With the start of a new year upon us, 2022 gives CFOs a time to refocus their energy away from coping with the pandemic and towards the opportunities posed by changes in technology, regulation and other trends.
Whilst some changes are outside of a CFO’s control, positive changes can be made to support things such as remote working, e-commerce, and other online activity.
So, to help you prepare for a year full of success, here are three important trends you should be aware of in 2022.
1. Accelerated cloud adoption
Moving to the cloud has been a part of many organizations' priority lists in recent times, and this will only continue in 2022. Not only does this strategy allow for the adoption of a digital-first mindset, but can help with reducing overheads, as well as increasing security and sustainability.
Across the world,90% of enterprises have already embraced cloud adoption, and expect to exceed their usage going forward. This leaves those who have not yet embraced it at a serious disadvantage.
Fortunately, though, cloud adoption across an entire business can be made easy with the likes of NetSuite – a cloud computing platform that allows companies to run everything their business relies on, in the cloud. But what exactly are the benefits of hosting NetSuite in the cloud as opposed to on-premise alternatives? Let’s take a look.
Automatic system upgrades – Cloud ERP solutions are the easiest and most-effective way to ensure a business always benefits from the most up-to-date system. Meaning, instead of contacting a software provider to plan and schedule updates, the cloud platform will automatically update with no installations or downloads needed.
Mobility and flexibility – With remote-working now more embraced than ever, the need for a mobile and flexible software solution goes hand-in-hand. Where the use of an on-premise solution would require a third-party connection to support remote access, the cloud offers a more modern approach. With just an internet connection, employees are able to tap into the data they from anywhere in the world, whether that be through a mobile, laptop, or desktop device.
Total cost of ownership – Where on-premise solutions typically require continuous investments to manage the IT infrastructure needed to operate, cloud-based ERPs do not. All of the hardware, servers, and facilities which are critical to software are maintained by the cloud ERP provider. This keeps the system running and data secure without any input from the user.
2. Better decision making with real-time data
Being able to access accurate data quickly allows CFOs to make data-driven decisions to ensure their organization stays ahead of competition.
However, without a solution that stores data in one centralized location, information is often isolated in different points across the business, making reporting a cumbersome task.
By leveraging the use of a modern ERP solution like NetSuite, users have everything the need to work productively. NetSuite uses real-time data and reporting to give CFOs (and businesses) full visibility of their operations. All displayed on user-friendly dashboards, users benefit from a comprehensive view that allows for more informed decisions.
3. Plan for scalability
Growth in business tends to be on many CFO’s minds at the start of a new year -and why shouldn’t it be. But as a business grows, so should its software, because outgrowing an existing solution can cause many problems.
Although some solutions may be sufficient now, CFOs should consider what the business may need in the future. For example, those looking to expand overseas will need an ERP that can cater for this in several ways. Think currency, language, and other multiple location capabilities.
By migrating to NetSuite, organizations can manage records and transactions for multiple entities, giving full visibility into each aspect of the business. In fact, NetSuite offers the following for international companies:
Pre-configuration of tax codes and localized reporting in over 50 countries
Cross border sales and Intrastat reporting across all 27 EU countries
Automatic currency conversions using updated exchange rates
Remote access permissions available with real time financials