Cfos -ERP Benefits #1:
The data warehouse is compromised and you can leverage the data across your organization
ERP system is a necessary product for a company's digital transformation. The foundation of any digital transformation must be a single source of truth, not multiple disjointed systems. If you as the CFO have your system and separate database related to finance/risk management, and the production manager has his system and separate database related to production, the HR manager has it. Okay, you get it. The result is confusion, inefficiency, and a lack of actionable business intelligence that can be used for fast, data-driven decisions.
Having 25 different systems that aren't integrated and can't report data in real-time is a headache not just for the CFO, but for everyone. Simply collecting, compiling, and reporting all the relevant data from all these isolated systems requires a lot of people and a long lead time. An ERP system facilitates data compilation by the CFO, so you can avoid these hassles and get the data you need to make informed data decisions when you need it.
Cfos -ERP Advantage #2:
Make your data actionable
ERP systems, especially those with integrated business intelligence (BI) software, can provide Cfos with what the 757 cockpit does for the captain: full visibility of all relevant data and KPIs at their fingertips. Not only will an ERP system provide you with a real-time dashboard of all relevant financial KPIs, but the CFO can also gain transparency into the operational KPIs that drive those financial metrics. When problems and concerns arise, the ERP system allows the CFO to quickly delve into the relevant data so that the root cause of the problem can be identified. In addition, the availability of this data helps the CFO act as a strategic partner in the C-suite, facilitating data-based collaboration and collective decision-making.
Cfos -ERP Benefits #3:
Process improvements are unleashed
An ERP system provides instant visibility into your financial and operational KPIs across your organization, and this visibility enables you and others in your company to make short - and long-term process improvements when things aren't going as expected. For example, a machine operator can see how the machine is performing and make adjustments without waiting for a manager to order corrective action the next day. The easy-to-perform data analytics of ERP systems are also becoming increasingly predictive, enabling you to identify historical patterns and actively exploit them.
For example, your ERP system might find that your company's inventory sales in one part of the country increased by 15% in June. With this data, you can plan accordingly, perhaps by producing more inventory or trying to raise prices. In short, you can use your data to track performance trends and improve the way you work.