ERP systems

Modern ERP systems as a prerequisite for the digital transformation of the finance sector

Many companies are experiencing rapid changes to their business models as a result of digitalization. They are faced with the challenge of having to adapt their systems and processes to a dynamic environment. In addition, the announcement by some ERP providers that they will stop maintaining their legacy systems (e.g. SAP R/3, Microsoft Dynamics NAV) in the medium term means that many companies will inevitably have to think about IT project management.

Technological and infrastructural fundamentals of the digital transformation

New generations of ERP systems create the fundamental prerequisites for a successful digital transformation of the finance sector. They provide essential technological innovations for digital change such as cloud, big data and IoT and create the infrastructural prerequisites for implementing new requirements for end-to-end business processes, data structures, availability and analysis, as well as a modern user experience.

The modern finance function is central to business processes

As modern ERP systems ideally map company processes in their entirety, the finance function is of special importance. It is positioned in the middle of an increasingly complex value chain and represents the link between all corporate functions. It has a considerable influence on corporate management, the business model and operational processes. In the vast majority of cases, it represents the "link to the outside world" via increasingly complex and cross-company value creation networks and acts as a means of stakeholder communication and management.

This requires a holistic alignment of the finance function along the entire value chain and is a key aspect of the introduction or migration to a new ERP system.

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