Whilst FinTech companies use innovative products and technologies to make financial services more efficient for their clients, it isn’t uncommon for lots of FinTechs to still use legacy software and spreadsheets themselves. The right ERP software can transform the day-to-day operations of any FinTech company and help them to overcome many of the challenges faced across fronts such as profitability, risk management, compliance and even recruitment.
If you’ve already been upgraded to NetSuite 2022.1 upgrade as part of the release upgrade process, then you may already have seen some of the new features. If your upgrade hasn’t taken place yet, you’re in for a treat. Either way, we thought we would save you some time and bring you a snapshot of our favourite feature enhancements.
In this article, we’ll be covering:
The Irish FinTech sector is evolving at a rapid pace. As Software-as-a-Service (SaaS) vendors grow and remote work becomes more prevalent, businesses and their finance teams, are having to rethink how employees collaborate.
FinTech companies in particular are typically characterised by quick growth, combined with hectic workloads, which leaves them with limited time and financial resources to find the right ERP software to run their business. Consequently, a lot of FinTech companies end up using spreadsheets and legacy software that has been around for decades.
Whether it’s for an expanding business that needs a more comprehensive solution to ensure controlled growth, or an established business looking for a new solution while being conscious of making the best decisions, selecting the best software and setup for your business is a long-term commitment.
Having made the decision to change ERP system, it’s important that your selection is flexible enough to handle whatever the coming decade brings. When you make the right decision the software you use becomes a fundamental and essential part of your business, whereas the wrong solution becomes something you have to work around.
However, the first question should be…
Cloud adoption in areas such as CRM and HR has been widely accepted as the norm, however when it comes to changing the ERP system on which a business is run, adoption rates to date have been somewhat slower (for various reasons).
With global competition on our doorsteps, transforming how we do things is no longer a "nice to have" - it's an operational imperative. As cloud ERP matures, business users are reporting a welcome shift. Beyond the reduction of costly integration, cloud ERP is proving integral to global expansion. Some of the benefits include:
We're here to offer some advice. Whether you are the CIO in a small, medium or large organisation, the task of changing from a legacy ERP system to a modern system can be quite daunting.
