The CFO’s Guide to Evaluating Cloud ERP
How to ensure ROI from your ERP solution
Implementing an ERP is a serious investment — not just in terms of capital, but in time and focus, as well.
On top of that, IT implementation projects are all too often a source of stress for finance leaders. CFOs worry about the danger of cost overruns, difficulties with adhering to project timetables, the risk of project failure and of course the prospect of insufficient ROI if the right solutions aren't selected and implemented effectively.
Of course, it's understandable — and highly recommended — for CFOs to proceed cautiously when considering a new ERP. Take the time to look before you leap.
In this ebook, we’ll explore:
• The bottom-line benefits of cloud ERP
• How to evaluate ERP options
• The ease of financial data analysis with the right solution
• 3 tools that CFO’s need
The Real Business Benefits of Cloud ERP
Migrating to a cloud-based ERP offers undeniable upside for your business
upside that goes right to the bottom line. Here are the direct benefits your business will experience after implementation:
Real-Time Data Updates
By operating in the cloud you can make better and faster decisions resulting in greater efficiency and quicker business growth.
Centralized Data
No more siloed data or loads of spreadsheets that lead to incorrect information and duplicate data.
Scalability
Cloud-based ERP can quickly scale up as your business grows or scale back during times of lull in your business.
Compliance
Microsoft is regularly audited by the ISO to ensure its compliance with regulations making it easier for your team to stay up-to-date, avoiding fines, disruptions and delays associated with non-compliance.
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Better Support for Remote/Hybrid Workers
Your team can have access anywhere at any time with just an Internet connection, and you can tailor access based on role and hierarchy to ensure security.
Disaster Recovery
Cloud-based ERP solutions have end-to-end backup and recovery options. That means less downtime in the case of unexpected events.
Stronger Security
A reputable cloud ERP solution combined with the right service partner results in layers of protection against cyber threats.
Always up-to-date
Traditional legacy solutions required a long and tedious update process, which was always costly and sometimes took years to bring up to the latest version. Cloud-based ERP solutions such as Microsoft Dynamics 365 Finance are evergreen, meaning they automatically update to ensure users are always using the most recent version – saving time, money and a lot of headaches.
Cloud ERP Evaluation: An
ROI Driven Checklist for CFOs
CFOs should consider several factors when considering migrating to a new ERP solution. Think beyond just cutting costs and growing efficiencies when evaluating potential ROI Ask:
What are your implementation goals?
Gaining insight on what you are looking for early on will set the stage for the right decisions on features & functionality going forward so you start off on the right foot.
What business value does ERP bring?
It’s crucial to look at how ERP will help your company achieve its business strategy. What tools are needed to meet your goals?
What is the total cost of ownership?
Seek the clearest answer possible and always leave room for budget adjustments.
Every day benefits and experience?
Knowing what your users’ pain points are and how ERP will solve them will drive participation and excitement during implementation.
System scalability & adaptability?
Think about the future growth of your business, as well as any seasonal patterns that may occur.
Fully up-to-date cloud capabilities?
Ensure that the ERP system you go with is written for the cloud not just hosted in the cloud. If it isn’t, you won’t get the full benefits of modern cloud ERP.
Compatibility with other systems?
The ERP system needs to be compatible with the software your company currently uses, such as CRM, CX, EPM and more.
Who will handle implementation?
Make sure that you put together a team of experts to handle the entire process and ensure it goes smoothly.
How will you maintain and manage?
Microsoft Dynamics 365 Finance is an evergreen solution, but you still need an experienced partner to ensure you are making the most of each new release.
How to ensure necessary user training?
Plan for training to ensure that you get the most out of your investment.
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Financial Data Analysis Made Simpler
One of the biggest payoffs a cloud ERP solution such as Microsoft Dynamics 365 Finance delivers is its ability to provide greater insights, more efficiently.
CFOs face challenges today making sense of their data due to the rapid rate at which data accumulates in this technology-first world. It’s been estimated that the data businesses have access to doubles every 12 months, however IBM has predicted that data could double in as little as 12 hours in the future. Where to house the data and what to do with it are very real challenges. This explains why nearly half of CFOs (48%) plan to invest in consumer-like interfaces for finance tasks in the coming years, according to a Workday study.
Implementing Microsoft Dynamics 365 Finance is the first step in achieving financial clarity. Think of financial dashboards as a kind of nerve center for your organization — the place where you can easily track the KPIs and metrics that matter most, including:
• Costs
• Sales goals
• Profit and loss
• Operational expenses
• Cash flow
• Budget variance
Reviewing and analyzing data can be endlessly time-consuming, and any tool that helps expedite the process so you can find the most important insights quickly is a major boon.
Microsoft Tools for Finance Professionals
Microsoft Dynamics 365 Finance provides the ability to assess your business health and improve financial controls to drive agility and growth using financial reporting, embedded analytics and AI-driven insights. You can also integrate financials into core processes and automate tasks to boost productivity. Minimize costs and optimize spending across business geographies with process automation, budget control and financial planning and analysis. And use the guided, rules-based chart of accounts and no-code configuration service to simplify regulatory reporting, electronic invoicing and global payments.
Microsoft Power BI provides excellent data visualization when combined with Dynamics 365 Finance. Built-in AI capabilities and up-to-the-minute datay allows it to pull data from across your company to create rich, interactive reports with detailed visual analytics.
Finance Insights is a set of AI-powered features within Dynamics 365 Finance. Finance Insights, which just became generally available within Dynamics 365 Finance, enables data- and outcome-driven finance. It leverages AI, machine learning and intelligent automation in a set of three new financial management tools: customer payment insights, cash flow forecasting and budget proposals.
Reach out to Columbus US today to learn how the right cloud ERP solution can drive greater financial performance today.
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