Let’s get real. The sunny financial pictures you paint for investors might dim a bit if everyone could take a cold, hard look at the real financial story of your organization. We’re talking about the lowdown data on how you generate revenue and profit, and optimize cash flow. To realize that, you need those honest-to-goodness per unit economics that reveal your true financial viability. This means giving leadership absolute access to transparent, real-time performance data – the fuel of smart strategic plans. As a leader, your ability to detail precisely how much money the company earns or loses is imperative.
NetSuite has identified seven distinct challenges that can mute an organization’s ability to access and analyze their financial health. In their white paper, The Money Story, they address them in turn as the Seven Barriers to Business Success. These are sticking points in your ability to know what’s going on in terms of your budget and burn, and to make, as explained therein, “…informed, insightful and assertive decisions that drive profitable business growth. The outcome is often dire—lost market share, slow growth, and the inevitable crash that occurs when flying blind . . . If the CEO and CFO can’t perceive how the company is performing, they can’t steer the business forward, much less assess the effectiveness of corporate strategy. You can only manage what you can measure.”
If you can’t get that kind of essential visibility, you have to make due with generalized guesses that lack the rigor to assess actual performance. The best bet is to eliminate those seven barriers. You can download the white paper in its entirety to determine the best approach, but here are just a few of the highlights:
The shortfall of today’s legacy business systems
Legacy business systems are plagued by complex and fragile data integrations, and massive integration efforts that require exhausting manual and duplicative entry of information. Bottlenecks are common, such as an ERP system failing to connect fully and quickly to the CRM system. There’s just too much congestion in between the linkages impeding the goal of a 360-degree, real-time business view.
Disparate systems can mutate into what we call a “hairball”, which makes it nearly impossible to keep a legacy system performing with any kind of optimal capability. The problem is that myopic IT teams think throwing more upgrades at that legacy system will fix it. The truth is that each revamp slows down the business engine, requiring a constant game of catch-up that gobbles up time and money. Fixing the mess is, quite simply, an impossible task. The smart solution – as you’ll learn – is to “relinquish the antiquated for the new”.
With an integrated, cloud-based solution, upgrades take place in the background with minimal interruption; there’s very little if any IT involvement required. The business engine purrs as the company receives the latest and greatest functionality and management gets the clear financial-health picture it needs.
Ready to learn more? Download the full whitepaper (it’s a quick read) and start gaining a better sense of how to reveal the financial picture your organization really needs. And don’t hesitate to contact me if you’d like to discuss your current business systems.