The rules of the game have changed. A new generation has transformed the workplace and every business is now, in many respects, a technology business. Businesses are increasingly investing in their finance operations with technology, which they’re projected to spend nearly $3.7 trillion on in 2018 alone. And as the business landscape becomes more competitive, organizations are turning to advanced technologies like machine learning, to gain strategic insights, optimize and automate processes, and open up new revenue channels.

Today’s finance professionals must navigate a new range of challenges and responsibilities while reporting on the past, managing the present and creating the future.

This blog post addresses the advantages of more intelligently run your company’s finances and the tactical ways to getting the most out of technology.

Getting your ROI out of Cloud

The ROI multiplier for cloud application is 3.2, meaning you get a 3.2 times the return on investment from a cloud application than you get from a traditional on-premise one. In the ERP space, cloud-based ERPs deliver 43% faster payback than an on-premise version. The return on investment multiplier is a result of a lower initial and on-going cost for cloud. But the real ability to take advantage of the continuous innovation that vendors are delivering in the software, is getting more value from your ERP. Customers are taking advantage of ongoing investments that are continuously delivered in the cloud.

Impact of Business Intelligence and Reporting

Traditionally, finance professionals access the business intelligence application, export the data onto excel, create pivot tables and charts, making the exercise a multistep process. Having access to business intelligence software and being able to create reports within the same application facilitates a faster time to decision. This capability drives the ability to ask more impactful questions on an ongoing basis, and helps you find ways to measure your business differently.

Collaborating Effectively with Data and Each Other

We are seeing a change in the way workers work. One of the outcomes of digital transformation is a difference in the way users interact with applications and data in a way that makes them much more productive.

One way to accomplish that is collaborating more effectively. Collaboration doesn’t happen on the sticky note or on the email outside the application anymore. It’s about enabling users to interact with the data together, share notes on the data, and to be able to collaboratively model, plan and budget. You can bring collaboration into those finance functions. So instead of sending a spreadsheet back and forth, with attached emails, your team collaborates within that data in a meaningful way.

Conclusion

Disconnected finance results in an opportunity costs in a number of subtle, but substantial ways. Instead of a stochastic finance or ERP application, you can use ERP to manage transactional data, exposing that data to the individual business user in a way that enables them to do their job better, ultimately to make better decisions and be more productive.

Fore more resources or to contact us regarding how to digitally transform your Finance and Operations processes, visit our page on Microsoft Dynamics 365 Finance and Operations.

 

Sources:

https://www.gartner.com/newsroom/id/3845563

Nucleus Research – Cloud Now Delivers 3.2 Times More ROI

Nucleus Research – Cloud ERP Gets 43 percent Faster Payback