For the CFO: Achieving Business Financial Goals with ERP
Enterprise Resource Planning is the most impactful technology an organization can implement. The software automates and streamlines work flow while providing better collaboration across the entire organization. For c-level executives, business owners and managers, improving profitability, reducing risk and meeting compliance requirements are paramount concerns that ERP helps to address. The Chief Financial Officer, in many organizations, helps with the ERP selection process, which may include leading the effort to identify the best-fit solution that meets the organization’s needs while also helping achieve its business financial goals. Here, we’ve highlighted a few of the top priorities we’re hearing from CFOs, along with how leveraging the capabilities of Trek Cloud ERP allows organizations to meet their financial goals and objectives.
Improving cash flow is one of the CFO’s top business financial goals.
Managing cash flow effectively in an organization involves the complex efforts of planning and forecasting the cash needed to operate along with the timeliness of collecting payments and disbursing cash. Beyond having a close eye on your accounts payables, accounts receivables, and common reports like your cash flow statement, additional reports and processes in Trek Cloud ERP help organizations improve their cash flow. See our article, 9 Ways to Improve Cash Flow with Cloud ERP.
Exercising control over business operations helps to achieve business financial goals.
By establishing organization-specific rules, approval processes and workflows in Trek Cloud ERP, you can streamline and automate a controlled flow of steps in your organization. This helps to reduce the risks associated with delivering goods and services to your customers. Many manual repetitive tasks can be automated in order to increase efficiency, productivity, quality and accuracy. Cycle times of key business processes can be reduced, resulting in improved customer satisfaction thanks to increased order to fulfillment speeds. With workflow automation, Trek Cloud ERP helps organizations reduce their overhead and expenses, in turn positively impacting the bottom line so that organizations can achieve their financial goals.
Monitoring Key Performance Indicators (KPIs) is essential to reaching business financial goals.
Across every department managers are able to monitor established KPIs with user-specific dashboards in Trek Cloud ERP. Reports can be favorited for easy reference. Report wizards allow users to quickly configure and save the report views they want. By monitoring KPIs based on real-time operational data, managers are able to catch small issues before they become larger, more expensive problems. Dashboards and memorized reports keep users apprised of the status of business. Learn more about the report capabilities of Trek Cloud ERP with our article, ERP Analytics & Reporting for New Managers.
Strategizing and improved decision making results in better alignment with business financial goals.
There is no substitute for the ability to utilize real-time operational data and accurate historical data in decision-making. Often executives and business owners must make decisions while away from the office. Trek Cloud ERP provides you with secure access from wherever you are, using any device with a web browser. Relevant information is readily available and can be viewed rolled up across all your organizations. You can then dive deeply down to explore the detail. Additionally, the system helps keep you informed at all times using event triggers and escalation alerts, through such methods as notices and reports. You can even configure the system so that certain decisions are automated, such as for common situations that need to follow established rules and workflow. Utilizing the advanced functionality of the Trek Cloud ERP solution, organizations are able to mitigate problems and lower their risks while also taking advantage of new opportunities as they arrive.
Managing operational risk is also critical in today’s marketplace.
Best practice procedures can easily be implemented in Trek Cloud ERP to reduce operational and financial risks. System functionality helps ensure compliance with regulatory requirements, allows for complete auditability, and addresses the needs of full traceability, while comprehensive reporting tools help users monitor for and mitigate risks.
Businesses achieve greater profitability with cloud ERP.
Overall, the improvements achieved across every department using cloud ERP software allows organizations on average to improve their profit margins by 21% within 2 years of implementation. For many companies, a good portion of the improvement centers around inventory, as you can read about in our article, 10 Ways ERP Inventory Management Boosts Profitability. The mobility provided by a cloud solution also helps organizations achieve their business financial goals, which you will see by reading our article, 4 Ways a Mobile ERP Strategy Improves Profitability. Enterprise-wide, the effort of Integrated Business Planning that you can achieve with cloud ERP will in addition have a positive impact on profitability.