How to Maximize Your ERP Investment
“How do I add value to my financial team’s workflow?” This question likely dominates your daily operation as a finance leader.
According to the Institute of Finance & Management (IOFM), integrating technology solutions, like procurement and accounts payable, with ERP systems lets organizations achieve true end-to-end automation.
The act of connecting a company’s ERP system to other software systems or applications allows companies to combine, read and analyze data between technology programs. When implemented correctly, both systems work seamlessly together to improve business functionality and performance.
Today’s competitive businesses are streamlining their entire finance operation, including all critical functions. Modern finance teams are competently and securely automating all manual processes with a strong focus on real-time data. When an organization approaches financial automation in this holistic way, it gains new levels of efficiency and success.
Fast-Growth Businesses Rely on ERP Systems
A robust ERP charges the most critical operations occurring within a business. Think of billing, inventory, reporting, and budgeting—an ERP system will streamline these processes into one central location.
Financial leaders know the vitality of having robust ERP software in place. They’re responsible for the entire financial operation, giving them the authority to control all functions.
ERP software is the jack of all trades for the modern enterprise. Without an ERP solution for finance and accounting, companies have an incomplete, inaccurate, and inefficient perspective on their performance.
The difference between standard software and an exceptional solution is integrating the right solutions with your ERP. To get the most benefit from an ERP, the finance and accounting team must strategically target their investments.
The Nuts & Bolts of ERP
To make the most of your ERP system, you want options. But you can’t just pick any features—you need to find solutions that fit your current business needs, then build from there. Companies will want to target their investments to create the most robust tech stack possible.
The journey to integrating a robust ERP system can be slow—do not rush a new investment until you’ve found the right solution for your company. Thanks to a large marketplace of ERPs with endless features, companies can customize their ERP investment with those needs in mind.
When choosing the right ERP, you want to find a solution that seamlessly connects third-party software, apps, and other existing software, to the finance tech stack. This stack will be the single source of truth for your financial operations, which you can access in one centralized location.
When deliberating on ERP integrations, be sure to aim for all-in-one solutions that work well within your current tech stack. To maximize your ERP investment, you’ll want a tool that supports the entire end-to-end financial process.
When your ERP evolves with the company and effectively integrates with other platforms, your company saves time and money. Your ERP should bridge the gap between all solutions, which opens up exciting possibilities for your business.
ERP Integrations are the Key to Holistic Finance
Your ERP system is one of the most valuable components of running your business. But an ERP does not perform in-depth execution and process-heavy operations like procurement and accounts payable. As a result, these functions are often backfilled with staff. To get the most out of your ERP investment, take a holistic, future-focused approach and lean into the automated solutions that can help your company scale.
To set your organization up for success, collaborate with your current ERP solution—you already have that aspect of your finance stack established. You can look within your ERP’s ecosystem of partners to find suitable integrations to solve current issues. Leveraging existing partnerships can create added value—especially as you’re building your tech stack and reviewing dozens of different options.
Today’s leading organizations are optimizing their ERP integrations to invest in complete, holistic financial transformation.