The growth of the app market has provided more choice than ever before. Whether it's a choice of a game to play after hours or a productivity app to get more out of the working hours, there are choices aplenty to be had on every front. CFOs, meanwhile, are no different, and financial apps are rapidly growing in number. But which financial app is the right financial app? That's the question that CFOs, CIOs and the like are all asking.
When it comes to financial apps, there's a fine line to walk. Finance has a variety of subclasses to deal with, from cash management to accounts receivable to accounts payable and a host of other functions from there. It's not out of line for CFOs to believe that there's a tool for every solution, and given the sheer number of solutions that must be on hand, the necessary tools must be available. But CIOs, who keep eyes on things like the costs of licenses and issues of storage and the like, would rather see a few solutions that cover the waterfront. So best to split that difference?
The first point that can be undertaken is that the CFO needs to consider--almost on an IT level--how data flows through the department. How many essential items that should be available during reporting periods need modification on Excel spreadsheets, or need to be accessed by several different applications? If there are such items on hand, some refer to the condition of the data as having "data silos" or even "stove pipes." Inefficiencies are found in any system designed by human beings, but the larger the total of data silos and stove pipes around, the more the system can use modification...Read More
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