The software industry has created so-called integrated solutions for the last 20 years – packages with enormous toolsets that aim to cater to all needs. It doesn’t work.
In an ideal world, customers want made to measure – not pret à porter. After all, why buy clothes off the peg when you could get something bespoke and tailored to suit your own personal requirements? It’s no different for business management and accounting solutions – they want embedded accounting.
Take the blinkers off
It’s time to look at embedded, not integrated, solutions. That means only buying or renting the tools you need and only using applications that are designed, from the very first moment, to work well with others. After all, successful businesses don’t operate in silos. Think of it like a football team; a club may have a star striker but if the rest of the team is below par they won’t get very far. If your business solutions are at odds with one another then your business will suffer.
It’s time businesses took the blinkers off and started unifying their solutions. The practical outcome of this is embedded accounting – taking the accounting function of your business and making it real time, socially-enabled and completely embedded into every single one of your business processes.
Turn on a dime…
“Give it to finance” is a perennial answer in any business to a challenge that isn’t straightforward to resolve. And in the past, anything to do with numbers has been treated with an air of caution, even fear, by employees not working in the finance team.
Embedded solutions act as a Rosetta stone – meaning everyone in the company has an immediate input into finance, without the historical head scratching. By using tailored easy to use tools, employees across the whole company can contribute information, take actions and deliver results with less delay, less duplicated effort and less administration than previously possible.
What results is a lean, mean business machine – ready and able to turn on a dime and capitalise on any opportunity faster than before.