Being able to successfully transform strategic and financial goals into execution is no easy task in any organisation. There are many obstacles that exist, not least the tension between sales and finance functions and the data that is used to execute business strategy. Both sales and finance may be using different sets of figures, for example, and the transfer of data between these two essential functions can be frustratingly poor. If this sounds like a familiar situation then integrating financial software may provide the solution you need to get from strategy to execution.
Replacing the role of spreadsheets
Spreadsheets are commonly used across many businesses when it comes to financial data. However, there are multiple issues that arise with them with respect to converting strategy into execution. The use of spreadsheets frequently creates an imperfect and confusing environment for effectively implementing strategy. This is primarily because they exist in multiple versions and can be full of mistakes – before spreadsheets can be converted into useful information they must go through stages such as verification and control. Using financial software removes this confusing and, often-inaccurate, part of the process. As a result, making overall company goals actionable for sales teams and transparency tracking outcomes becomes much easier.
Tackling the biggest challenges
Strategic and financial goals may look great on paper but it’s their conversion into specific sales targets, quotas, and processes – often across multiple jurisdictions, products and services – that is the real challenge. And when you have multiple spreadsheets to work from, or financial and sales teams that are at odds with each other in terms of analysis and data, this can be even more challenging.
The effectiveness of financial software
There are a number of key benefits to using financial software to help your business get from strategy to execution. Perhaps the major advantage is that you will be able to get complete perspective over the business with seamless sales performance management and financial planning. Financial software enables each side of the business to benefit from more insight into the other. So, for example, sales can be planned, tracked and forecast in line with corporate goals. A much more multi dimensional version of sales performance can be created, which can be fed into enabling sales teams to be more proactive and effective at meeting strategic goals, such as growth targets.
How financial software can integrate planning across all departments
Business wide financial software enables strategy and goals to be integrated seamlessly to make essential planning more insightful and execution more effective. There are benefits for other departments outside of sales and finance too – for example, the HR team can improve capacity planning as a result of having more insight into personnel costs, and a clearer view of stages in the supply chain – such as demand and production – means that customer service can be both enhanced and more efficient.
If your business is struggling to convert strategy into execution, financial software could well be the missing link.