If you’re in finance operations, it is on you to pump the flow of financial information that feeds every activity in your business. Empowered by technology, it isn’t uncommon for businesses today to make several hundreds of thousands or even millions of transactions every day, let alone every month. This generates a lot of data and it is essential the right data flows to the right people in the organization at the right time. So, if technology has raised the level of complexity and volume, technology will also be the answer.
But isn’t it just back office?
But why is it so important to address it? Isn’t this just back office stuff? A lot of businesses which succeeded in recent times, differentiated themselves by having systems that support their competitive edge. Same day delivery, fully personalised, anytime cancellation or guaranteed fraud protection are some of the reasons why you buy from some place and not from the other place. It isn’t enough to offer the same goods and services as others, it is important to build a seamless experience around the purchase. This all is enabled by nimble and innovative financial systems that support these dynamic business practices through accurate real-time flow of information to the right hands.
Addressing data silos – why patchwork looks better on denims not in information systems
Now a lot of businesses with legacy systems have a tech stack running into several million dollars and plenty of headcount to support it. However, the outcome is often a patchwork of customizations to support incumbent business processes. By the time one patch is complete, a shift in business model, especially in today’s competitive landscape means they’re asked to put another patch. What goes under the carpet is the foundational limitations of these systems which give decision makers a fragmented view of the business. Any decision one makes from a fragmented view is likely to be a disaster.
SaaS is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. Users usually access it via web browser.
The growth of SaaS has enabled businesses to:
Go live faster
SaaS applications are usually out of the box ready and need very less installation and configuration. This means time to benefit is almost always zero.
Spend less upfront
Find a business who loves spending millions upfront on IT when they can use this working capital towards innovation, talent or go-to-market. We will wait, still waiting. With SaaS you can save on hardware and even licenses through pay as you go model.
Don’t let diseconomies of scale wipe the smiles on your face (and positive cash flow). SaaS providers own server capacity planning so that you’ll have the flexibility to scale your application needs up and down.
Be change ready
SaaS applications are like the updates you get on your phone. This way you are always ready for changes, whether in terms of business models, regulatory or industry best practices.
It is also worthwhile to note that since you’re paying as you go, software providers are continuously invested in your success and not just in one-off transactions.
Make Finance Operations Great Again
So, what will you get out of supercharged finance operations?
Are your finance teams still sending out spreadsheets? 90 out of 10 finance professionals have nightmares about adding an extra zero to a number by mistake (sic).
Real-time Actionable Insights
Make those real-time dashboards a reality. Your decision makers deserve the great weapon of accessible, accurate and standardized financial data to derive insights from.
Make compliance a breeze. Companies that leverage cutting edge finance operations technology close books up to 90% faster than others and can track every transaction down to a penny.
Relieve your talent from mundane work. Artificial intelligence has risen to take up these tasks so that human intelligence can passionately focus on delivering a fulfilling experience around your product.
We are ready to partner with you
We are a startup but definitely not upstarts. We have helped our valued customers across multiple industries and use cases to expect more from their finance operations. Back office is the new front office. Every penny you invest in customer success through innovative internal best practices will come back as ten. Reach out to us to see how we can transform your financial operations.