Organisations are capitalising on emerging technologies to enhance finance
An Oracle whitepaper details the benefits of using cloud-driven innovation to do business.
Oracle has published a whitepaper that unpacks how market leaders are outpacing change with cloud-driven innovation.
According to the paper, the fundamental building blocks of a business, including enterprise resource planning (ERP), enterprise performance management (EPM), and supply chain management (SCM) systems, no longer provide organisations with the competitive edge they need. Instead, artificial intelligence (AI), internet of things (IoT), chatbots and augmented reality are changing the way we do business.
“The greater the number of emerging technologies in use, the better the organisation’s performance. This is true whether discussing the achievement of market-leading performance in areas like financial reporting accuracy and planning capabilities, or supply chain metrics like reduced days sales outstanding (DSO) and percentage of orders delivered in full and on time (DIFOT),” the report states.
The paper also highlights how organisations are capitalising on emerging technologies to enhance finance and supply chain operations.
Some highlights of the report are:
- Organisations using the most emerging technologies have grown their annual revenues 58 percent faster than organisations not investing in these technologies.
- 91 percent of all respondents consider SaaS an enabler of emerging technology adoption.
- The benefits achieved with emerging technologies are outpacing expectations by a wide margin.
- Organisations are two to three times more apt to purchase prebuilt solutions rather than building their own emerging technologies.
- Organisations using the most emerging technologies have grown their annual net income 80 percent faster than organisations not investing in these technologies.
- 84 percent of organisations surveyed use at least one emerging technology in production today.