How to evolve your company’s financial information system?
An efficient digital transition implies a progressive change of the financial information system to integrate any new tool, taking into account the existing system as well as the constraints of rationalization and coherence. It is also necessary to anticipate the future of the ERP and its adaptation to the growth of the company. These multiple changes require the implementation of a real IT project with the mobilization of IT and financial teams.
Strategy FINANCE
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 into account the new demands of customers and business processes:
- development of mobility via mobile applications
- increase and diversification of data sources through the use of big data, in particular via 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 because they are faced with several constraints:
- increasing complexity of the 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 global information system by rationalizing it and renovating some of its functional bricks.
An unavoidable evolution of ERP
The implementation of an ERP allows to simplify the software organization, to rationalize the information exchanges, to comply with the IFRS standards and to automate the financial flows, with the objective of facilitating the work of the back office. The advent of new technologies does not herald the end of the ERP, a major financial management tool , but it does allow us to foresee its possible evolution: “
- Freedom from infrastructure constraints by hosting in the Cloud
- specialization by business line, coupled with easy interfacing with other tools
- use of artificial intelligence allowing an evolution and an adaptation to the users’ habits.
An organizational change to optimize costs
In order to help the various departments achieve their objectives through innovative solutions, the IT department, which has a key role in driving change, must rethink the functioning of its technical and business teams through several levers:
- improvement of the time to market of ideas
- more accurate management of project costs, from build to run
- development of the use of external resources
- selection of iterative and collaborative Agile approaches
In the face of technological innovation, the financial IT system must reorganize itself, both in terms of teams and software, to effectively integrate new tools based on the cloud, business intelligence and big data.
DOWNLOAD OUR LATEST WHITE PAPER FOR FREE
DAF AND DSI: HOW TO SUCCEED IN YOUR ERP FINANCE PROJECT?
Also read in our " ERP Finance project " file:
- What are the key challenges facing finance managers today?
- What are the key regulatory issues for CFOs in 2019?
- Digital transformation of the finance function : where do you stand?
- Digitization of the finance function: what should we expect in the future?
- What changes does dematerialisation bring to the finance function?
- Finance management: what technological tools are available to CFOs?
- 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?
- Postmodern ERP: the right choice for your company?
- Should you consider a Postmodern ERP solution?
- The challenges of a post modern ERP
- Post-modern ERP: the checklist
- Help in choosing ERP finance: why use a firm?