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Modernization, Cloud Enablement, Managed Services

Quick Tip: Top 10 Reasons to Deploy Modern Finance

[fa icon="calendar"] May 13, 2019 / by Highstreet

Finance is a part of every organization - regardless of size, location and industry. This challenge of keeping up with systemic change becomes an opportunity to boldly leverage disruption rather than hunkering down in fear.

Businesses that accept this challenge embrace new and leading technologies, standardize on best practices, and invest in the next generation of financial software and their employees.

Regardless of your finance systems challenge — infrastructure, processes or resources — there is a clear path to modern finance that is well defined and ready to support your company’s success.

Top 10 Reasons to Deploy Modern Finance
When one or more of these conditions is present in your business.

  • #1 - Proliferating non-integrated systems are generating more disparate data. New technologies, including mobile devices and Internet of Things objects, are generating data that eventually impacts finance.
  • #2 - Data imports and integrations are increasing. With new data types and volumes both increasing, more external imports and new integrations are crafted through APIs, business services, and other vehicles.
  • #3 - System maintenance costs are increasing and they are harder to keep current. The hardware, software licenses and talent, is getting more expensive every year with few if any noticeable enhancements.
  • #4 - Reporting is getting harder and more real-time reports are requested. Despite all the issues, more reports—in real-time, nonetheless—are requested.
  • #5 - Spreadsheets are proliferating. With increases in data, legacy system issues, and growing reporting demands, spreadsheets gain additional prominence to complete finance analysis and analytics.
  • #6 - Rapid and global company growth into new markets and new geographies. Simultaneously, the business decides to enter new venues and naturally expects finance to be ready, no questions asked.
  • #7 - New and changing local and international compliance requirements. As more financial transactions span the globe, more entities are promulgating newer and tougher oversight and disclosure.
  • #8 - It is time for an IPO (or other major business model evolution). Finance is asked to support rapidly evolving business model plans like going public in an IPO.
  • #9 - The population of next generation employees is increasing. Each month more next-gen employees arrive to begin their careers. Armed with experiences and education built around a mobile, social world.
  • #10 - Close processes are longer and more complex, while desire grows for continuous closes. It is today’s ultimate financial dilemma. Traditional close processes are getting more difficult, but management wants it to be done faster.

Source: Oracle

 

Topics: PeopleSoft Upgrades & Implementations, Quick Tip, Oracle Planning & Budgeting, Oracle Cloud

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