Digital disruption has introduced more data sources, more channels, more numerous and complex business models, increased globalisation, and more reliance on external partners. Along with it has come mobile, social, analytics and many other technological innovations. In this environment opportunities are rife but old monolithic enterprise resource planning (ERP) systems are ill prepared to deliver the support for the increasingly dynamic decision making processes that businesses need to succeed.
Combine this with the fact that data is getting bigger. In a recent survey by Epicor Software and Redshift financial executives were asked to list the issues that would have the biggest impact on finance and accounting in their business over the next two to three years. The top two responses were big data (28%) and investment in new or more advanced financial IT systems (27%).
This can easily become overwhelming for many organizations, as can be the process of developing effective strategies and systems to address it. The business landscape today necessitates fast action and systems to support effective decision making. The historic annual business cycle of planning, budgeting and forecasting is becoming squeezed; organizations can no longer only plan and budget on an annual basis. Responsiveness and faster decision making is key.
To support improved decision making and action taking, modern ERP platforms give organisations the ability to analyse business conditions to develop improved business plans, monitor and measure progress and provide the visibility into day-to-day operations. So if you are using an old monolithic system you might not be able to make the right decisions fast enough to grow your business. Here are seven reasons why you need to consider your options seriously.
Single source of the truth: Decisions made from a clear common perception of how the business is performing gives any company a competitive advantage. When all data is consistently stored in one place and accessed independently, regardless of if it's used for financial reporting, operational control or budgeting/planning, the business can provide a superior customer experience. This is a serious advantage in crowded, complex or fast-moving markets.
Accurate and timely insight: The need for information to be delivered to the wider enterprise in order to aid decision making has never been greater. You should be able to run reports at any time and on any device so that...