INTELLIGENT SOFTWARE BUSINESS possibilities for CIOs , COOs and CFOs to think differently about their IT infrastructure . Adoption of cloud-based enterprise resource planning systems , for example , is on the rise because sharing data quickly and efficiently can dramatically reduce costs and increase the speed of production .
There is also a growing acceptance that cloud adoption is not just for startup companies . Large enterprises are transitioning their entire infrastructure and data ecosystems into the cloud because these systems have the advantage of taking the burden of upgrades and management , freeing up valuable resources to focus on innovation and business growth .
Value from big data and IoT
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According to a recent report by Machina Research , the total number of IoT connections are estimated to grow 16 % annually over the next ten-year period from 6 billion in 2015 to 27 billion in 2025 . Total IoT revenue opportunity is projected to grow to $ 3 trillion in 2025 , up from $ 750 billion in 2015 .
If you talk to customers in the manufacturing and retail sectors for example , they will say they have been collecting and tracking data on machines , production , and inventory for years . In retail , for example , smart supply chains enable applications for tracking goods and real time information exchange about inventory among suppliers and retailers .
The next step for us , and our customers , is to take the data that is available and analyse it in context , to make better and more efficient business decisions . However , the challenge for ERP systems has been around how to transform the onslaught of unstructured data into practical information .
As technology develops we can expect to see more integration between ERP , big data and predictive analytics because data is the business resource of the future — both in terms of optimising processes and services , and as a basis for innovative business models .
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KEY TAKEAWAYS
• Challenge for ERP has been how to transform onslaught of unstructured data into practical information
• Expect to see more integration between ERP , big data , predictive analytics because data is resource of future
• Having the right technology in place to underpin operations is key to keeping up
• It is important to remember mobility can mean many different things to different organisations
• The challenge for many companies is matching technology investments with rapidly changing needs of business
• The world is getting smaller and supply chains are expected to get faster
Understanding how technologies underpin business models , what we call purposeful innovation , is central to achieving business growth
Mobility drives visibility Mobile and social technologies are enabling new business models and processes but it is important to remember that mobility can mean many different things to different organisations . For one company , it might be the ability to set up a remote warehouse . For another , it might be the ability to interact and collaborate on social platforms across borders and time zones .
Mobility should be an essential part of the platforms we build as mobile applications provide greater employee visibility and accuracy of information , enabling companies to respond quickly to changing demands with real-time capabilities . New utilisations of mobile devices and apps are happening every day and drastically changing the way business gets done .
As companies become more complex and globally dispersed , the need for collaboration , visibility and efficiency will continue to accelerate . The world is getting smaller and supply chains are expected to get faster .
Having the right technology in place to underpin operations is key to keeping up , regardless of geographic location or industry . Understanding how technologies can underpin business models , what we call purposeful innovation , is central to achieving business growth .
Himanshu Palsule is Chief Technology Officer at Epicor Software
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