Modern financial software provides a myriad of solutions when it comes to enhanced digital corporate management. The ability to generate business intelligence and key analytics, in particular, can provide any organisation with better operational insights and the tools to create a competitive edge. It can support more informed decision making and improve accuracy. Effective use of data and digital corporate management is much easier to accomplish with the right financial software in place. But what should you expect from the software that you choose?
Simple and straightforward
The importance of user-friendly software should not be underestimated. Investing in financial software that only IT specialists are experienced enough to use will significantly limit the impact that it can have within the business. Easy operation with minimal training will make the software a useful tool for departments across an organisation and enable action that is independent of the IT team. Ease of use also has a part to play in providing your team with the tools to respond quickly to the changing landscapes of business intelligence.
Planning for the future
There are advantages in using market-leading and market-tested options, as these not only have an element of future-proofing to them but there is also plenty of insight already available about them. It’s crucial that any financial software has the potential to adapt, grow and develop alongside the business.
A comprehensive package
It’s frustrating to invest in financial software only to then find that it lacks a component your business considers essential – and to have to make an additional investment in this at an extra cost. So, modern financial software should be as comprehensive as possible in terms of functionality and performance. It should be able to support a business through an entire cycle of planning, management and control with both analytics and business intelligence functionality. This could include some, or all, of the following:
- Both standard and advanced business intelligence functions, including cyclical standard reporting, predictive analytics, data discovery and data storytelling.
- Effective support for planning processes, including centralised and decentralised, and operational and financial planning.
- Simulation and analysis of scenarios, as well as the potential to create forecasts and modelling.
- A range of customisable options, such as the ability to create process-supported cooperation and ways to regulate and monitor access to data.
The importance of integration
Centrally managed and harmonised master data is the key to getting the most from analytics and business intelligence in any organisation. Plus, it will support a range of corporate management processes, from planning through to strategy management. The integration options that are offered by modern financial software can simplify the process of data integration so that a single, centralised source is available for use.
These are the key demands to make on modern financial software for any organisation looking to use it to enable more effective digital corporate management. A future-proof, scalable, user friendly, comprehensive choice can make all the difference when it comes to getting the most from your software investment and using it to help the business to do more.