ERP

Enterprise Resource Planning systems- Enabling CFOs to Earn, Rest, and Play

February 6, 2019

by — Posted in Uncategorized

I’m sure most of you must have seen the movie Superman at least once in your life. Remember how Clark Kent manages to do his job well (to save Earth!) and at the same time spends time with his family doing regular household work?

Similarly, we call someone a superman or superwoman in the corporate world who is able to pursue both work and personal interests at the same time. The definition of a balanced life may vary for every individual. For some, it may be leaving work early to eat dinner with the family, while someone else might like to take advantage of the flexible timings to either complete some personal tasks or study for a degree.

 

Achieving the right balance between Earn, Rest, and Play (ERP of life) as an adult is an achievement in itself.

Maintaining a balance in all the functions of an organization is just as important as maintaining a good work-life balance. Enterprise Resource Planning (ERP) systems are used to maintain the right balance between various functions of an organization like finance, manufacturing, operations, reporting, and human resources which indirectly also allow you to maintain a healthy Earn, Rest, and Play ratio.

A modern Enterprise Resource Planning system aids in bringing all the processes to the table and creating a flowing system which helps in reducing operational costs and business risks. Just like an unbalanced work life can lead to headaches, the lack of balance in an organization can upset the daily operations leading to reduced employee productivity and upset customers.

A CFO trying to maintain a good Earn, Rest, and Play ratio will take the initiative to introduce digitization in the process which would better equip his team in dealing with disparate systems and help meet customer expectations while improving employee performance. It also helps them get better growth-driven insights through data mining.

Many CFO’s spend time carrying out some functions manually, like putting together financial reports from different offices of the organization across the world, which is a time-taking process since every country has its accounting practices and regulations. Enterprise Resource Planning systems enable automation in an organization which helps the CXO’s focus more on the strategic elements of the business or other high-level work that can be utilized for company-wide transformation initiative.

With Big Data, Artificial Intelligence, and Digital Transformation being the future, data will be available in abundance. The right analytical minds and technological support will aid CFOs in maximizing the revenue of the organization.

Implementation of the Enterprise Resource Planning system helps improve the overall functioning of the organization, making them a superhero of the business. It multiplies their productivity, making them successful at their jobs, while providing the right amount of time to focus on other aspects of life like- spending quality time with the family, socializing, and focusing on mental and physical health.


Conclusion

From risk management to capital allocation, Enterprise Resource Planning systems play a pivotal role in helping a CFO fulfill his duties. ERP provides options to mitigate strategic risks, busting data silos and leveraging data across the entire organization which if used effectively will result in satisfied customers, higher profits, and reduced costs.

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