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Software Functionality Revealed in Detail
We’ve opened the hood on every major category of enterprise software. Learn about thousands of features and functions, and how enterprise software really works.
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Visit the TEC store to compare leading software solutions by funtionality, so that you can make accurate and informed software purchasing decisions.
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 importance of finance


The State of the Art in Finance
Thanks to recent accounting scandals and an increasingly competitive environment, many chief financial officers and the finance organizations they lead have

importance of finance  activities, underscoring the basic importance of these more strategic capabilities These respondents reflect the fact that CFOs and finance functions must deal with a wealth of new difficulties, including many that are at the heart of the company's strategic goals - such as increasing shareholder wealth. The CFO's function has become pivotal to a company's health in the following ways: Balancing revenue generation against cost efficiency Assessing risk daily Siphoning off risk into the future through

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Software Functionality Revealed in Detail

We’ve opened the hood on every major category of enterprise software. Learn about thousands of features and functions, and how enterprise software really works.

Get free sample report
Compare Software Solutions

Visit the TEC store to compare leading software by functionality, so that you can make accurate and informed software purchasing decisions.

Compare Now

Process Manufacturing (ERP)

The simplified definition of enterprise resource planning (ERP) software is a set of applications that automate finance and human resources departments and help manufacturers handle jobs such as order processing and production scheduling. ERP began as a term used to describe a sophisticated and integrated software system used for manufacturing. In its simplest sense, ERP systems create interactive environments designed to help companies manage and analyze the business processes associated with manufacturing goods, such as inventory control, order taking, accounting, and much more. Although this basic definition still holds true for ERP systems, today its definition is expanding. Today's leading ERP systems group all traditional company management functions (finance, sales, manufacturing, human resources) and include, with varying degrees of acceptance and skill, many solutions that were formerly considered peripheral (product data management (PDM), warehouse management, manufacturing execution system (MES), reporting, etc.). While during the last few years the functional perimeter of ERP systems began an expansion into its adjacent markets, such as supply chain management (SCM), customer relationship management (CRM), business intelligence/data warehousing, and e-Business, the focus of this knowledge base is mainly on the traditional ERP realms of finance, materials planning, and human resources. The old adage is "Such a beginning, such an end", and, consequently, many ERP systems' failures could be traced back to a bad software selection. The foundation of any ERP implementation must be a proper exercise of aligning customers' IT technology with their business strategy, and subsequent software selection. This is the perfect time to create the business case and energize the entire organization towards the vision sharing and a buy in, both being the Key Success Factors (KSFs). Yet, these steps are very often neglected despite the amount of expert literature and articles that emphasize their importance.    

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Documents related to » importance of finance

Beyond Boundaries: A New Role for Finance in Driving Business Collaboration


The current global economic instability means firms have to quickly adapt to business conditions. This uncertainty may increase companies’ reliance on business alliances to provide as-needed skills, services, and products. To optimize these alliances, finance should enter the discussion as early as possible. Find out where finance’s true value lies when realigning strategic objectives to include business collaboration.

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The Strategic Importance of Asset Management Part Two: Implications


The changing attitudes, understandings of physical assets and market conditions bring a broad array of implications for those responsible for asset management. The majority of these can be explained as "new accountabilities." Many of these are accountabilities leveled at, or within, corporations themselves. However many will also be directed at the individuals taking or overseeing these decisions, often with daunting consequences for failure.

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Best-of-breed Approach to Finance and Accounting


CODA's savvy accounting and financial offerings include budgeting, forecasting, scorecards, and tools that use Microsoft Excel spreadsheets collaboratively and securely. However, CODA must defend its narrow specialist and best-of-breed approach against larger-scale integrated enterprise system offerings.

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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.

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Technology Evaluation Centers Mourns Loss of Chairman, Marcel Côté


It was with great sadness that TEC learned of the death of Marcel Côté, chairman of TEC’s board of directors.

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Customer Experience Management: The Value of Moments of Truth


Customers perceive value based on the experiences they receive—and many big-name companies have tuned into this because they’ve made a connection with customers that transcends the basic functional value they offer. In this first part of a two-part series, learn how traditional customer relationship management (CRM) has often failed in this respect, and how managing customer experiences can drive your revenues.

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Types of Video Conferencing


The use of video conferencing solutions has quickly become the standard of businesses with the highest distinction. Popularity of voice over internet protocol (VoIP) video conferencing is on the rise, and there are a range of platforms and devices businesses use to communicate, with a growing number of protocols that make each of these interoperable. Read this detailed guide on several types of VoIP video conferencing solutions.

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Customer Success Story: University of Maryland School of Medicine


The University of Maryland School of Medicine had already experienced VMware technology as a way to consolidate its servers; what it didn’t realize was that the company’s solution could also address its disaster recovery needs. By combining two storage technologies—creating a common storage area network (SAN)—the school has reduced unexpected downtime from hours to seconds and has saved thousands of dollars in hardware costs.

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Collaboration 2.0: Taking Collaboration to the Next Level: From the E-mail and Document-centric World of 'Enterprise 1.0' to the People-Centric World of Enterprise 2.0


Most business collaboration continues to be conducted via e-mail and shared folders, but forward-looking organizations are increasingly considering socially oriented and real-time collaboration solutions to instantly and seamlessly increase productivity between employees, suppliers, customers, and stakeholders. This white paper discusses new products, services, and technologies entering the enterprise collaboration space.

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Empowering Modern Finance: The CFO as Technology Evangelist


Modern finance is service-oriented and committed to operational excellence. Modern finance leverages analytical expertise to provide management with data-driven insight and forward-looking guidance. This report explores how modern CFOs and finance executives are adopting emerging technologies within their finance functions to enable the development of new capabilities and to transform the role of finance.

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