Last week at IFS Unleashed, we announced the October 2022 Release of IFS Cloud, highlighting the latest capabilities in automation, advanced analytics, connected operations, and ESG. However, the extent of enhanced features in IFS Cloud has not stopped there.
In the latest release of IFS Cloud, we have incorporated a wide range of industry-specific enhancements, offering the tools, innovations, and experiences to ensure our customers create value from their IFS investment. These include new functionalities in Construction and Engineering (C&E), new features for the energy, utilities, and resources sector (EUR), service industry gains, and much more.
Construction and engineering enhancements
In construction and engineering (C&E), the latest release of IFS Cloud offers multiple new functionalities designed to help customers to:
- Minimize tax liability risks and support compliance with tax regulations related to the Construction Industry Scheme (CIS) in the UK, improving tax management and reporting for suppliers
- Enable end-position project re-forecasts periodically with higher accuracy and auditability to counter tight industry construction margins, and guarantee project budgeting and profitability accuracy
- Utilize enhanced enterprise resource planning (ERP) capability to ensure quantities’ master bill accuracy and drive downstream project processes, including sales, sub-contract management, self-perform construction planning, and progress tracking
- Leverage new cash planning capabilities, helping ensure short, medium, and long-term projects are fully funded, safeguarding cash flow throughout the project lifecycle and delivering on budget, on time, with high-quality outcomes
New features for the energy, utilities, and resources (EUR) sector
The enterprise asset management (EAM) capabilities of the latest version allow EUR businesses to:
- Define employees in the record of one company and make them available as employees and resources in others. This helps reduce administration and increase record accuracy for joint ventures, subsidiaries, and inter-company processing
- Manage the transition between contracts and multi-company or cross-company procurement, enabling them to initiate the procurement process for parts in one legal entity and conclude it in another
- Enable complex supply chain management to support rig movements and inter-rig transfer of assets
All this capability together helps businesses reduce the risk of contract start delays.
Capabilities targeted at aerospace and defense (A&D)
The latest release of IFS Cloud will allow A&D customers to:
- Apply contract terms and definitions from quotations and invoices to work execution for MROs, thereby reducing aircraft turnaround time
- Record completed work to service an aircraft anywhere in the airport, even without a Wi-Fi connection, with a simplified mobile solution, in turn increasing revenue control and optimization
- Reduce the time of aircraft maintenance work, helping to lessen turnaround time and increase compliance in line with customer requirements
- Allow disposition order line status changes prior to creating serial numbers, leading to faster service
Rewards for manufacturers
The new release brings multiple enhancements to manufacturers, which enables organizations to:
- Configure more complex products to match customer demands with configure-to-order (CTO) and sales configuration
- Deliver new shop floor performance and overall equipment effectiveness (OEE) capabilities, capturing new transactions and calculations to provide enhanced analysis of shopfloor and machine OEE
- Use real data to pinpoint machines that are working efficiently and those which need operational attention
Service industry gains
With the new October 2022 version of IFS Cloud, service industry customers can:
- Consistently and efficiently manage contract quotes to increase profitability and maintain revenues
- Create quotes, including pricing and expiration dates, as well as manage updates and approvals
- Release quotes to update and activate the contract but also add partial acceptance into a request contract, and control rejection and cancelation processes
The latest release additionally allows field technicians working for service industry companies to:
- Register future work and travel time against work assignments
- Provide an accurate record of all billable work to customers before leaving the job site
- Include video and multiple attachments as well as the service report when job reporting
The new industry-specific capabilities that IFS is bringing to the market in the latest release of IFS Cloud underlines our determination to continuously invest in vertical industries and highlight that we will never lose sight of that need as IFS Cloud evolves.
For more information about the October 2022 release of IFS Cloud, please visit: https://www.ifs.com/assets/cloud/what-is-new-in-ifs-cloud-22r2
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