They are the fundamental building blocks of a business: enterprise resource planning (ERP), enterprise performance management (EPM), and supply chain management (SCM) systems. For decades, they have kept office functions alive, operations humming, and goods and services flowing.

But the world is changing. In-house IT teams must advise the C-suite on strategic initiatives, not just maintain systems. Business leaders require real-time financial information to stay ahead of competitors. Consumers lack the patience to wait days for shipments to arrive. And supply chain partners are looking to execute transactions in ways that foster collaboration and build trust while getting products into customers’ hands more efficiently.

How can organizations compete more effectively in light of these challenges? By infusing fundamental business systems with innovative technology capabilities. Artificial intelligence (AI), internet of things (IoT), chatbots, and augmented reality are already mainstream staples that have changed the way consumers discover products, gain insight into their activities like exercise and sleep, get answers to frequently asked questions, and consume media in ways never before possible.

In many cases, these technologies have been the status quo for consumers for years. The data in this report shows that applications for these technologies in the areas of finance and operations are emerging and maturing at a rapid pace. 

Now is the time for businesses to embrace AI, machine learning, IoT, blockchain, digital assistants, and augmented and virtual reality as powerful enhancements for finance and operations systems.