Less Finance, More Strategy
Business is changing, especially for finance departments. ERP and cloud technology are changing them from data gatherers to valuable insight providers and we can help to make this transformation easy to understand.
Financial transformation means your finance department is no longer about expense controlling, spreadsheet-laden accounting and reporting. Instead it’s becoming the predictive analytics driving force behind your business.
What’s Financial Transformation All About?
Digital, could based ERP systems have brought reduced complexity, increased productivity and significant cost savings to businesses.
By automating all routine tasks, these systems free up finance professionals to focus on creating enterprise value and competitive advantage.
As finance teams are at the hub of these systems, they have been elevated to the insight engine for your business. They’re now the source for decision support, with the information to hand needed to drive business strategy.
Finance teams will comprise analytics competency centres, integrated business services and communication control centres. By 2022 finance staff will spend more than 75% of their time on decision support, predictive analytics and performance management.
3 Ways Your Finance Team Will Change
Elevating finance to the ‘insight engine’ of the business is bound to have a big impact. In today’s fast-forward world, changes happen quickly, so your team needs to be flexible and agile.
Increase in Data
According to IBM’s What is Big Data report, we’ve already created 90% of data in the last two years alone and there’s a lot more to come. Your finance team will need to not only manage it but be able to interpret is, giving them access to greater insight and the go-to people for decision making.
Support From New Technology
Finance leaders will need to simplify the sources of big data so everyone’s working from the same high-quality information. There will be a push to change complex legacy systems for sophisticated cloud-based technology to give better transparency and a clearer overview.
Recruiting New Skills
With data now at the heart of what the finance department does, the skills you’ll need will change. You’ll be hiring different specialists such as statisticians, analysts and data scientists replacing traditional accountancy roles.
Businesses can’t afford not to be open to change. CFO’s face many challenges, from complex legacy systems to satisfying multiple stakeholders. That’s why partnering with an ERP specialist like us will help you achieve your transformation.
Our financial transformation projects have provided customers with visibility and complete overview across their business, with all data stored in a central repository and one single log-in.
Access to live data offers increased speed, better control and immediate access to performance data. Whether on-premise or cloud-based, we will always ensure your system suits your business.
Get In Touch
If you’d like to know more about how we can help you with your financial transformation, get in touch or call the team on 01606 871332.