How You Can Build A Successful Financial Application Strategy

How To Build A Successful Financial Application Strategy

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The evolution of Enterprise Resource Planning (ERP) systems over the past ten years means they are no longer lean and efficient business applications. Here’s how to redefine your ERP strategy with leading solutions to address core business processes.

To get started, let’s define “Postmodern ERP”.

Gone are the days where CFOs and business owners are able to meet all of their needs with one single megasuite. Finance is now faced with managing an application portfolio that extends beyond the core financial ledgers into areas like Corporate Performance Management (CPM).

Postmodern ERP is a technology strategy that automates and links administrative and operational business capabilities (finance, HR, purchasing, manufacturing and distribution).

In the Postmodern ERP world, the legacy ERP suite deconstructs into a set of integrated business functions. The sum of the parts make up the whole, rather than the other way around. The goal of a Postmodern ERP strategy is to use the best applications possible in each particular area, and ensure they adequately integrate with each other.

Don’t confuse Postmodern ERP with “Best of Breed” – it’s a matter of functions vs core ERP.

Now let’s contextualize what Postmodern ERP may mean to you.

It’s important to define your own Postmodern strategy according to your financial and operational needs, avoiding a one-size-fits-all approach. Opt for a strategy that will provide you with long-term agility over short-term operational efficiency.

Understand that specialty vendors focus their energy in a specific functional area while a megasuite vendor will have to invest in many functional areas (think R&D). Specialty vendors often have a deeper understanding of their customer’s needs and pain points that stem from a singular focus.

Ensure your ERP strategy takes account of the shift to Postmodern ERP and the disruption caused by cloud and other Nexus of Forces enhancements.

Building A Successful Financial Application Strategy

Want to learn more on what this all means to you and your financial application strategy?

View our Business Analytics webcast to learn about:

  • What is (and isn’t) Postmodern ERP
  • Systems of Record, Differentiation and Innovation
  • Current Finance Trends and the New CPM Landscape
  • Comparing Cloud or On-Premise Technologies
Building Out Your Financial Application Strategy
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