It is fair to say that in growing organizations, the finance department has changed significantly. Previously perceived as the “bean counters”, this department is now recognized as a vital asset to a company’s ability to leverage data and provide critical business analysis on every aspect. Examples include; products carried, inventory levels, customer and vendor transactions, etc. In order for this data to be utilized for improving business processes, simplified communication between department leaders is a necessity.
An ERP system offers enhanced analytical tools and visibility for key performance indicators (KPIs), enabling the finance department to provide real-time business data. Real-time data helps organizations quickly make informed business decisions to meet corporate objectives, while reducing cost and resource inefficiencies. Enabling your business to stay ahead of the competition.
With the advancement of cloud computing, mobile technology and the increased importance of big data, operations within businesses must be adaptable to change. Technology’s best contribution in the finance department is collaboration across departments, no more silos of information.