Skip to content

Modern ERP systems as the basis for transformation

When ERP sys­tems inte­grate the build­ing blocks of dig­i­tal­i­sa­tion, they become the basis of the dig­i­tal future. An ERP sys­tem rep­re­sents the „sin­gle source of truth“ in a com­pa­ny, it pro­vides the nec­es­sary data and ser­vices, it secures the busi­ness process­es, it pre­pares deci­sions or even makes them itself, it sup­ports the busi­ness man­age­ment of the dig­i­tal trans­for­ma­tion, it oper­ates on the dig­i­tal plat­forms and it maps new busi­ness models.

Definition of an ERP (Enterprise Resource Planning) system

The ERP sys­tem links a company’s mas­ter and trans­ac­tion data and brings togeth­er logis­ti­cal, busi­ness and com­mer­cial infor­ma­tion. The ERP sys­tem pro­vides the con­text for inter­pret­ing this data. It acts as a hub for inte­gra­tion into inter­nal and exter­nal plat­forms and pro­vides its func­tions as ser­vices. In busi­ness process­es, ERP sys­tems guar­an­tee the secu­ri­ty of results and data. In view of increas­ing net­work­ing, they must ful­fil the high­est secu­ri­ty stan­dards and reg­u­lar audits check the authen­ti­ca­tion, rights man­age­ment and encryp­tion of the systems.

ERP sys­tems use arti­fi­cial intel­li­gence to auto­mate and pre­pare deci­sions. The data includes trans­ac­tions, cus­tomer infor­ma­tion, social media and sen­sor infor­ma­tion from the Inter­net of Things. An adap­tive con­trol loop ensures that the mod­els and algo­rithms are con­stant­ly learning.

From networking to the business management of digitalisation

The ERP sys­tem sup­ports the busi­ness man­age­ment of the dig­i­tal trans­for­ma­tion and ensures that the company’s reor­gan­i­sa­tion pays off finan­cial­ly. The ERP sys­tem aligns all process­es with the company’s eco­nom­ic goals. It links the flow of goods and the flow of val­ues, cal­cu­lates orders and assess­es their prof­itabil­i­ty, and plans pro­duc­tion, dis­tri­b­u­tion and sales. From mas­ter data to prod­ucts and ser­vices, this sys­tem cre­ates an inter­face to cus­tomers and their orders.

On the dig­i­tal plat­forms, an ERP sys­tem acts as a rep­re­sen­ta­tive of the com­pa­ny, pro­vides its func­tions as a ser­vice and inte­grates ser­vices from the dig­i­tal plat­forms. In the sup­ply chain, it con­trols all process­es across com­pa­ny boundaries.

When it comes to new busi­ness mod­els, the ERP sys­tem con­trols and inte­grates the process­es. It cre­ates the basis for per­son­al­is­ing prod­ucts and ser­vices. In the ser­vice sec­tor, Smart Ser­vices opti­mise the sched­ul­ing of impor­tant tasks. Oth­er ser­vices include for­ward-look­ing work and the con­trol of impor­tant process­es. This is just as true in the ser­vice sec­tor as it is in production.

Over­all, ERP sys­tems will remain a cen­tral com­po­nent of the IT land­scape. For­ward-look­ing ERP providers have already start­ed to adapt their sys­tems to the require­ments of the dig­i­tal work­ing world. This process is like­ly to con­tin­ue rapid­ly in the com­ing years. An inten­sive, con­tin­u­ous dia­logue between ERP providers, users and mar­ket play­ers is impor­tant here. Thanks to the glob­al net­work­ing of sys­tems and process­es, dig­i­tal­i­sa­tion opens up unprece­dent­ed free­dom for every­one involved. A provider that does not know the exact require­ments of its cus­tomers, tar­get indus­tries and part­ners is unlike­ly to have much chance of hold­ing its own in this mar­ket in the long term.

ERP for insurance brokers

ERP sys­tems are avail­able for every indus­try. They each take into account their spe­cif­ic cir­cum­stances. While the term ERP is wide­ly used in indus­try, banks and insur­ance com­pa­nies tend to use the term core systems.

Bro­kerStar by WMC is an ERP sys­tem spe­cial­ly designed to meet the needs of insur­ance bro­kers, ban­cas­sur­ance bro­kers and small insur­ance com­pa­nies. It cov­ers all essen­tial func­tion­al areas in the broker’s day-to-day busi­ness. It also offers many inter­faces to oth­er pro­grammes such as finan­cial and pay­roll account­ing as well as lead­ing indus­try appli­ca­tions such as Sobra­do, brokerbusiness.ch, One Bro­ker, 3C and others

Func­tion­al scope of the Bro­ker ERP Bro­kerStar by WMC

Source: IT-Matchmaker.news — 31/01/2020 —
ERP as an enabler of dig­i­tal trans­for­ma­tion —
Lec­ture Dirk Bingler