for their budget and planning objectives. Instead of conducting budgeting annually or quarterly, AI-based models can quickly process adjustments and inconsistencies, facilitating more frequent forecasting and planning. This flexibility is vital in today’s volatile market and is a major advance for many organizations.

AI and cloud technology offer numerous benefits for finance teams, from improving flexibility in business requirements to enhancing forecasting, budgeting, integration, and reporting. Cloud ERP with AI systems provide real-time information and automated processes, allowing finance teams to respond quickly to market changes and internal requirements. These benefits ensure greater efficiency, insight, and flexibility in your business.