Businesses must weather through market volatility and changing business models these days and more than that for a business to stay ahead, transformation must happen.
How things are done in the finance department has not changed much in the last decade but the fast-changing technology in the finance sphere will bring about the needed transformation.
Obviously, this isn´t a secret that only few finance leaders know. Some businesses have already drastically reorganized and transformed their entire market strategy. They had to adapt their product offerings, changed their technology, and tried to improve their processes.
Through it all, automation lies at the very core of this transformation.
CFOs understand that to become true business partners, they need finance to be directly linked to their overall strategy. They also acknowledge that they need to free up capacity by eradicating trivial tasks for finance analysts.
One important thing to remember is that the process of financial automation is a big task. It is easy to get lost in the mess of trying to transform the finance department in the fastest possible time so that disruption can be kept to a minimum.
Here are a few tips from the Epicor Financial Planner cloud team so that transformation can be as smooth sailing as one could hope:
- Make sure that you know the true purpose of what you are about to do. Think about how you want the business to be transformed and try to create a plan in your head of how that could possibly go down.
- Think about which financial processes you want automated and demand it from the system you are evaluating.
- Choose a system that can be installed and setup fast. it shouldn´t have to take weeks or months. We should be talking about minutes because a modern, easy-to-use software should be able to do that.
- Choose a system that is easy to learn for the entire finance team. The new technology shouldn´t have to need the assistance of the IT department for setting up and using otherwise, if it requires the IT department to have to figure out how to use the system then this will not be a system that will be owned and championed by the finance department.
- With automation, it is easy to lose company knowledge. Therefore, make sure you retain people that know how tasks were done before the new technology came in.
- Make sure you choose the consultants you work with. These consultants must understand the purpose of this transformation and they must have a solid understanding of how to implement the new financial software as well.
To know more about how Epicor Financial Planner can improve your automation process, fill up the form below and one of our associates will get back to you.