In the information age, data is essential to understanding process workflows and providing a comprehensive portrait of an organization’s health. Unfortunately, relying on disparate data sources can result in a “silo effect,” reducing the effectiveness and accuracy of your core metrics.
Data integration technology eliminates this problem, allowing your data sources to communicate. Your data can be found on a centralized dashboard where you can monitor key metrics and KPIs.
Here are 4 data integration solutions that can help controllers and CFOs streamline their entire organizations.
Quote to Cash
Quote-to-cash (Q2C) software is designed to manage the entire sales process. The best platforms bring end-to-end organization, starting with the quoting process and concluding with invoicing and revenue management.
Q2C software can be its own standalone product, but many platforms bring together multiple functionalities, including:
- Customer relationship management (CRM) software
- Configure, price, quote (CPQ) software
- Contracts
- Billing
- Accounts receivable
- Collections
- Bank reconciliations
Accounting personnel in particular rely on Q2C software to track and manage revenue generated by the sales department. But the advanced features of this platform also mean that the entire organization can benefit. Product engineers, for example, can rely on Q2C software to help with product configuration.
Perhaps most importantly, an integrated software platform provides complete visibility of the sales process. Your company will be more prepared to meet customer demands, and you’ll also be better equipped to oversee billing, keep track of outstanding invoices, and regulate your cash flow.
Additionally, by integrating your sales processes, you’ll streamline your billing cycle and get paid faster.
Procure to Pay
A procure-to-pay (sometimes called a “purchase-to-pay”) system streamlines the diverse tasks associated with your procurement process.
Computer software can assist you with such basic tasks as vendor management. You’ll have digital tools to help you select suppliers, negotiate contracts, control costs, and manage deliveries. With this system, your organization can secure the best rates and terms for your vendor contracts and reduce errors in the overall process.
Procure-to-pay software can also help you manage your contracts and purchase orders. This can prove valuable in keeping track of your company’s inventory as well as your cash flow.
The software also allows you to receive vendor invoices and make payments electronically, all of which streamlines your purchasing process and provides total transparency regarding your organization’s cash flow.
The best procure-to-pay solutions will offer matching functionality, which enables you to match purchase orders to vendor invoices. You’ll be able to determine which purchase orders have been resolved and which remain unpaid, and you’ll stay on top of incoming invoices to better manage your company expenses.
Financial Consolidations
Financial consolidation software can be a powerful tool to help larger, complex companies consolidate and centralize their financial statements. But even small to midsize businesses can benefit from these solutions, which provide greater visibility and control over your financial processes.
This solution can also be ideal for rolling up multiple entities or geographic regions into one consolidated ledger. The end result is a global report that reflects your entire organization.
Best of all, this process can be performed in real time, giving you instant access to your company’s most valuable data. Having up-to-date reporting can help you make better business decisions, to say nothing of its ability to streamline the tax planning and preparation process.
Many software platforms also include workflow functionality by allowing you to highlight areas of inefficiency to devise solutions that increase your organizational effectiveness and minimize risk.
Financial Performance Management
Financial performance management software (also known as “corporate performance management software”) is designed to integrate multiple financial processes under one centralized platform. Authorized users can use the dashboard to perform a core set of financial tasks, such as:
- Budgeting
- Planning
- Closing
- Consolidation
- Reporting
- Disclosure
- Financial planning and analysis
A financial performance management system connects these tasks to a single, unified data source, improving visibility as well as accuracy.
By integrating your journal entries, you’ll have a better view of your organization’s financial health. This clear outlook will help you refine your strategies and workflows for the future.
And because these core tasks are handled through a centralized system, you’ll be better equipped to monitor diverse areas of your company in real time. Many platforms have communication functions to help you collaborate with multiple departments and bring together your resources to improve performance companywide.
Data can also be formatted to meet compliance requirements, ensuring that your organization maintains industry standards.
When Data Makes the Difference
Having access to the right data can simplify the process of monitoring your business. These four solutions keep your most valuable data at your fingertips so you can meet internal goals and comply with external compliance requirements.
Most significantly, these solutions can help you hone your corporate strategy and chart a bright path into the future.
Learn More About Data Integration Technology in Our Community
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