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Five steps to implementing modern finance

Moon Won, VP Applications ASEAN, Oracle | Feb. 19, 2016
Moon Won of Oracle talks about steps involved to ensure Cloud ERP implementation success.

This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.

If you are a growing midsize organisation, chances are you are outgrowing or will soon outgrow your entry level accounting system. As you look to replace your legacy system, more and more companies are turning to Cloud ERP - namely software-as-a-service (SaaS) - to modernise their current systems and lay the foundation for future growth.

Cloud ERP offers many advantages, such as an intuitive user experience, modern functionality, and the ability to conduct business anywhere via mobile devices. Cloud ERP also offers more favourable economics with subscription-based licensing, and is not fully dependent on the IT department. With all of these functionalities, midsize companies are able to reduce implementation time to offer faster time-to-value.

However, before deploying Cloud ERP, organisations still need to carefully outline the project to maintain and ensure continued success. They should consider whether the data migration from the existing systems to the new Cloud ERP will be successful, and of course, whether they will be able to take advantage of modern capabilities built into the applications.

What are the steps involved to ensure Cloud ERP implementation success? The following overview describes the major steps involved, so organisations know what to expect and what is required to ensure successful deployment.

1.    Build a plan

Managing a Cloud ERP implementation involves selecting an implementation partner, developing a timeline and establishing a project team consisting of your key employees to define your goals. This includes defining requirements, mapping out business processes and carefully weighing competing priorities. The team should include members of the finance organisation who can advise on critical aspects of configuring the Cloud ERP, such as its charts of accounts, compliance requirements, workflows and reporting.

2.    Cloud ERP design

Planning an implementation requires consideration around how it will support the company's operations. After building a plan, organisations will know what they actually need presently as well as in the future. Getting the right partner or vendor with credible experience can help these organizations with an eye to the process that will support the business, and then they can create the right Cloud ERP design for the company more efficiently.

3.    Data conversion

Every company has data that needs to be migrated to the new Cloud ERP. The data may reside in legacy accounting systems and be in a structured format or it may reside in spreadsheets, which can be difficult to migrate. In the worst case scenario, "data" may reside in paper documents, such as purchase and sales orders or vendor invoices that may need to be manually keyed in. Key factors in deciding which data to migrate should include assessing what is critical for reporting and compliance. Particularly, for publicly-traded companies or those which plan to go public soon, you need historical financial data to report on past performance.

 

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