How Blockchain Implementation In ERP Industry Can Change The Game

Owing to the technological advancements in recent years and the ever-increasing competition in the market, ERP has turned out to be a requisite need for every business. All small-to-medium and larger enterprises are using ERP in one way or another to streamline their business operations and stay ahead of the competition.

Blockchain is yet another transpiring technology which has shown a widespread adoption across all major industries and numerous established businesses and companies are seeing it as a great investment opportunity. The fever of cryptocurrencies seems to be faded but Blockchain being the underlying technology behind cryptocurrencies has got a lot of perks under its belt. As a matter of fact, the applications and use cases of Blockchain have only multiplied even after the devaluation of cryptocurrencies in many countries. Apparently, this digital ledger technology has evolved time and again and is currently one of the most widely used cryptographic technologies with new businesses and industries are opening up to it.

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Blockchain & ERP: A Match Made In Heaven  

As it turns out, Blockchain has started to make its influence felt across the ERP industry as well. As per the reports released by Oracle lately, it’s quite likely for the technologies like Blockchain to be running the supply chains in the near future. It may soon have its influence on Finance and Report ERP modules as well. Although Blockchain was initially devised for running financial operations, but even in ERP, it may very well be used in establishing a secure and transparent workflow across different business verticals such as Finance, Accounting, Supply Chain and Order processing.

The implementation of Blockchain in ERP will also help in reducing the likelihood of errors that may occur due to mishandling of data resources.

Be that as it may, a large number of tech-savvy leaders are trying to explore different ways how this state-of-the-art digital ledger technology can be used in their business processes to obtain unprecedented results.

Also read Blockchain Technology Is Now Disrupting The Gaming Industry.

 

Companies Striving To Bring Blockchain & ERP Together

A number of tech giants and leading names in ERP industries like Oracle, SAP and IBM are working on different ways to combine these two technologies for their mutual benefits. IBM is currently working with Oracle to integrate its Blockchain solutions with the Oracle ERP cloud to leverage its open network. On the other hand, SAP which is globally known for its ERP solutions is also investing in Blockchain applications lately to enhance its ERP capabilities. The company aims at implementing Blockchain technology primarily in manufacturing since it can be a perfect fit for the companies to keep all their information secure within the same chain. The information may include specifications and history of iterations to the data.