During our CFO 3.0 series we have been focusing on automation and cloud technology. One of the biggest areas of concern has been around the movement of data across multiple systems. This has come up at several customer sites and a big area of concern for businesses from 1 person to 100,000 employees.
As businesses grow, often they “fire fight” with systems to fit short terms needs. This can end up with multiple systems which hold data that another relies upon. Often having to duplicate data and send to other members of staff in order to facilitate their own use of data.
With anything, human intervention can mean mistakes. Sometimes these mistakes can go unnoticed for several weeks or months, giving unreliable data or worse damaging the revenue of the business.
Two years ago, I walked into a prospect meeting who’s on premise server had failed the week before, meaning their somewhat antiquated billing system had been offline for 2 weeks. The billing system tracked “overages” on outbound distribution emails. Effectively calculating additional revenue which should be collected from their customers using more than their agreed contracted data (think of it as using too much data on your phone contract). This data was being entered manually.
Six weeks later they had found over 500 lines of mistakes, duplicates and undercharges. To this day they still have issues.
We helped them by automating the process by tying together all the products within their eco-system. They got rid of any old servers and went for a true cloud platform instance which enabled them to have their data securely managed by a service provider, rather than the IT team who were busy enough keeping their customers happy.
Their mantra when we met for our scoping meeting was simple. “We want to do things once and do it right, with no chance of human intervention for mistakes”. They went from basket case to show case.
Using Sage Intacct and other best of breed solutions you could move your environment to the cloud in a show case set up. Want to find out more? Subscribe and join our webinar series starting in January.
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