If you’re a CFO, what are your greatest challenges? The accounts payable process is troubling for many. However, with the right tools, 2015 will be the year CFOs rid themselves of time-intensive, expensive, manual processes for accounts payable.
“According to research from Ardent Partners a majority of AP leaders appear poised, finally, to rise and take control of their department’s destiny. Migrating off of paper-based processes is the top priority for the majority of respondents nationwide (52%), the second priority, improving process efficiency (44%), is seen as an inevitable and requisite benefit once the burden of paper has been removed from the process.”
Security is a key aspect for your ERP system. However, if your ERP system lacks security, there are more problems than the fear of being hacked. If your customer and employee records are not secure, your business could be violating certain laws resulting in hefty fines.
“When choosing a cloud-based ERP vendor, take the time to discuss regulatory compliance and learn how the vendor plans to ensure that regulatory guidelines are met. Ask for examples of how regulatory issues are handled for other clients, and be very specific about the regulations that apply to the organization. The Health Insurance Portability and Accountability Act and Payment Card Industry Data Security Standard are just two of the possible regulations that might apply to an organization.”
2014 was a great year for the cloud, with 2015 looking to be just as, or if not, more successful. Outside cloud-related personnel spending, the current services the funds spent on the cloud are going towards are: security, mobile, off-premise enterprise software, storage, and servers.
“The technology talent gap isn’t going away anytime soon, either, even with the rise of cloud computing. Organizations will still need to hire, train and maintain qualified staff to identify and manage the best technology resources to get the job done, be they inside or outside the firewall. The Piper Jaffray survey shows that the biggest chunk of IT budgets (about one-third) go to personnel spending.”