The past 12 months, with the emphasis on remote working and business continuity, has seen an accelerated move to the cloud which in turn has led many companies to reevaluate their technical stack.
With best-of-breed software, companies are able to “handpick” the best tools and through the use of highly effective and matured integration toolsets including APIs, that seamlessly connect systems, and push or pull content, in either direction enabling cross-connectivity among disparate solutions.
In my experience many accountants are creatures of habit, still holding on to complicated spreadsheets and all-in-one complex accounting suites but it is now easier than ever to take the best-of-breed approach to technology, choosing the best tools for the task at hand rather than trying to force square pegs into round holes.
According to the International Data Corporation (IDC) Market Spotlight, “Best-of-breed solutions used as part of an integrated IT stack are instrumental in business success”.
Here are 3 advantages to choosing a best of breed solution for your Budgeting, Forecasting and Reporting:
1. Rapid Implementation
Traditional all-in-one solutions can take months or even years to implement, whereas cloud best-of-breed applications can be implemented quickly and easily with little or no need for ongoing IT involvement, saving IT administrators time and freeing up resources. Typically these solutions can easily be scaled up or down according to your business needs and usually require much less customisation than an all-in-one solution.
2. Saves you money
Cloud solutions provide access to state-of-the-art infrastructure powered by reliable data centers for agile efficient processing, storage, networking, and security without large capital expenditure outlays. Many companies realise substantial savings from subscription-based software as a service (SAAS) pricing which allows you to pay for the services you need as and when you need them.
Additionally, with best-of-breed software being cloud-based, when new features and functionality are added to the solution this is automatically updated without having to make additional purchases such as software upgrades or expensive software maintenance contracts.
3. The solution does exactly what you need it to
Best-of-breed solutions are hyper-focused on doing one thing well, with continuous product research, development, and innovation. Yes, your existing ERP solution may have a tool that will handle some aspects of your budgeting and forecasting, but more often than not the functionality is limited and can require massive customisation.
Companies poised for growth need the best tools for the job facilitating innovative functionality with real-time access to accurate financial data from any device and from any location. This is only made possible with cloud-based best-of-breed Corporate Performance Management tools.