The CEO and the Cloud ERP!
Current business dynamics are bringing the CEO and the Cloud ERP together.It is a relationship that neither can ignore in the future.
Large companies have always enjoyed throwing their weight around and tilting the rules of business in their favor by dominating their markets. However, this is changing due to the egalitarian nature of the Internet and cloud technology.
SMB’s are now discovering the power of cloud ERP solutions that were previously affordable only for large companies with deep pockets. Cloud ERP is now enabling them to compete with comparable process efficiency, scalability options and integration throughout the organization’s business functions at costs that they can afford.
Junking additional infrastructure requirements, real-time reporting, access on the go, affordable plans, automatic updates/backup/security options with top of the line functionality options are some of the reasons why cloud computing has grown almost exponentially as a viable ERP option.
IT STARTS WITH THE CFO
CFO’s of companies that made the move to the cloud say they’re reaping the benefits of standardization, innovation, and efficiency as the platform drives standardization of finance processes throughout the business. With this the CFO can avoid the hassles associated with customization needs of on-premise ERP solutions that have huge coding challenges with associated additional costs.
Cloud solution vendors typically upgrade the software every six months or so ensuring that you have the updated solution always and there is minimal loss of uptime due to upgrades. Cloud solution vendors charge by the user or revenue, so organizations can easily scale up or down as per need. The Total Cost of Ownership is thus lower in a cloud solution.
The flexible & affordable payment options and the easy to use nature of the cloud ERP makes it easier on the pocket with lower setup times than other solutions. Virtually all business operations anywhere can be covered with real time data and insights with a cloud solution including employees in the field.
The data security competence of reputed cloud vendors is far superior to what companies using on-premise solutions can provide for themselves as their budgets cannot compare with the billion dollar security budgets and the top of the line intellectual capital used by cloud environment providers like Amazon Web Services etc.
Cloud environment providers also actively have monitoring protocol and systems in place to prevent a data or security breach on a war footing because it will adversely set back their reputation and future adoption of cloud solutions. They have the best brains working proactively around the clock to prevent a breach or a security threat.
When finance moves to the cloud, typical activities of IT like managing servers and infrastructure and patching and upgrading software are not required as they are provided by cloud vendors. The IT team can be redeployed to develop enhanced capabilities with the new cloud software. The firm can now pay on a per-user subscription model that is far more affordable rather than a software license model which needs large capital outlays. Also report generation and data is available in real time with accurate financial reports with a few clicks in a cloud ERP. There is no navigation between standalone solutions, porting data, rekeying of data and duplication of effort.
There is far better decision making with more accurate data and reports that are relevant in real time and a better view of the entire operations of the enterprise across business functions so that contingencies can be tackled proactively.
As CEOs ask their CFO’s to provide improve their capability for transparency, visibility, response times, accuracy and analytical insights, they could be referring unconsciously to the capability of the cloud.
It would make sense when moving finance processes to the cloud is simply to replace technology rather than try to completely reinvent the working model of the business function. While customization on cloud solutions is generally much easier and does not require a detailed knowledge of coding as is required in on-premise solutions; excessive customization or reinventing the business model of functioning may be expensive and not feasible.
KPMG U.S. C.E.O OUTLOOK 2017 SURVEY
KPMG undertook a U.S. C.E.O Outlook 2017 survey- “Disrupt and grow”. In this survey, 400 CEO’s from the U.S. from the following industries were surveyed: manufacturing, retail/consumer markets, technology, automotive, banking, infrastructure, insurance, investment management, life sciences, energy utilities, and telecom. All the CEO’s represented companies with more than US $ 500 million in annual revenues.
Some of the key insights were:
• 46% of all CEOs surveyed were highly confident about their growth prospects over the next three years, up from 32% in 2016.
• Disruption is now seen as an opportunity rather than a threat by 60% of today’s CEOs.
• Speed to market is viewed as the 2017 top strategic priority for CEOs, followed closely by digitizing business.
• Speed to market, digitizing business, becoming more data driven and building public trust are their top strategic priorities.
Over the next three years, CEOs were expected to make significant cyber investments. Three fourth of those surveyed were of the opinion that such investment is an opportunity to find new revenue streams and innovate.
CEO’s were expected to make significant investments in cyber, digital infrastructure, regulatory compliance and emerging technology over the next three years.
Digital, data, and sensory concerns of C.E.O’s:
• 57% say their organizations do not have the sensory capabilities and innovative processes to respond to disruption.
• One in six CEOs was concerned about integrating cognitive processes and artificial intelligence capabilities.
• Forty-five percent say they are not leveraging digital as a means to connect to customers effectively.
• 32% say that the depth of their customer insight is hindered by a lack of quality customer data.
• CEOs seem split over how much they trust their data, as 49% reveal they are concerned about the integrity of the data that are driving their decisions.
The top 5 strategic priorities:
• Greater speed to market
• Digitization of the business
• Becoming more data driven
• Building public trust
• Implementing disruptive technology
Some key CEO concerns:
• The integrity of the data on which they base decisions
• Not leveraging digital effectively to connect to their customers
The cloud space as it evolves further could be the most appropriate technology solution that they may need in 2019 and beyond. Even the larger players are now seriously consider adopting the cloud as a part their hybrid cloud deployment and as the space involves, they may consider migrating to the cloud entirely.
OUR VALUE PROPOSITION
We at Versa Cloud ERP have created a multi award winning, secure, comprehensive Cloud ERP solution that is e-commerce and mobility ready. The Versa Small Business Cloud ERP dba VersAccounts system is accessible anytime, and on any smart mobile device. It provides support for e-Commerce and Multi-Channel Retail includes integration with 3rd party e-commerce platforms as well as POS systems.
In addition, the VersAccounts Small Business Cloud ERP system includes the ability to remotely manage Master Data on multiple e-commerce and POS systems including product description, pricing, images, etc.
It is affordable and targeted towards small businesses and is backed by a promise of dedicated support. It is being used by clients in diverse verticals and could help you redefine the way you operate and grow your business.
Our solution is designed for fast growing small businesses, between $1-$50 M in annual revenue, looking to upgrade business management solutions like entry-level accounting products or mid-tier legacy on-premise ERP systems or even those looking at comprehensive and affordable ERP solutions.
Built from the ground up on the latest cloud and mobile technology, the Versa Cloud ERP system allows businesses to automate and optimize their operations across multiple companies, countries, and currencies with one integrated ERP system.
We will help you in a structured manner to migrate your data seamlessly from Epicor, Infor, QuickBooks, Microsoft Dynamics, MYOB, Sage, SAP Business One etc when you make the decision.
Versa ERP pricing begins at USD $1,800 per year (1 User) for access to all Versa ERP modules and integrations, and a one-time set up & migration fee of USD $4,500.
Capterra User Reviews give us a 4.8 out of 5 rating and we are working on closing the gap further.
We’d love to hear from you.