How to evolve your company’s financial information system?

Modernization of tools within the framework of digitalization

The digital transition is causing companies to rethink the way they use their commercial, accounting and financial tools. These developments take account of new customer demands and business processes:

• development of mobility via mobile applications
• increasing and diversifying data sources by leveraging big data, in particular through scoring
• development of business intelligence tools to support decision-making and project management through dashboards.

A combination of rationalization and renovation

Information systems are becoming less scalable as they face a number of constraints:

• increasingly complex architecture
• presence of old software with sometimes obsolete languages
• difficulties in maintaining application consistency

To reduce operational risks, it is important to develop the company’s overall information system by rationalizing it and upgrading some of its functional components.

An unavoidable evolution of ERP

ERP simplifies software organization, streamlines information exchanges, complies with IFRS standards and automates financial flows, with the aim of facilitating back-office work. The advent of new technologies doesn’t herald the end of ERP as a major financial management tool, but it does give us a glimpse of its possible future: “…

• free from infrastructure constraints thanks to cloud hosting
• specialization by trade, coupled with easy interfacing with other tools
• use of artificial intelligence to evolve and adapt to user habits.

An organizational change to optimize costs

In order to help the various departments achieve their objectives through innovative solutions, the IT department, which plays a key role in driving change, needs to rethink the way its technical and project management teams operate, using a number of levers:

• improved time-to-market for ideas
• more precise management of project costs, from build to run
  greater use of external resources
• selection of Agile-type iterative and collaborative approaches

Faced with technological innovation, the financial IT system needs to reorganize itself, both in terms of teams and software, to effectively integrate new tools based on the cloud, business intelligence and big data.

Also in our "ERP Finance" section

• ERP software definition: what is an ERP?
• What is the use of an ERP solution for the finance function?
• ERP finance: what do you need to know as a finance manager?
• CFO: what are the advantages of an ERP for the finance function?
• Finance software: which ERP to choose for your company?
• The challenges of a post modern ERP
• Optimize the management of administrative processes with an ERP solution
• Big data, data management, data analytics and ERP: what are we talking about?
• ERP finance: how to ensure data security?
• CFO and CIO: how to implement a successful finance ERP project?
• ERP finance project: who should be involved in the company?
• The different implementation phases of an ERP project