4 Ways Blockchain is Reinventing ERP Systems
Merging systems together is an ongoing trend in the business technology world. Artificial Intelligence (AI) would enhance customer relationship management (CRM), and using both CRM and enterprise resource planning (ERP) systems simultaneously would vastly improve the business operations. Another union to consider is Blockchain and ERP. Studies have been done and some have reason to believe that this decentralized, distributed ledger technology can significantly improve ERP systems by reducing security risks, and providing greater visibility and control to stakeholders. An article on BBN Times, written by Naveen Joshi, shares 4 ways Blockchain is reinventing ERP systems. They are:
- Lower Expenses – An ERP system automates business processes, which means the hassle of maintaining paperwork and spending on more than one system goes out of the picture.
- Complete Customization – One of the most incredible benefits of an ERP system is its ability to customize applications as per the requirements and demands of organizations.
- Compelling Customer Service – With all the data available on a single platform, companies can better serve every customer who gets in touch with the sales team, whether for doubt clarification or information acquisition.
- Streamlined Task Completion – Blockchain can provide greater visibility and control, allowing organizations to meet efficiency and accuracy goals.
Joshi points out though the initial application of blockchain was for cryptocurrencies, this sophisticated technology is capable of offering plenty of other capabilities that are worth notifying. One such feature, cryptographic validation function, holds enough power to curb the security issues. Thus, blockchain can be the right choice to fight hacking. This would be beneficial to protect a cloud-based service that stores, manages, and controls the data flow centrally in the ERP system is one of the most accessible paths from where hackers can make their way to carry out their nefarious activities. Security is one of many advantages Blockchain can add to an ERP system.
