The opportunity to overcome long-standing obstacles to accuracy and efficiency in financial management presented by the convergence of AI and ERP would help Asian businesses compete more successfully on a global basis.

AI-powered ERP systems can offer more responsive and flexible financial solutions to help manage regional difficulties, including varied currencies, complex regulatory regimes, and quickly shifting market situations.

But there are obstacles to overcome, like worries about data security, the requirement for specialized AI skills, and cultural adjustments to AI-driven decision-making processes.

According to Gartner, possibilities to generate additional value are created by the strengthening of composable ERP strategies and the acceleration of AI-enabled ERP capabilities. The analyst goes on to say that in order to create the conditions for AI-enabled victories, application executives need to be aware of the frameworks and technologies that support a modular strategy.

This is supported by Sunil Wahi, vice president of APAC solution engineering, applications at Oracle, who says AI has a lot of potential to be used in a variety of use cases to help gather data and improve efficiency and compliance in organization.

Though more businesses—57%, according to a Spiceworks and Aberdeen Strategy & Research study—plan to integrate AI into workflow, the question will be whether doing so would make the current IT stack simpler or more complex.

In the age of agile technology, Wahi claims that CFOs don't need to worry about doing major overhauls in order to adopt AI-driven solutions. AI is already integrated into solutions. He goes on to argue that these integrations are made possible without the requirement for licensing large language models by incorporating AI into the cloud.