Organizations in virtually all industries have embraced digitization. Worldwide enterprise information technology spending is expected to surpass $3.2 trillion in 2018, expanding at an annual growth rate of almost 3 percent, according to research from Gartner. Hardware, software and services centered specifically on digital transformation are projected to account for $1.3 trillion over the same 12-month span, indicating that the widespread enthusiasm for enterprise is unlikely to abate, analysts for the International Data Corporation reported. These developments should signal to executives that the time for traditional management and operational tactics is over. Leaders and the teams they oversee must adjust to the modern marketplace by embracing enterprise IT.
Chief financial officers are among those who must recalibrate. An estimated 20 percent of CFOs have no meaningful technology updates on the books, according to research by the AAFCPA. This lag is a serious issue considering that 90 percent believe process inefficiencies stand in the way of organizational growth. With these data points in mind, financial leaders must pinpoint and implement effective accounting technology that will allow them to better support their respective organizations in today’s data-driven environment. There are, of course, numerous options. The market for accounting software encompasses more than $3.4 billion in products and services, according to data from Technavio. However, one product stands out among pack: Sage Intacct cloud accounting. Companies across the globe have put their trust in Sage to help them navigate the new workplace via robust and responsive financial management tools based on modern values that both customers and corporations hold dear.
Modern production teams and other ground-floor groups involved in core business operations place high value on the transparency gained through cutting-edge enterprise technology. Enterprise resource planning tools allow shop floor staff to closely monitor production lines, while customer relationship management systems give marketing and sales staff the ability to track and follow leads through the customer journey. CFOs must work to achieve the same level of transparency within their divisions by giving accounting teams the technological means they need to oversee company finances in real time.
Sage Intacct delivers such functionality. The platform acts as a single source of fiscal truth for financial teams, leveraging multiple automated data connections to pull pertinent information from key internal caches. With this data, CFOs and their teams can easily track corporate finances and pinpoint potential areas for improvement. This sort of clarity is impossible to attain through manual means, including processes centered on the management of multiple spreadsheets.
The marketplace changes constantly as new customer demands arise. Businesses must be prepared to amend their workflows and strategy at a moment’s notice to effectively weather such shifts. Modern organizational stakeholders have effectively embraced more agile processes. Production leads leverage their systems to gain insight into sales patterns. At the same time, marketing teams connect with customers through various channels to better understand their needs. Sales staff does the same, using their client connections to reassess their approaches. CFOs can achieve similar results via Sage Intacct. The software allows financial teams to gain the up-to-the-minute insights needed to make budgeting adjustments that match the marketplace. Of course, the platform also facilitates long-term forecasting, as users at all levels can view current and historic data to plan for the future.
This facet is perhaps the most pressing issue affecting business leaders managing enterprise technology solutions and large user groups – and for good reason. Cybercriminals executed more than 53,000 attacks in 2017, almost 2,000 of which resulted in large-scale data loss, according to researchers at Verizon Wireless. These strikes affect both employees and customers, groups whose information is stored in corporate servers. For this reason, businesses pinpoint platforms that support secure data collection, storage and management activities. CFOs must follow in the paths of these security-savvy leaders and implement bleeding-edge solutions that effectively protect critical digital assets. Sage Intacct is one of those products.
Strong physical and online security features bolster the software. Sage hosts the cloud-based solution in data centers which boasts 24-hour monitoring, redundant power supplies and biometric access controls. The application itself includes 128-bit encryption, along with tight user access controls and hardened firewalls. Users can also take advantage two-step authentication and other data security controls that reduce the risk of data loss.
The destruction of internal siloes has become standard operating procedure across virtually all industries. Cross-functional collaboration is a hallmark of modern business operations due, in part, to the ascendance of connective enterprise technology. As a result, executive stakeholders in production-oriented roles are yearning to streamline internal communication, the MIT Sloan Management Review reported. However, leaders supervising backend functions, including accounting activities, can be slow to embrace this approach as a result of natural divisions between front-end and back-of-house operations. CFOs can sometimes fall into this trap and sequester themselves and their teams from valuable internal resources.
Sage Intacct helps break down these walls through a robust collection of collaboration tools that allow accounting professionals to contextualize budgetary developments, communicate with colleagues outside of their departments and access data from external solutions such as Salesforce, American Express and ADP.
In short, Sage Intacct allows CFOs to embrace the modern marketplace by giving them the ability to build workflows that engage with the values that define this environment. Is your organization interested in adopting Sage Intacct in an effort to more effectively navigate the technology-infused commercial world? Here at The TM Group, we have been managing Intacct implementations for decades, providing businesses of all sizes with customized services designed to match the market. Connect with us today to learn more.