Guest Writer: Jonathan Neo
In a survey conducted by Enterprise Innovation, only slightly over a third of APAC Chief Financial Officers (CFOs) could confidently say that they had “good visibility” over their financial information such as business unit performance, product performance and profitability, labour and production costs, and sales forecasts.
Despite the wide availability of business systems and applications, majority of APAC CFOs said they still rely on Excel spreadsheets to gain access to data and remain connected. While many companies use Excel due to their familiarity with its interface and functions, the need to manually record items and gather data in Excel for reporting results in significant lag time and greater manpower requirements.
With decisions increasingly made collectively together with executives outside of finance, the level of collaboration between the CFO and Chief Information Officer (CIO) becomes crucial in enterprise risk management. CFOs can no longer ignore the impact of IT risks and leave it to be fixed by the IT department.
Craig Charlton, senior vice-president of Asia-Pacific at Epicor Software, remarked, “The solution is to have a modern financial IT infrastructure in place that delivers the right data to the right people at the right time, leaving the CFO to collaborate and be confidently opportunistic.”.
Indeed, without the right data and information, companies will have to make guesses on what action to take for improvements and risk carrying out unecessary or mistaken processes. Having the right information will empower companies to make assured and accurate decisions instead.
To achieve this, companies need to boldly embrace the modernisation of their IT systems to complement their business objectives. Migration to newer systems reduces cost, improves agility and lays the foundation for the future. It allows labour-intensive processes to be automated, reducing the likelihood for human error. Integrating the different systems would reduce the need for double entry, thereby producing greater efficiency.
Utilising an integrated platform with A7 IoB®
The solution would be a tool that gathers data from different business applications, enabling disparate IT systems serving different functions to be consolidated onto one platform. The results are time saved in data consolidation, increased efficiency and fewer manual errors in business reporting. Being able to visualise business processes and the consequent results allows businesses to analyse what they are doing right and what can be further improved.
With A7 IoB®, businesses have a platform to consolidate data from multiple business applications. They can select and create key performance indicators (KPIs) to measure results important to them, as well as visualise all their data on customisable business dashboards.
A7 IoB® thus provides a fully integrated platform for businesses to operate on so they have greater visibility of their company performance across different functions.
Get the right data your business needs at the right time and to the right person by integrating your IT systems and managing all your data on one place with A7 IoB® now!