Businesses in the financial services industry have a great opportunity to capitalise on digital transformation with the use of a sustainable ERP system. In today’s quickly changing market, ERP offers your business the opportunity to adapt to change and access more efficient ways of working.
To keep the frantic pace of digital technology you need greater information sharing and effective communication within your business. You also need to integrate increasingly complex day-to-day processes if your business is seeking fast growth.
Here of some of the most pressing challenges facing the financial services industry today and an innovative ERP business solution can address them.
Regulatory Compliance
As the financial services industry is facing technological disruption, regulators have begun placing greater control and changing requirements in order to keep up.
In the digital era, protecting customer data, especially financial information is a growing concern for all businesses and regulators. There are new and changing regulations around data privacy that need to be integrated into your daily processes.
An effective ERP system helps your business adapt to any new regulatory requirements with ease. It makes use of powerful automation to help your business handle new, revised, and complex governmental regulations. Audits become simpler with an ERP as the essential data is stored in one central location that is easy to access and sort.
Big Data
Big data provides both opportunities and obstacles for financial service providers. Tapping into big data can help your business better serve your customers. However, sorting through unstructured data to find useful information is a tedious and costly task.
Fortunately, ERP systems capture all data in a meaningful way onto one centralised platform so your business can better utilise the information you have. Powerful data analytics technology in ERP has the potential to transform your business.
Organisational Visibility
Business owners need organisation-wide visibility to ensure customer and employee retention. accurate and real-time visibility of your business processes. more informed strategic decisions based on data you can be sure is up to date and accurate.
More than this, by allowing users to access and store information in one location, you no longer have to worry about files being lost or your important, sensitive information being stored on various computers
Reporting and planning
Along with improved visibility, better insight is a major advantage of ERP. The right ERP solution provides your business with a single, unified reporting system for every process. This software gives you the ability to analyse and compare functions across departments, without the hassle of multiple spreadsheets and emails. Real-time functionality means that data is always up-to-date and accurate. An ERP system can help your business gain a deeper level of analytical insight into your operations so you can address any challenges head-on.
Customer Demands
As a financial service provider, your main focus is handling customer’s money and your customers have higher expectations than ever before. This is especially true when it comes to ease-of-use across all touchpoints, and how their data is used and how well it’s protected. Transparency is key to your service offerings. Your business needs to be certain that companywide standards are being enforced.
All client information is centralised and streamlined, so that your sales team can focus on building and maintaining customer relationships instead of maintaining spreadsheets. The real-time nature of ERP allows your organisation to respond efficiently to your customer demands.
Data Security and Quality
One of the biggest advantages of an ERP system is data security. Sharing data across functional silos such as customer service, sales, marketing and business development enhances is simple with one centralised platform. What drives ERP data security is that it provides a single input system solution that has intrinsic controls to ensure the security of data.
Further, by automating the daily business activities of your company into a single repository of information helps improve the accuracy, consistency and security of your company’s data. This means that your data is much more significant and can drive business strategy, development and growth.
With the help of ERP system in your business you are able to:
- Improve business performance
- Facilitate procure-to-pay and order-to-cash processes
- Cut out all possible errors and streamline financial procedures
- Certify financial reporting and adherence to comprehensive, controllable accounting
- Spend less time on data consolidation and more time on data analysis
- Gain strong fiscal control
The use of ERP software in the financial industry guarantees the reliability and overall security of the accounting information, provides support for decision-making and shows real-time data. To meet the challenges of a competitive and unpredictable market, businesses need to implement a strong ERP business solution.
