Technology and the global economy evolve with breathtaking speed. Just like the behaviors of customers and market demands. What is the direction business solutions have been heading over the last few years? What strategy should be adopted by ERP systems and cloud service providers? What business trends should be followed by companies to maintain the competitive position on the market?
Digital transformation is one of the top trends of the present times. Digitization, including mobile technologies, cloud computing, big data and social media, became an everyday reality and will dominate the world of business.
We are entering the era of the “fourth industrial revolution” which forces manufacturing companies to make some changes: to use state-of-the-art technologies, the Internet of Things, artificial intelligence.
The Internet of Things is a computing concept that refers to the connectivity of objects that collect, process and exchange data via the internet.
No doubt, the development of artificial intelligence will have a profound impact on ERP solutions.
Global companies apply different methods for the preparation of consolidated financial statements. The following diagram shows four approaches. Spreadsheets are the most common and elementary method. The most advanced approach involves Global Template/core-based implementation of an ERP system in all company subsidiaries (consolidated entities).
As organizations expand globally, their needs and ambitions change due to the scope and complexity of their operations and the challenges they face at the local level.