Technology is reshaping our world at an unprecedented pace.
As a new normal begins to take shape, impacts are being felt across the business landscape – particularly within finance.
One, perhaps surprising, development is the transformation of finance leaders into digital evangelists.
Today, CFOs and their teams find themselves at the forefront of digital transformation efforts, beginning with the introduction of financial automation technologies like Microsoft Dynamics 365 Business Central.
For finance departments, it’s an obvious choice: Business Central hosts financial data and processes at its heart, and essential processes such as accounts payable and receivable, budgeting, and financial reporting are streamlined, all in one place. It’s a great way to improve efficiency and save time.
But as sophisticated as this may be, the rapid advances provided by this kind of automation are no longer confined solely to finance departments. Tools such as Business Central are revolutionising processes throughout businesses, from overseeing product life cycles to monitoring stock levels. And while this brings significant opportunities for businesses in multiple sectors, it also comes with substantial, and up until this point, unforeseen responsibilities.
As the roles of finance leaders continue to evolve, the importance of ensuring their teams have easy access to data – and at speed – cannot be overstated. It’s increasingly clear that the ability to identify key metrics, as well as the best ways to optimise performance over time, is essential for effective decision-making.
And, while tracking revenue and profit is vital, it won’t offer you the whole story. It’s equally important to ensure you understand the underlying metrics driving the behaviour behind these figures – fluctuations in gross margins, for instance, will necessitate a deeper dive into factors like average selling price per unit and average cost per unit.
With that being said, it’s one thing to know you need the data, but it’s another thing actually getting hold of it.
There’s also the issue of ensuring your data is presented in a way that enables proper analysis – empowering you and your team to make informed decisions.
While platforms like Sage, Xero, and Quickbooks may be a good fit for small businesses, they often struggle to provide the level of reporting and data analysis required by larger businesses or those that are looking to scale.
The answer then is to invest in a finance system that allows for quick, effective analysis – and can go into as much detail as you require.
This is why we recommend Microsoft Dynamics 365 Business Central. Not only does it offer the financial automation that CFOs are looking for, but it’s ability to scale across the business means it’s an investment that offers a measurable return – within as little as seven months. [1] And with Microsoft offering multiple new releases and updates throughout the year, you can be sure that it’s a tool that will evolve as your needs do, preparing you, and your teams, for the future.
To find out more about how Business Central could benefit both your finance teams and your business, get in touch below.
1. Source: Total Economic Impact™ of Business Central, Forrester, 2023
