As you consider what tools to add to your IT infrastructure, the speed at which you can realize a healthy ROI needs to be a major consideration. There are lots of tech tools that are capable of delivering value. The problem is that the delivery is so slow and incremental that it takes years for the solution to pay for itself.
Part of the reason that ERP financing software has become such a ubiquitous tool is because the positive impact is almost immediate. Once the implementation is complete, enterprises instantly have major new capabilities and opportunities at their disposal. As a result, they can begin reaping the rewards in the earliest weeks. Here are some of the benefits you can anticipate immediately:
A single erroneous figure can cost your company huge amounts of money. And, unfortunately, when your financial data is located in multiple sources and but not completely in any one source, it is almost impossible to eliminate the kinds of mistakes and oversights that lead to errors. Once you have accounting ERP software in place, you can monitor all of your financial data though one portal and on a single platform. That does not mean it’s no longer possible to make errors, but it does help you to eliminate the most avoidable of them.
Somewhat ironically, your financial data may have a greater value than your actual finances. And now that businesses operate within a landscape in which cyber attacks are common and the impacts are crippling, it’s essential that companies take significant steps to lock down their financial data. Since ERP financing software integrates data into one location, it helps companies to focus their security efforts in the most important directions and not worry about leaving facts, figures, or files overlooked and unsecured. Plus, when the ERP is cloud-based, it allows companies to tap into a pool of security resources that is greater than what most would be able to afford or access on their own.
You financing department is not the only part of your company that needs access to your financial data. It is often the case that members of your sales or marketing departments, or various offices within the C-Suite also need easy and instant access to accurate data. In the absence of ERP financing software, extending this kind of access is cumbersome at best and impossible at worst, which leads to inefficiencies and inconsistencies that directly cut into the bottom line. However, when that data is available on a shared platform and updated in real time, every decision your team makes can be considered in the context of its effect on finances.
In the most general way, the value of ERP financing software is that it removes the traditional barriers to information access and offers access to any and every stakeholder. That is true both within the confines of the office, and far beyond. If you have team members that work from home, travel for work, or operate at a client’s location, they too will need access to your financing data. Otherwise they have to attempt to operate using assumption and intuitions, which is never a smart strategy when it comes to something as precise as financing.
Rather than thinking about the benefits of ERP financing software, think about the consequences of trying to operate in 2017 and beyond without it. In that context, the true value of this game-changing application quickly becomes apparent. If you want to make a deep impact fast, don’t wait to explore ERP financing software in depth.
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