Businesses know that they must stay competitive or risk failure, and most recognize that modern computerized technology is vital to staying ahead. So why do so many businesses—according to some reports, well over half—lag behind in modernizing their systems?
Many are hooked on their old legacy systems; they are familiar, it can be daunting to change them to a different system, and it seems more cost-effective to keep them than to invest large sums in something new.
Interestingly though, another obstacle to modernizing, according to a recent report by NetSuite, is that the board of directors of many companies are unfamiliar with most of the technology required for upgrading, so they are unable to correctly assess the benefits. For this reason the report recommends that CFOs take charge of the modernizing process, because they usually know how best to direct investment to keep the company profitable, and they are ideally placed to advise management of the benefits and their affect on the bottom line.
The rapid changes in today's markets make it urgent for businesses who want to stay in front of the competition to upgrade their management systems now and take full advantage of the cloud. Cloud-based computing enables quick response to market and customer dynamics, as everything can be accessed and analyzed with speed and accuracy. If you are the CFO of your company, don't delay in assessing how the cloud can help your business, and strategies for making it happen.
For a full report on the role that CFO's play in bringing their companies to the modern world, download the NetSuite white paper, Why CFOs Must Lead the Charge to Modernize the Business—Now,
and help your business stay competitive.
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