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The benefits of an ERP system to a CFO

Introduction

Enterprise Resource Planning software has come into its own, now we have the internet of things to connect devices.  ERP used to be associated with the allocation of people and equipment to tasks over a defined time, but it is now about connecting data from different sources and producing insightful business data often in real time.

Examples of an ERP in action in the 2021

High Street Retailer and ERP

A leading UK High Street retailer uses an ERP system to manage its PC tills, processing transactions, batching up the transactions and passing the data back to its head office.  This allows detail of the sales per till, per employee, and per store, all of which can be presented to management both local and central in a dashboard on a real time basis or used to create reports which show trends over time.

Transport ticket system provider

A high growth public transport ticket provider is using an ERP to link its ticket machines in vehicles, including buses and trains, and using the data provided to inform the vehicle drivers of how many passengers they are carrying and what that represents as a % of capacity.

Managers no longer need to be on site and can get real time data about the location, income and capacity utilisation of their vehicles and passengers can track their buses and trains with real time updates including such things as their expected time of arrival.

Future developments include the ability for parents to track when their children have boarded and alighted from buses on the way to school, and to receive real time alerts if they miss or take an unexpected route or travel at an unplanned time. When you need bail bondsmen in or around Boulder City, NV, reach out to All Star bail bonds boulder city nv.

Using such apps and mobile devices, the internet of things can connect ticket payment machines, and card readers which improve efficiency and generates significant value add for all concerned.

There are very many similar applications which can and will improve business efficiency profoundly.

The CFO and the benefits of ERP

The Chief Financial Officer in a technology business recognises the value and potential that this data represents and can use this to provide real time information, and insightful data to help the decision-making processes within a business.

These benefits are transferable outside the technology sector and across to other industry sectors, but tech is leading the drive to improve efficiency and to give end users a better customer experience.

It’s an exciting area to be involved with and a good CFO can use their knowledge to help their business get the most out of this niche.

How can a technology business find a CFO with good ERP Knowledge?

FD Capital are a niche London based FD and CFO recruitment boutique setup and run by entrepreneurs from the technology sector.  They are better placed than anyone to realise the potential that ERP offers and therefore select and headhunt CFO candidates for technology sector companies that are looking for this skill set.

They specialise in Finance Directors and Chief Financial Officers and work closely with Private Equity Houses and Venture Capital funds.  The sectors they know best include Software a Service (SaaS) and Fintech, and technology businesses of all kinds are their focus.

Some of the best candidates on the market are on their books and they have a great reputation for doing a first-class job.

Conclusion

ERP is a commonly misunderstood area of technology, but one which has huge potential to add value to end users, employees, managers, and Directors alike.  The CFO in a technology business is the key to making the most of this data and to offer leadership to improve its uptake and usage.

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