Top Ten Problems Solved by Infor SunSystems Cloud in the Financial Services Sector. Problem #2: Lack of Real-time Financial Visibility
In this blog, the second in the series, we focus on problems resulting from a lack of real-time financial visibility. And (spoiler alert!) how SunSystems Cloud from LAKE fixes those problems.
Firstly, a bit of background.
Why is real-time visibility necessary?
Time is money. Particularly so in financial services where markets can change by the minute. Anything less than the latest data means missed opportunities, heightened risk and avoidable losses. You wouldn’t accept anything less than the latest data in a trading system, why accept anything less in financial management and reporting?
A couple of examples:
An out-of-date view of commitments delays decision making. After all, how can a budget-holder approve a requisition without knowledge of available budget? It is also inefficient. Automated budget checking streamlines the processes of raising new purchase orders. And automated budget checking demands a real-time view of commitments.
When systems aren’t synchronised in real time, there is often an over reliance on manual process. There may be spreadsheets involved, additional reconciliations, or emails to be consulted. Manual processes introduce delay, error and risk. They also do not scale well and act as a brake on growth.
How does Infor SunSystems Cloud provide real-time financial visibility?
SunSystems Cloud has been built from the ground up as a real-time financial system. There are no separate ledgers. There are no periodic updates. All financial data – ledgers, multi-currency transactions, payables, receivables, budgeting and reporting – are all contained in a in a single cloud platform. Financial dashboards and reports are updated in real time.
SunSystems Cloud financial management platform is an integrated solution that delivers faster, better informed decision making. It also delivers improved operational transparency across teams and departments. There are no data silos for, say, Procurement and Finance. Everyone has the information they need. Data arrives faster and is more accurate.
Where connectivity to third party systems is required, built in connectors and APIs offer real-time capability to integrate data from banking, CRM, and so on. And for those organisations that utilise third-party reporting apps, SunSystems Cloud comes with a Data Lake that allows you to view and deep dive (pun intended) into the detail behind headline figures.
Take the next step
To find out how Infor SunSystems Cloud from LAKE could help your organisation, download a copy of our SunSystems Cloud Beginner’s Guide – Commercial.
In the next blog in this series, our focus shifts to multi-entity and multi-currency complexity.
By Jon Isherwood