We are really excited to announce that we were selected as CIO Review's Company of the Month.
For us, this is more than just recognition. It shows us that more and more CFOs are realizing that real-time visibility into business performance and confidence in data is top of mind.
Many CFOs look at their existing, many-years-old ERP systems and wonder how they can get the information they need in a timely manner. Too often, the answer seems to be a more modern ERP or some kind of business intelligence bolt-on, both of which can be costly, time-consuming, and risky. An alternative is enhancing what is already in place. By combining new business performance management (BPM) technologies and best practices, CFOs and CIOs can work wonders with dated ERP systems without breaking the bank. See below for our four approaches that won us Company of the Month with CIO Review - and how you can use them to bring your dated data sources into the 21st century.
- Native ERP Integration: For any successful BPM implementation using your existing ERP, it is critical to have a native integration between the two. What does native mean? Native means that all the information is synced with the BPM suite without a data warehouse, and that the BPM suite inherently understands the security and business logic of the ERP. As a result, system integration time is dramatically reduced and confidence is increased as data for analysis comes directly from the source in real-time.
- BPM means Reporting, Analytics, AND Planning: Many so called BPM suites only offer analytics or only offer planning. To be truly effective at managing business performance, it’s important that the enterprise is using one system for all three. Then financial reporting activity is aligned with the strategic planning and budgeting effort. Not only does this reduce system integration issues, but personnel on different teams can speak the same language.
- Don’t start from scratch: Productivity is key - the quicker a team can be up and running without impacting their day job, the better. Existing financial reporting templates for reconciliation, packaged KPIs, and optimized forecast workflow allow finance and line of business teams to get what they need from the ERP quickly and efficiently.
- Take advantage of new technology: New in-memory technology allows incredible big data performance without the need for data warehouses and without impacting ERP performance. In addition, more data sources can be combined to correlate marketing or sales leading indicators with your financial transactions. Mobile and social technologies give end-users the ability to access information anywhere and also provide context for data trends or results.
Don’t be fooled by vendors telling you that you need a data warehouse, a costly BI implementation, or a brand new ERP… more often than not your existing ERP works just fine and only needs more effective reporting, analytics, and planning functionality that can work with all your ERP transactions in real-time.
How often have you been told you need a new ERP or BI? What approach makes the most sense to you?
Visit their website to see why CIO Review selected us as their company of the month.