There has never been such a time of great pressure to the finance teams as we do today.
Finance teams are not only expected to comb through massive amounts of data daily, they are expected to do it promptly, to present these information insightfully, and to distribute them quickly.
Majority of finance departments in organizations are so used to dealing with change and pressure. However, today it is undeniable that information is just pouring into the business day after day making data volumes overwhelming.
If it isn´t hard enough to work with structured data, the amount of unstructured data that finance organizations also need to work through has dramatically increased and quite frankly, many organizations do not have the technology or talent to cope.
- Keeping up through Technology
There are two types of finance departments – the first one is a finance department in an established business where adoption of new technology is slow and challenging; the second type of finance department is one where everyone grew up digital. They use cloud, everything is automated, and there are no more legacy systems.
Regardless of the type of finance department you work in, it is important to understand that embracing digitalization in finance is the only way to move forward and succeed.
- Focusing on Core finance functions with EFP
There are thousands of tools out there that finance people can look at but it is important to focus on those which are important – budgeting and planning, reporting and analysis, performance management, and consolidation.
Epicor Financial Planner is one such tool that can help finance departments cope up with increasing business demands.
Epicor Financial Planner delivers full financial reporting, budgeting and planning, dashboards or scorecard management as well as consolidation capabilities. All these without causing you any headache when it comes to ERP systems integration or integration with any other legacy system or line of business systems your organization might still be using.
One of the major benefits of EFP against its competitors is that EFP is a unified tool making adoption of EFP within an organization not only cost efficient, it is also less business disruptive.
Implementation time of EFP takes about 2-3 weeks which already includes training and education so that the finance team fully owns and controls the system.
If you have to start somewhere when it comes to making sure your organization´s finance team is able to keep up with the ever mounting pressure to perform and deliver, streamlining and automating your budgeting cycle is a good place to start.