Like other vendors of cloud-based ERP software, NetSuite offers the key benefits of software as a service (SaaS): a smaller upfront investment, faster time to value and potentially lower operating costs. Beyond that NetSuite’s essential point of competitive differentiation from is broad functionality beyond financial management, including capabilities for customer relationship management (CRM), professional services automation (PSA) and human capital management (HCM). These components make it easier for businesses to manage processes from end to end (such as quote- or order-to-cash) as well as to have transactions and business data available in a single system in consistent forms and synchronized. This in turn facilitates real-time reporting, dashboards and the use of analytics that integrate a wider set of functional data. Midsize companies are most likely to benefit from this integration because typically they have smaller, less sophisticated IT staffs than larger ones. A side benefit of having a single, integrated data source is improvement of situational awareness and visibility for executives and managers. It also enables organizations to reduce their use of spreadsheets for stitching together processes, doing routine analyses and reporting. These sorts of activities waste valuable time and reduce an organization’s agility.
Topics: Analytics, Business Analytics, Business Performance Management (BPM), CFO, Cloud Computing, communications, CRM, Customer Performance Management (CPM), Dynamics AX, Dynamics GP, Dynamics NAV Dynamics SL, ERP, Financial Performance Management, Financial Performance Management (FPM), FinancialForce, FPM, HCM, HR, Human Capital, Infor, Microsoft, Mobile, Operational Performance Management (OPM), Plex, Professional Services Automation, PSA, SaaS, Sage Software, Sales Performance Management (SPM), Social, Supply Chain Performance Management (SCPM), UI, Unit4, Workday Collaboration, Workforce Performance Management (WPM), Office of Finance, Customer Experience, Sales
Tagetik provides financial performance management software. One particularly useful aspect of its suite is the Collaborative Disclosure Management (CDM). CDM addresses an important need in finance departments, which routinely generate highly formatted documents that combine words and numbers. Often these documents are assembled by contributors outside of the finance department; human resources, facilities, legal and corporate groups are the most common. The data used in these reports almost always come from multiple sources – not just enterprise systems such as ERP and financial consolidation software but also individual spreadsheets and databases that collect and store nonfinancial data (such as information about leased facilities, executive compensation, fixed assets, acquisitions and corporate actions). Until recently, these reports were almost always cobbled together manually – a painstaking process made even more time-consuming by the need to double-check the documents for accuracy and consistency. The adoption of a more automated approach was driven by the requirement imposed several years ago by United States Securities and Exchange Commission (SEC) that companies tag their required periodic disclosure filings using eXtensible Business Reporting Language (XBRL), which I have written about. This mandate created a tipping point in the workload, making the manual approach infeasible for a large number of companies and motivating them to adopt tools to automate the process. Although disclosure filings were the initial impetus to acquire collaborative disclosure management software, companies have found it useful for generating a range of formatted periodic reports that combine text and data, including board books (internal documents for senior executives and members of the board of directors), highly formatted periodic internal reports and filings with nonfinancial regulators or lien holders.
Topics: Analytics, benchmark, Budgeting, Business Analytics, Business Intelligence, Business Performance Management (BPM), CFO, close, closing, compliance, Consolidation, Controller, Data, ERP, Finance Financial Applications Financial Close, Financial Performance Management, Financial Performance Management (FPM), financial reporting, FPM, GAAP, Governance, Risk & Compliance (GRC), IFRS, Integrated Business Planning, Mobile, Modeling, Profitability, Reporting, SEC Software, XBRL, Office of Finance, Human Capital Management, Big Data
The developed world has an embarrassment of riches when it comes to information technology. Individuals walk around with far more computing power and data storage in their pockets than was required to send men to the moon. People routinely hold on their laps what would have been considered a supercomputer a generation ago. There is a wealth of information available on the Web. And the costs of these information assets are a tiny fraction of what they were decades ago. Consumer products have been at the forefront in utilizing information technology capabilities. The list of innovations is staggering. The “smart” phone is positively brilliant. Games are now a far bigger business than motion pictures.
Topics: Analytics, Big Data, Business Analytics, Business Collaboration, Business Performance Management (BPM), Customer Performance Management (CPM), finance, Financial Performance Management, Financial Performance Management (FPM), IBM, Mobile, Operational Performance Management (OPM), Performance, Predictive Analytics, Sales Performance Management, Sales Performance Management (SPM), Social, Social Media, SPSS, Customer Experience