Alternative methods have been to implement manual workarounds outside of existing systems resulting in inefficiencies and potentially financial statement risk. This lack of flexibility and increased requirements have caused leaders in finance organizations to consider alternative approaches that fundamentally change the way they view the finance function. The emergence of new providers and solutions powered by a Software-as-a-Service (SaaS) model is giving finance organizations options that previously did not exist.
These new solutions are driving the traditional ERP players to change their approach to the marketplace. But it is not just about new providers and new solutions. It is about establishing a vision of the finance organization, a future “target operating model”, to assess how these new solutions can power financial transformation, whether as a financials replacement or with a best-of-breed approach.