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In the year of 2024, CFOs are being called upon not just to cut costs but also to add significant value to their organizations. Finance departments have successfully optimized operational efficiencies over the last decade without compromising performance. Now, they're embracing a new role that is centered around strategy and technology.
Choosing which software platfor upgrade or replace can be quite challenging given the vast array of options avlable today. To assist in making this decision easier, here’s an overview of essential criteria for evaluating the right finance technology solutions:
Historically, finance teams focused on cost reduction but now they're being asked to strategically add value through better forecasting, scenario planning, and predictive analytics. Technology likeassisted forecasting is opening up opportunities for finance groups to enhance their strategic contribution.
For instance, a food and beverage company saw significant direct savings by reducing capital project overruns thanks to Finario's streamlined process. More importantly, the unified forecast provided by Finario enabled all plants to align on the same strategic vision, eliminating confusion and ensuring cohesive decision-making.
A disorganized suite of systems can lead to misunderstandings and data silos that hinder productivity. A single-source finance platform fosters transparency, efficiency, and alignment across departments.
Integration with an Enterprise Resource Planning ERP system is vital:
Real-Time Data Access: Pull actuals in real time to improve forecast accuracy.
Elimination of Manual Work: Avoid error-prone data entry and manual report gathering.
Financial Transparency: Boost visibility into the financial health of your organization.
Market disruptions necessitate a finance technology stack that adapts seamlessly as you grow. Look for systems capable of handling increased volumes, complex integrations, and evolving business needs without requiring significant overhauls.
Cloud-based solutions offer real-time access, collaboration capabilities, cost-effectiveness, and integration with other business systems.
As the digital landscape becomes increasingly vulnerable to cyber threats, security must be a top consideration in your software evaluation. Features like continuous threat monitoring, robust data encryption, and flexible user-access controls are essential.
According to recent studies, over 70 of businesses plan to increase their sping on finance software in 2024, prioritizing security features. Choose solutions that are indepently audited and certified under trusted standards like SOC System and Organization Controls for peace of mind.
Incorporate technology that brings the latestfunctionalities into your decision-making processes.can provide insights, automate mundane tasks, and enhance overall efficiency in financial operations.
The upcoming NAFES Next Steps in Finance Executive Solutions conference will delve deeper into these topics during its session on 5 Common Mistakes CFOs Make When Selecting New Software. Attees can also visit our booth for a demo of Finario solutions and tlored guidance.
Explore how Finario can help you make informed financial decisions with robust software tools designed for strategic capital allocation. Our platform combines cutting-edge technology, industry insights, and professional support to optimize your finance function in 2024 and beyond.
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: This content is inted for informational purposes only and should not be considered as personalized advice or guidance. Please consult with a financial advisor before making any significant business decisions.
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