Remaining competitive in an ever-changing market requires modern digital tools. Whilst the need to focus on digital isn’t new, the pace of digital adoption has certainly accelerated.
More and more, we are finding that organisations that invested in on-premise back office systems are now being left behind, as cloud adoption is expedited. But how do you know if you are ahead of the curve or falling behind? And where do you go from there?
Where Are You Now?
The telltale signs are often all too obvious: excessive paper-based, manual processes; a disjointed network of legacy systems; inefficient and error-prone reporting; costly system updates and maintenance; and the inability to plan ahead will all leave you struggling to keep up.
What isn’t always as obvious, are the ripple effects this has across the rest of the business.
Post-pandemic we still don’t know what the future will look like but we do know that things will certainly be different. With timely and accurate business-wide information the only way to underpin rapid, robust decision-making, savvy businesses are investing in their finance functions now, so they can respond to market requirements quickly and effectively, as and when the need arises.
And whilst it may be hard for many to imagine investing in new technologies right now, the fast-paced nature of the digital economy means that in real terms, this might make all the difference between survival and success. It’s no longer a case of if you embrace the cloud, but when.
Top Drivers of Cloud Investment
Businesses today are under constant pressure to deliver exceptional experiences and win the loyalty of customers. The many moving parts of an organisation can make it difficult to focus resources on those key functions that lead to optimum customer service, and with an air of uncertainty still clouding the post-pandemic recovery, things aren’t likely to get easier any time soon.
But it’s important to recognise that opportunity exists even in times of crisis. By using this time to re-evaluate operations, businesses can ensure they have the right levels of control and agility in place to not only weather the current storm but to be ready to hit the ground running when we emerge on the other side and be ready to face any further challenges that come our way.
What are the core factors driving investment in cloud technology?
- Lower costs
- Flexibility and reliability
- Automatic updates
- Security
- Enhanced collaboration
8 Steps to Success
1. Automation
Let technology take care of data input and analysis, so you can automatically generate reports without having to wait for manual reconciliation to occur, ensuring consistency and data integrity. By automating repetitive manual tasks you’re also freeing up time and enabling the finance team to focus on the high-impact, value-added initiatives for the business.
2. Real-Time Data
The best finance solution should provide you with a single centralised view of your business, spanning all business processes, and uniting key financial data in real-time, for optimum levels of business efficiency. This single version of the truth, without time delays, and manual inputting errors, means your business data can inform faster and more robust decision-making.
3. Enhanced Visibility
A modern accounting solution should visualise real, actionable insights which allow you slice-and-dice the details that matter most to your business. Not only will this enable the business to monitor performance in real-time, with the ability to compare and contrast, but it means you can also respond quickly and easily to changing conditions. Formulating critical business decisions not just on raw data, but on intelligent business insight too.
4. International Capabilities
In our global economy, a finance system which enables true international working is a must. Multi-lingual and multi-currency capabilities should be a pre-requisite, as should the ability to automate exchange calculations, all of which help to break down the barriers to international trade.
5. Compliance
The finance function is one of the most regulated departments within any business and a finance solution should reflect this. The right system will automatically keep up-to-date with regulations and legislation, including VAT updates and GDPR requirements, ensuring your business doesn’t fall foul of regulators or fines.
6. Flexible Working
Now more than ever, the need to enable mobile working is crucial. A modern accounting system should provide the means to access the system anytime and anywhere, simply requiring a browser and an internet connection. It’s important that it’s easy to use as well, with an intuitive interface enabling the rapid onboarding of new users not to mention a smoother implementation.
7. Customised Reporting
The right system will automatically generate the reports you need, without having to wait for manual reconciliation to happen. This means you get the information you want, exactly when you want it. You need the ability to customise reports, track the key metrics that matter to you, as well as the ability to compare and contrast performance across different business units, departments and locations.
8. Scalability
The system needs to be flexible enough to deal with the specific demands of your business. It should be able to scale in line with business needs, growing alongside the organisation and supporting any seasonal changes in requirements. Without this flexible scalability, you run the risk of your systems holding you back.
Adaptable Technology
Adaptability is key to growth. The quicker you can adapt, the faster you can achieve your goals. True cloud technology has proved to be a game changer when it comes to scale, offering the ability to switch capacity on or off, turning traditional finance models on their heads and opening up new opportunities, solutions and ultimately, choice.
Many cloud solutions now can support your business through its entire journey, scaling to accommodate growth, expanding to support diversification, and flexing to facilitate market changes. Investing in technologies that can both integrate to meet your business needs and also adapt to your changing objectives has never been so important.
The adage that it’s not the destination, but the journey that’s important, has never rung truer. Of course, growth and profitability will always define business success in its purest sense, however, the way in which organisations deal with adversity and turbulence can mark them out from competitors and stand them in optimum stead to emerge from challenging times in the best possible shape, often with increased resilience to ride future waves more effectively.
Ensuring the right platform for the journey, whatever stage you’re at, and whatever market you’re in, really is crucial. For some, this might mean deploying different solutions at different stages of that journey, while others may opt to take advantage of the new breed of cloud-based super-scalable platforms available. Whatever your approach, instilling the capabilities to navigate change as well as underpin growth, should be top of the list in delivering the very best potential and performance.
Award-Winning Sage Partner
Justifying the need to invest money in your back office systems can be difficult, but understanding the benefits of such investments and knowing the true value of ROI is critical if you want to add real value to your operations. We help businesses like yours get the most out of their finance software.
Get in touch to book a demo and discover how we can support your needs.