3 Financial Services Firms Implement New ERP Technology During Uncertain Economic Climate: Why Microsoft Dynamics 365 Finance (ERP) was chosen over Oracle, SAP, and Workday
During this time of economic uncertainty and the COVID-19 crisis, financial services firms must not lose focus on the customer. Despite all of the unknowns we are currently facing, many financial services execs believe that now is the time to move ahead with technology projects that will deliver much-needed benefits—from competitive advantage to improved customer service and more.
When COVID-19 hit, three financial firms we work with were all at a critical point in their growth, needing to implement new technology to keep their core focus and confidence of their clients. Read on to
These financial services firms share some of the same similarities beyond their industry:
- Each is a large company with complex operations, including their accounting and finance structures
- Each has multiple legal entities and complicated consolidation processes
- Two of the three firms operate by aggressive growth-by-acquisition strategies
- One firm even had more than one accounting and enterprise financial management/ERP systems
These firms needed an ERP solution for financial services that could:
- Streamline the handling of complex financial allocations processes
- Ultimately reduce errors and time required to execute routine tasks like accounts payable, invoicing, bank reconciliations, and global financial consolidation/close by digitizing core processes
- Increase the speed and effectiveness of audit and internal controls
- Expedite processes, including standardized routing of approvals, with improved collaborative workflows
- Help them achieve greater transparency and more-informed decisions based on a true picture by consolidating data into a single system
- Deliver analysis of real-time results for timely decisions with robust reporting (pro-forma and other)
- Scale with their growth and offer easy to add functionality without impacting the core accounting system
Leading ERP software solutions--SAP, Oracle, and Workday--were all evaluated, but all three firms opted for Finance, implemented by . Microsoft Dynamics as an ERP solution provided the maturity, strength, functionality, and stability required to support their requirements, size and complexity, but the benefits leading to their decision didn’t stop there.
2 Reasons to Choose Microsoft Dynamics 365 ERP for Financial Services
- Dynamics 365 ERP is an , not just an application
The difference is in one word - platform. Dynamics 365 is built on a cloud foundation and its flexible framework allows financial services firms to leverage the entire Microsoft stack—including Dynamics 365, Microsoft 365 (Office), Microsoft Teams, the Azure Active Directory, AI and predictive intelligence power by Azure and Power BI. This removes any traditional ERP application limitations to just accounting and finance and offers diverse financial services firms to easily operate under a single umbrella. Coordinated tasks in multiple applications are always in sync with Dynamics 365.
A platform makes it easy to add new features and capabilities as a company grows—whether through acquisition in the case of investment firms, or by natural growth. Dynamics 365 is also ready to incorporate new technology whenever it is released.
- AKA’s custom solution for financial services, built on Dynamics 365
Using their unique , AKA developed a custom solution built on Dynamics 365 for organizations with multiple entities and global operations. This custom solution is called , and it not only works seamlessly with Dynamics 365, but it also addresses the specific needs of the financial services industry.
Trying Economic Times Demand Flexible and Future-Ready Solutions
When the coronavirus pandemic hit, each firm had to make the decision to move forward with their technology projects or wait until the crisis passed. But each realized that the immediate benefits of implementing their new solution to reduce operational risk and costs would help them survive the economic downturn and surpass their competition:
- Maximizing the amount of recoverable expenses by streamlining complex multi-level financial allocations
- Gaining data-driven insights that enable strategic decisions by consolidating multiple entities quickly and efficiently without introducing errors—even at the group level
- Adapting quickly to future requirements and changes around address growth and expansion, both organically and through acquisition—including rapid onboarding of new companies
- Increasing transparency and agility across multiple lines of business via robust reporting and analytics, including both risk and trend analysis
The Best ERP Solution for Financial Services is More Than Just an Application
If you are a financial services firm considering changing or upgrading your current ERP application, look for a customized ERP solution that can fulfill the role of organizational platform. AKA has decades of experience with financial services firms and our custom technology can deliver a powerful transformation for your organization. today!
ABOUT AKA ENTERPRISE SOLUTIONS
specializes in making it easier to do business, simplifying processes and reducing risks. With agility, expertise, and original industry solutions, we embrace projects other technology firms avoid—regardless of their complexity. As a true strategic partner, we help organizations slay the dragons that are keeping them from innovating their way to greatness. Call us at 212-502-3900!
Rick is a Sales Executive with AKA Enterprise Solutions. An AKA veteran, Rick has more than 20 years of experience helping organizations across industries, including financial services, achieve their goals.
