Modern Finance In The Digital Age: Return on Investment Best Practices
For businesses in the digital age, modernizing their finance departments is more critical than ever before. Installation of enterprise resource planning (ERP) tools is understood to be essential, allowing companies to streamline previously complicated and outdated processes. Using cloud technology to perform analysis of big data gives businesses the ability to improve how and when to assign assets, but without implementing best practices alongside the ERP software, your business can’t maximize the benefits of this new technology.
Different options for return on investment (ROI) analysis are possible with cloud-based technology, such as allowing users to develop a controlled return on investment profiles on smaller, more focused projects, or in some cases, how to circumnavigate outmoded software and hardware, saving person hours and creating less confusing profiles.
In this white paper, learn how to modernize your financial organization and apply return on investment best practices in conjunction with cloud technology not only to maximize analytics based on big data, but to empower finance across the board, even attracting the right people to your team. Learn about how to achieve increased financial savings, and how to develop support systems for predictive and focused analytics, as well as for strategic outcomes. When a modern system takes full advantage of everyone’s skill sets, exceptional results are possible.
Modern Finance In The Digital Age: Report and Comply Best Practices
In the era of big data, the traditional models for report and comply functions are becoming obsolete. But report and comply processes no longer have to be time consuming, frustrating, or fragmented. By consolidating systems and information across departments and divisions, enterprise resource planning (ERP) solutions via cloud technologies can help businesses modernize these processes, making the record-to-report cycle faster and allowing for data to be in the right hands and the right time. This synchronization of information via the cloud can streamline what used to be a long and complex process. Better business choices can be made by installing best practices for data governance, ensuring that the highest quality data is used and errors are avoided.
Increasingly, modern business models feature cloud technology as vital for present and future transactions, but best practices must also be installed to ensure success. In this white paper, read how to develop and refine report and comply best practices in the areas of general ledger accounting, the financial close, management reporting, and external reporting. Learn how the standard of real-time decision making is being challenged and replaced by a more forward-thinking, data-driven idea of “right-time” decision making, and the importance of streamlining report and comply functions. By using best practices and technology together, learn how to modernize and hone these processes to develop a more efficient strategic process that allows tasks to occur simultaneously, allowing everyone to have the same access to information, reduce errors, and eliminate overtime.
Modern Finance In The Digital Age: Plan and Predict Best Practices
The “3rd platform” continues to be a driving force of change within the global business economy and investors are increasingly more interested in businesses that can leverage big data. For the financial well-being of a company, implementing best practices for planning and prediction based on big data is crucial.
All aspects of business must keep pace and respond to changing forecasts and markets, creating value with the use of digital technologies. In developing uniformity of high-quality information across departments, as well as the ability to access data anywhere, businesses become more efficient. Generating operational data from a range of users within your company enables your finance organization to develop forecasts, business plans, and future models as well as market strategies. When planning applications are more strategic, teams are better able to predict and plan for the next move.
In today’s world of big data and quickly shifting international business markets, CFOs must understand that success depends on the ability of businesses to embrace and use digital information. In this white paper, learn how to develop best practices by replacing outdated and complicated spreadsheets with new modern applications that provide support to a variety of users, not just those involved in finance. Also learn how drive planning can be facilitated by cloud-based applications, and how to adopt driver-based rolling forecasts to allow for faster decision making.
Modern Finance in the Digital Age: Measure and Respond Best Practices
Leveraging big data and social media is crucial not only in order for businesses to remain relevant and competitive in today’s global marketplace, but also in order to develop and maintain a new successful business model capable of responding quickly to market behaviors. Businesses need to respond to these powerful and important sources of data found within the “third platform” of online social interaction, cloud technology, mobility of customers, and information sharing. This digital data, combined with intangible assets, represent an increasingly important source of value for companies. The Measure and Respond Best Practices Method effectively processes a vast amount of digital information, aiding in the ongoing development of business plans that utilize these new intangible assets, allowing the user to create a business model that is holistic in its approach to managing and utilizing third platform information.
Capturing and managing a large amount of data is vital, but so too is extracting the pertinent information—inconsistently defined data can be a financial hindrance to business. In this white paper, learn how Oracle uses analytical tools through five key processes: Report and Comply, Measure and Respond, Plan and Direct, Procure to Pay, and Project Financial Management, allowing the user to understand how to develop and adopt best new practices by focusing on relevant information, derived from third platform sources. Decision-making processes can then be accomplished using evidence-based information pulled from high-quality data.
Differentiate and Grow with Profitability Insights
While digital data can provide information that can be important to profitability margins, it can also easily surpass the capacity of your current analytic tools due to the sheer volume now available to businesses. Current analytical systems may not be able to deal with the vast amounts of data now available, compromising resource allocation. New cloud-based enterprise resource planning (ERP) tools are easy to upgrade and deal with large volumes of data effectively, allowing analytical tools to process large amounts of digital data, which can provide a clearer picture on where to best invest time and energy into your company for optimal growth. But best practices also have to be implemented in order to make this data work for you.
Access in real-time to information about trend changes and global markets is vital for businesses that deal with international markets and a variety of currencies when fact-based decision making needs to occur in real-time, and also allows for the establishment of best practice measures in order to maximize profitability.
In this white paper, learn how to become data-driven to your best advantage and establish best practices for measuring profitability, synchronizing access to financial information across a variety of departments, as well as how to develop a stronger partnership between financial and business leaders while creating A Center of Excellence (CoE) to centralize the business lexicon and homogenize business procedures.