Management can’t make informed decisions without financial clarity. To deliver financial clarity, serve investors, manage taxes and fulfill other requirements, large organizations employ armies of financial analysts and accountants. Too often, those professionals struggle with aging applications that deliver inadequate data and reports. IT leaders have the opportunity to support controllers, CFOs and other finance leaders with better technology.
Understanding what finance departments want from ERP
Finance managers require up-to-date systems and technologies to perform several aspects of their jobs, and IT must understand finance’s needs in order to choose the right ERP system. Here are three priorities that the finance department will likely expect ERP systems to address.
1. Keeping pace with enterprise growth.
As organizations grow in complexity, ERP systems and the finance function need to keep pace. For example, if the organization has recently gone through a major acquisition or business change, an older ERP system may not be equipped to adjust to the new reality. “The early approach to ERP was to bake process into the software. That worked well for many years. Now the world has changed and those fixed processes no longer work without supplemental processes,” says Keith Mattioli, principal in KPMG’s Enterprise Solutions practice.
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