As the financial leaders of their organizations, CFOs have a keen interest in ensuring that their ERP systems are functioning effectively and efficiently. When considering a new ERP system, there are several key topics that CFOs should discuss to ensure that their ERP systems are meeting the company's financial objectives. Here are five important topics to consider:
- Cost-effectiveness: CFOs are responsible for managing the financial resources of their companies and ensuring that they are being used in the most effective and efficient manner. Therefore, it's important for CFOs to evaluate the cost-effectiveness of their ERP system. They need to know how the ERP system is contributing to the company's bottom line and whether it is delivering a return on investment.
- Integration with financial systems: ERP systems are often integrated with other financial systems, such as back office applications and budgeting software. CFOs will want to ensure that the ERP system is seamlessly integrated with these systems to ensure that financial data is accurate and up-to-date. They will want to make sure the ERP system is supporting financial reporting and budgeting processes.
- Compliance and risk management: CFOs are responsible for safeguarding that their companies are compliant with relevant regulations and laws, as well as managing risk. Therefore, it's important for CFOs to discuss how their ERP system is helping them to achieve these objectives. They want to know about data security measures and how the ERP system is supporting accurate and timely financial reporting.
- Scalability: As companies grow, their ERP systems need to be able to scale to meet the company's needs. CFOs will want to ensure that their ERP system can handle increased transaction volumes and that it can be easily customized or adapted to meet changing business requirements. They will want to understand how the ERP system will be able to support the company's growth objectives.
- User adoption and training: Finally, CFOs will want to ensure that their ERP system is being used effectively by all employees who need to access it. They may ask about user adoption rates and what training or support is provided to ensure that employees are using the system correctly.
In conclusion, when considering an ERP system, CFOs should make sure that they are considering these key topics to verify that their ERP system is supporting the company's financial objectives. By having these discussions, CFOs can be certain that their ERP system will function effectively and efficiently, contributing to the company's overall success.
+1. Another important consideration for CFOs is the system's ability to provide real-time data and analytics. CFOs need accurate and timely data to make informed decisions and manage the company's financial performance. Therefore, they may want to explore how the ERP system is providing real-time data and analytics to support financial planning, budgeting, and forecasting processes. They may also want to know how the ERP system is supporting data-driven decision-making across the organization. By having access to real-time data and analytics, CFOs can make more informed decisions that drive the company's financial success.
The team at DSWi is here to help you with these considerations. We have helped over 100 clients from coast-to-coast grow, cut costs and become more profitable since we started in 2006. Yesterday, today and always, our business has one goal: Helping your business grow.