One of the most stressful positions in any organisation is that of the financial director. In this role, you are responsible for all financial aspects of company strategy and are expected to analyse figures and implement recommendations based on these findings with the most profitable outcomes.
The truth is that you can’t do these things successfully with incoherent data and substandard software systems. In this two-part post, we will look at six ways an Enterprise Resource Planning (ERP) solution like Microsoft Dynamics NAV can help finance directors.
Consolidate business systems
ay have advanced and times may have changed but many businesses are still using multiple systems to manage finance, sales, production and projects. Using multiple systems can make it hard for your employees to keep track of everything, leaving you with gaps in your data or duplication. By consolidating your business software with an ERP solution like Microsoft Dynamic NAV you can eliminate duplicate systems, save money and trust that you are working with accurate records.
Put your data to work
What good is having all that data if you don’t put it to work for you. With Microsoft Dynamics NAV you can use your data to maximise opportunities, grow your customer base and increase revenue. The solution allows you to identify future sales opportunities, increase customer satisfaction, and improve customer service which all results in potential repeat business.
Increased productivity equals increased profits which is the goal of every financial director. Implementing an ERP system can help you attain this goal by creating an environment for you to define your business processes and determine your optimum production output. With a flexible solution to production processes further down the line to increase productivity even more.
Communication is essential for the successful operation of a business. An ERP solution like Microsoft Dynamics NAV will automate your business processes and give all key stakeholders a breakdown of the information they need to perform their tasks and reduce the possibility of errors which is essential in reporting.
Improved supply chain management
The benefits of automating your supply chain are endless. An ERP solution can speed up the process of buying and selling products whilst making it more efficient and less costly. These factors are good news to a finance director, who has been tasked with monitoring the financial health of a division or organisation.
Improved financial management and overall efficiency
By adopting an ERP solution you’ll be able to reduce project lifecycles, reduce production time, and streamline the workflow from order to delivery because you will be armed with the visibility, accuracy and insight that Microsoft Dynamics NAV’s flexible financial management tools provide.