The CFO Checklist: Navigate Your Business & Seize New Opportunities

NOVEMBER 15, 2021 07:57 AM

Questions to ask when navigating uncertainty

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The office of the CFO is increasingly essential to any organization - CFOs are expected to play an integral role in leading their companies forward. Many CFOs work closely with the chief executive and other senior management to construct a cohesive business development strategy, projecting a forward-looking and proactive future and connecting with all parts of the business.

Finance leaders are in a critical position to help assess the options and impacts of returning to the workplace, including how the business can grow and react differently.

The following checklist includes everything you should expect from a managed services provider and will help you identify what questions to ask during the decision-making process.

Why CFOs Should Look for EPM Cloud Right Now

If a business is constantly changing and the economic condition is uncertain, cloud-based EPM solutions enable CFOs to streamline processes and manage their businesses with agility and speed. Modern EPM solutions help CFOs cut down the costs associated with forecasting and reporting.

A next-generation EPM solution enables finance teams to shift from manual adjustments, processes, and spreadsheets to more analysis and decision-making by incorporating advanced technologies such as AI and machine learning. Using predictive analytics and machine learning in the planning process helps uncover hard-to-spot data patterns and insights faster, improving forecast accuracy and the quality of decisions. Automating labor intensive tasks such as account reconciliations, transaction matching, consolidation, close-process orchestration, and disclosure management allows organizations to redeploy employees to more strategic and rewarding work.

Finding a Vendor that Fits

The EPM vendor demonstrates their software while you score the functionality. The project team helps find gaps in functionality to identify the impact on the overall cost of the solutions. The software bids are received and negotiated, and then the project team reviews and refines the suggested roadmap from the EPM vendor.

Get Input from End Users

Ensure to communicate with the project manager and have team leaders adapt to changes effectively. Listen to the end users to see what processes they think need improvement and what functionality they would like to see from financial software; many organizations do not make the end-user experience a critical factor in selecting and implementing financial software.

Ensuring Integration with Existing Systems

Data integration is the key to any business, while financial data is the key to the entire organization. Other non-financial data sources can help your team make better predictions. The EPM solution should connect with your ERP and any other corporate and operational data sources.

Invest in High-Quality Support

The EPM cloud service provider should have an easy-to-use, accessible ticketing system so that there is a clear thread of communication and tracked response/resolution times. A proactive support plan anticipates and prevents issues before they arise so that your systems and processes run smoothly.

Can make enhancements to existing applications
Provides thorough documentation of your environment with application and process details
Keeps you informed of new technology requirements, capabilities, and trends
Provides quarterly service reviews
Offers cloud hosting, relieving the burden of infrastructure and data security

Choosing an EPM software vendor is a tedious task. However, choosing the right partner can avoid problems such as customers unable to reach their managed services team, tickets going unresolved, and providers lacking the expertise to resolve a customer's issue. With a proven track record of quickly delivering long-term value to various companies, the right Oracle Cloud Partner will deliver the combination of these applications to the businesses based on their requirements.

FAQs

Why is Enterprise Performance Management (EPM) Cloud important for CFOs?
EPM Cloud solutions are crucial for CFOs, especially in times of constant change and economic uncertainty, because they enable businesses to streamline processes and manage with agility. These modern solutions reduce costs associated with forecasting and reporting and facilitate a move away from manual processes towards more strategic analysis and decision-making using advanced technologies such as AI and machine learning. This improves forecast accuracy and the overall quality of business decisions.
How does a next-generation EPM solution improve a finance team's workflow?
A next-generation EPM solution allows finance teams to shift from manual adjustments and spreadsheets to more analysis and decision-making. It achieves this by incorporating advanced technologies like AI and machine learning, which help identify data patterns and improve forecast accuracy. Automating tasks such as reconciliations, transaction matching, and consolidation allows employees to be redeployed to more strategic and rewarding work.
Why is it essential to get end-user input when selecting financial software?
It is crucial to get input from end-users because they use the software daily. Understanding their experiences, identifying what processes they believe need improvement, and determining their preferred functionality allows for the selection of a solution that best fits the team's needs. Often, organizations fail to consider the end-user experience, leading to inefficiencies in system adoption and use.
How important is data integration when selecting an EPM solution, and how should it connect to existing systems?
Data integration is vital when selecting an EPM solution. Financial data is essential to any organization, and non-financial data sources can assist in making informed business predictions. The EPM solution should seamlessly connect with a company's existing ERP and other data sources that contain corporate and operational data to ensure a cohesive view of performance.
What kind of support should a business seek from its EPM Cloud service provider?
A good EPM cloud service provider should offer an easy-to-use, accessible ticketing system with clear communication and tracked resolution times. They should also provide proactive support plans that anticipate and prevent potential issues. Furthermore, they should be able to offer regular updates on new technology trends, enhance existing applications, and provide thorough documentation of the environment's applications and processes.

If you are ready to talk to a partner, contact us today to get started!

About SMACT Works

SMACT Works is a technology-focused systems integrator and IT/ERP consulting firm. We deliver end-to-end consulting, managed, and implementation services for Oracle Cloud Applications, IaaS & PaaS, On-Premise PeopleSoft & EBS Applications. Headquartered in Dublin, OH, we have a global presence with North America and Asia offices. We are an Oracle Gold Partner Cloud Standard, ISO 9001, and 27001 certified delivery organization serving customers with Excellence and Integrity.