So you’ve decided you need an ERP solution great You’ve done all the research on the specifications and features for the ERP solution even better! But have you talked to your people about what they need in the system? No? Well, you may want to consider that. Oftentimes, financial analysts struggle with antiquated applications delivering inadequate reports. As an IT professional, you have the ability to support your team with better technology better suited for their needs.
Financial analysts rely on the most up-to-date technology to do the most essential functions of their jobs. You need to understand their requests in order to choose the right ERP system. As a company’s business processes become more complex, the ERP system and finance functions need to keep up to pace. This is especially true for companies that have recently gone through a large acquisition or merger; if you keep the same ERP, it may not be able to adjust to this new environment.
If you’re concerned about the price of your ERP system, you may want to consider a cloud-based or software-as-a-service (SaaS) subscription. However, if you’re concerned about the security risks of your data, you may feel more comfortable to hold onto the data in on-premise location.
Lost or corrupted data can have very serious implications for a company, such as tax sanctions and potential prison time for executives. This is why many SaaS ERP providers make it very clear in their marketing campaign to stress their dedication to data security. If a provider’s product is not up to snuff with security, they perhaps won’t be staying in business very long.
Even though companies tend to throw ludicrous sums of money into investing in ERP systems, they still often rely on excel spreadsheets for a number of functions. This is problematic since these excel spreadsheets lack the IT controls necessary to ensure quality.
The success of your finance department relies heavily on data quality. By establishing best practices, your IT department can ensure you excellent business processes and training. You should take time to seem to be at how well your company is organizing and carrying out data management. Visualization tools such as Tableau often help to identify anomalies.