5 Benefits of Intelligent ERP Systems
Margin pressure and regulatory complexities are a constant challenge for banks. Legacy systems, mergers and acquisitions, along with changes in technologies, business models, and rising customer expectations require constant adaptation. Banks must be able to respond to increasing customer demands, yet still comply with all regulations and reporting requirements. How does a digital core with a true single source of truth help?
Responding to rapid changes
A digital core is an IT architecture that offers stability and long-term reliability for core enterprise processes, yet also provides the flexibility to adapt quickly to new opportunities, challenges, and regulations. This solid foundation gives you a single source of truth, which in turn enables flexibility for innovation to accommodate things such as new business models, new regulations, and business events such as mergers or acquisitions.
Simulation and analytics
The ability to respond quickly is an essential part of managing a bank. To do this, simulation, prediction, and analytical capabilities are important components. Data is critical for gaining the insight to make decisions. This insight must be at a granular level so decision-makers have the detail they need to understand trends, opportunities, and risks, and quickly carry out what-if analysis using predictive algorithms.
Keeping data under control
Every bank needs the computing capability for carrying out complex algorithms with large data sets to support timely, real-time analysis. Everyone in the bank must have access to data they need, whenever and wherever they need it. This is also true for the rest of the ecosystem so banks can monitor transaction histories in real time to ensure policies and procedures are being followed, and bankers can see client history for credit risk and other client relationship management details that are needed to better serve the client.
Addressing innovative opportunities
Customers are demanding that their banks provide a similar experience to those delivered by their retail and social media interactions. Banks are responding with new products and services that look, act, and feel like those frictionless experiences. These new products and services impact every facet of business, not just the front office. Banks must address end-to-end (E2E) processes across departments and lines of business to deliver improved customer experiences, products, and services.
Enhance and extend next-generation processes with intelligent ERP
Bringing SAP S/4HANA® and SAP® Leonardo technologies together as a digital core results in a more flexible and intelligent enterprise. To achieve next-generation business processes, companies need an intelligent ERP solution that can be continuously enhanced and extended with innovative business services and applications built on emerging technologies, including artificial intelligence, machine learning, blockchain, and data analytics. The most competitive banks have already begun incorporating these technologies into their business processes to transform into intelligent enterprises and better serve their clients.
DYCSI offers intelligent ERP solutions to respond to increasing customer demands while complying with all regulations and reporting requirements. Contact us and learn more about our SAP partnership.