Infor has announced plans to introduce a new financial-management tool hosted in the cloud that it claims is the first piece of software fit for this new style of computing.
The CloudSuite Financials tool was built with input from consulting firms across the world, Infor said, to ensure that it can meet the needs of chief financial officers, by offering the ability to bring numerous sources together into the platform.
This includes the use of tools such as financial management, business intelligence, cash management and treasury applications. Infor president Duncan Angove said offering a single interface would help end the reliance on out-of-date systems.
“Financial management applications are not sufficient for today’s finance professional; even those considered to be modern are merely version 2.0 of first-generation financial management – the industry needs a functional change,” he said.
“Infor CloudSuite Financials will eliminate the need for multiple bolt-on applications, creating the first single suite that automates the contemporary functions of finance.”
CloudSuite Financials uses another tool from Info called ION that integrates other platforms to draw data into a single location. Infor said the service would be available from next year, but did not give any more specific timings.
In a separate announcement Infor also announced the launch of a new internal division called Dynamic Science Labs. This is designed to help bring machine-learning and big-data analytics to existing Infor applications.
Angove said access to these capabilities would soon become the norm and so Infor was moving to address this with the new unit.
“Harnessing big data today is a luxury, but it will soon be a business imperative for companies to remain competitive, and this transformation will happen quickly,” he said.
“Infor recognises that most companies are unable to afford the hardware and operations research personnel to take advantage of their data, so Infor Dynamic Science Labs builds machine-learning directly into our cloud applications and makes it available as part of customers’ subscriptions.”