“The ability to manage the flow of money is one of the oldest and most fundamental requirements for any business.” These words, used by leading analyst firm IDC to introduce the challenges that businesses face and the potential that ERP has for organizations, lead into an in-depth report on the path to digital transformation at growing businesses.
IDC MarketScape: Worldwide Cloud and SaaS ERP Accounts Receivables and Accounts Payables Applications 2018–2019 Vendor Assessment is the most recent report from IDC, exploring the value of accounts payable and receivable functionality in ERP software and comparing eleven vendors for their ability to provide what end users need.
Identifying trends and comparing vendors, the report highlights the importance of embracing change, leveraging technology, and improving processes, discussing the role of ERP in digital transformation. Today, we would like to explore how the business landscape is changing and the path to transformation through smarter ERP.
The Path to Digital Transformation
Digital transformation (DX) is fundamentally changing financial applications, allowing businesses to transform their decision making, which is enhancing their business outcomes significantly in the digital economy.
More than a technological change, more than a cultural change, the road to digital transformation is one that can position businesses for growth in the new economy. According to IDC, businesses who have embraced this mindset have a repeatable set of practices and disciplines used to leverage new business, 3rd Platform technology, and operating models to disrupt businesses, customers, and markets in pursuit of business performance and growth.
Digital Transformation Starts in the Cloud
While there are many drivers behind digital transformation, much of this process starts when businesses leverage cloud computing to replace antiquated legacy systems. Offering agile, flexible, and functional applications, cloud business management tools are easy to implement, configure, and update—and demand continues to rise.
This has created a landscape of innovation across vendors, and businesses now have many options that can fit unique needs. Better yet, with easy updates, businesses now can find themselves in new markets, knowing the software is adaptable enough to handle dynamic and ever-changing regulatory, taxation, and reporting environments.
Creating Alignment in AP/AR
As we discussed in our ERP functionality series posts on Accounts Payable, Cash Management, and Accounts Receivable, integration and automation is a necessity for each module. IDC notes that technology has allowed businesses to reshape and realign the accounts receivable (AR) and accounts payable (AP) functions and shared service center business processes.
This area, an exceedingly traditional process in the accounting world, has seen a lot of change due to the technological advancements, which have promised ways to break down silos, integrate systems, and reduce manual processes.
ERP Bringing the AP/AR Process Forward
With modern ERP functionality continuing to change the way organizations operate, AR and AP workflows are quickly changing as part of digital transformation initiatives. Powered by ERP, these processes have moved from serialized processes to holistic workflows that provide continuous and highly visible audit processes.
This is the reason IDC released the report—to provide potential software customers with a list of ERP companies that have taken great strides in AR and AP functional areas. We have profiled and assessed their capabilities to support the complicated areas of accounts receivable and accounts payable.
Acumatica Named Major Player in IDC AP/AR Applications Vendor Assessment
In the report, IDC analyzes 11 ERP vendors for their ability to design and deliver effective AR and AP functionality within their ecosystem, finding Acumatica to be a Major Player on the cusp of being a leader.
Noting the company’s innovation, IDC discussed Acumatica’s continued investment in machine learning, natural language processing, and mobile technology, features that allow customers more access and flexibility in AP/AR. Further, with Acumatica’s unique industry focuses, IDC lauded the company’s industry editions, each growing in size and scope.
Get the Report Now
In “IDC MarketScape: Worldwide Cloud and SaaS ERP Accounts Receivables and Accounts Payables Applications 2018–2019 Vendor Assessment,” you’ll learn:
- How digital transformation is driving change for ERP accounting
- Three key accounting challenges that cloud technology is helping to solve.
- IDC’s exclusive advice for technology buyers.
- The strengths and weaknesses of 11 potential vendors.
- 17 tough questions to ask yourself before making any purchase decision.
ICS: Your Partner for Innovation
At Innovative Cloud Solutions, our clients turn to us for our experience and innovation in delivering feature rich and functional Acumatica Cloud ERP, as well as leading Microsoft Dynamics options for growing businesses. With over three decades of experience in the ERP implementation industry, our team has the skills and knowledge to deliver what you need when you need it.
Learn more about our work, our satisfied customers, and contact us for more information about your next steps.