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How do big finance departments cope in a time of disruption?

Posted by Ben Tesoriero on Apr 28, 2020 11:30:00 AM
Ben Tesoriero

 Taysols_remote_working_image_blog_finance_departments_cope_with_disruption

It’s no secret that it’s been a challenging time for organisations everywhere.

 

Faced with the unprecedented challenge of moving all business operations to a remote model, successfully navigating this period has seen many organisations increase utilisation of current systems or adopt new innovative solutions.

 

Whether it’s a five-person or a fifty-person team, common issues are, unsurprisingly, still common, but transitioning five staff to a remote working solution is quite a different challenge than transitioning fifty.

 

Those who are unfamiliar with modern software or are ill-equipped at home exist in every organisation, and the lack of licences or under-utilised systems is an ever-present problem.

 

How have finance departments of large organisations managed?

 

The scale of these organisations can be truly gargantuan, encompassing thousands of employees in multiple countries.  Instead of just one person ill-equipped or under licensed there may be dozens, hundreds, even thousands.

 

In many ways, business has continued albeit a little unusually. Departmental meetings continue to happen, as they always have, and work continues. The tools that once allowed a few team members to dial-in while on the road now facilitates dozens or hundreds of dial-ins. Likewise, some modern software solutions are better suited to facilitating a remote workforce.

 

One of the biggest software assets finance departments have implemented and taken advantage of during the last decade are Enterprise Performance Management (EPM) systems.

 

Designed to streamline and ease management of granular financial processes, an EPM solution consists of a single platform linking together multiple processes across the finance function. The EPM solution can then assist senior management in overseeing and managing multiple department's tasts, facilitate and unify team workflows, and streamline organisational processes - all from a single platform.

 

Easily scalable and providing web-based access to key business tools, large organisations with established EPM systems have managed to rapidly pivot their work structure to successfully operate as normal.

 

No longer do teams have to dial into virtual servers or remote desktops to load software, they now use a single browser-based application to execute various finance functions, such as account reconciliation, consolidation, journal adjustments, budgeting, forecasting and reporting.

 

Enterprise Performance Management (EPM) systems have greatly assisted finance teams in large organisations overcome the unique challenge of rapidly pivoting their workforce to working from home.

 

Sign up for our upcoming webinar if you’d like to find out more about different EPM solutions, as we will be discussing the different EPM platforms available and how they are best suited for your organisation.

 

If you’d like to find out more, click here.

Topics: EPM

Webinar - Enhance your finance department with EPM - 12:30PM - Tuesday, 12th of May, 2020

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