5 Ways Finance Falls Behind in the Technology Race and How to Move Ahead

Let’s face the facts. Modern cloud-based ERP systems are the wave of the future. Why? Because their benefits outrun on-premise options. One major advantage is that a true cloud system ensures ongoing, regular, and non-disruptive innovation. For example, with a cloud ERP system like Intacct, upgrades and improvements come every quarter without major headaches for users. I’ve cited 10 more major benefits here: Understanding the Full Value of the Cloud.

But what if you’re not taking advantage of this value yet? Here are 5 ways your finance department can fall behind if they choose to wait to adopt a modern system:

1 – You Become Increasingly Ineffective – Without modern automation, especially in an entry-level or similar system, Finance falls into an “effectiveness gap,” where they are only 35-53% effective* in doing important priorities like budgeting, forecasting, transactions, compliance, measuring profitability, and providing input for strategic decision making.

2 – You Eat Hidden Costs of Manual Processes and Lack of Automation – Hours are wasted trapped in spreadsheets, entering data, and doing manual processes that could be automated and free up resources for more strategic activities.

3 – Finance Can’t Help Executives with Strategy and Business ManagementCloud financial management solutions have powerful Dashboards and reporting features that enable Finance and executives to analyze accurate, real-time data that drives strategy. Without those capabilities, management often runs blind.

4 – While Others Innovate, You Stagnate – Traditional on-premise accounting solutions can only innovate so fast and when upgrades are made, they are disruptive. Cloud ERP solutions are continually innovating and improving without costly interruptions.

5 – Your Organization is Less Able to Compete – When Finance and any organization is unable to keep up with technology, in this case, modern Cloud ERP systems, it’s harder for them to compete in established markets. They are less able to see new or emerging opportunities.

To move beyond these problems, your finance organization must be open to change, willing to identify pain points in your existing system, and begin making plans to evaluate a modern cloud solution. Any of the links in this article can get you started on a path to catch up with the pack and begin moving ahead.

*A Saugatuck Technology study

by Synergy Business Solutions

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