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One thing that makes digital transformation so challenging is that data touches so many facets of your enterprise. Ultimately, a business must integrate disparate data stores, systems, applications and processes and make them available in real time. But achieving data agility and business transformation isn’t always simple. You have to make sure that enterprise resource planning (ERP) systems and other enterprise applications are connected and can transform mountains of data into actionable information and knowledge.
The sheer volume, variety and velocity of data that flow through a typical enterprise system surrounding ERPs can be overwhelming. This may include Internet of Things (IoT) data collected by sensors, customer relationship management (CRM) data, live point of sale (POS) data, legacy data stores and even highly unstructured data from call centers, email messages and social media.
That’s why those with modern cloud frameworks and the ability to put diverse types of data into motion can be at a distinct advantage. Just look at our 2023 Cloud Business Survey, which helps illustrate how cloud-powered companies — those that take a holistic approach to data and make enterprise data strategy a priority — seem to be better at getting things right and extracting increased value from their investments. This elite group designs platforms, workflows and business processes so that disparate data stores can connect and interconnect through the cloud.
Bringing that all together requires data modernization, which can be defined as the ability to make data elements available anywhere and everywhere as needed. It revolves around a simple but profound concept — replacing legacy IT and data silos with a cloud-native platform. This fuels agility, flexibility and scalability at digital speed. It also can help improve return on ERP and cloud investments while building a foundation for innovation and market disruption.
Organizations that invest in data modernization can help unlock gains in areas as diverse as finance modernization, fraud orchestration, supply chain optimization, sales and marketing, and human resources automation. The resulting data fabric can help create new powerful ways to innovate and even disrupt an industry. A cloud-based framework — with ERP and data at the center of everything — is equipped to help deliver broad and deep insights that translate directly into value for everyone. With its highly orchestrated and ultra-flexible infrastructure, it can also help deliver these five critical benefits.
Cloud-powered companies understand that there’s a need to focus on the right strategic factors. How an enterprise approaches the task determines everything from the underlying technology framework to processes and workflows. Here are four key questions for getting started on an ERP data modernization.