Why is a Cloud ERP System an Ideal Solution for Fintech?

SISTEM ANUGRAH PRIMA - While various uses of technology exist to provide convenience to consumers, many fintech businesses still manage their back office processes manually. This process is certainly less practical and is not free from errors due to human negligence.

One ideal solution that can be used by fintech businesses is a cloud ERP (Enterprise Resource Planning) system. This system is one of the leading technologies that can help businesses automate manual processes and also introduce operational efficiencies.

How Can Cloud ERP Systems Help Fintech Businesses?

Automation of key financial processes – Manual data management via spreadsheets often results in errors due to human negligence and the possibility of data duplication. Mistakes like these can delay the financial closing time and affect the financial position of the fintech. As a result, businesses will be hit with expensive fines by regulatory authorities. One of the best steps that a fintech business could possibly take is to try switching from manual financial processes to cloud ERP technology.

Global Corporate Finance Consolidation – Fintechs need cloud solutions that can provide a consolidated, yet global, view of all their businesses and subsidiaries across multiple countries. This Cloud ERP system is equipped with global financial management tools that provide visibility, and is also preconfigured to cater to different currencies and languages.

In addition, the Cloud ERP system has also been configured to enable financial reporting in accordance with global regulatory requirements. This system can ensure fintechs manage their finances smoothly on one platform that functions as one unified source.

Scalability – Fintech businesses operate in industries with high growth trajectories. Unfortunately, legacy systems and other small-scale solutions do not have the capacity to accommodate the rapidly growing growth prospects of fintech.

Ultimately, fintechs must realize that a system built to handle 50 users will not be able to handle 500 users. With its architectural advantages, the Cloud ERP system allows fintech to develop in parallel with the growth of its users. If your business switches to a Cloud ERP system, you can add users and adjust the system as your business grows.

360-degree, real-time visibility – Fintech businesses often operate in highly disruptive and volatile financial markets. The array of disparate, best-in-class solutions that fintechs use can sometimes stack up in a chaotic manner. Often these systems are not well integrated and end up in silos, reducing the value of the data.

Cloud ERP systems offer powerful integration functionality that can help with various solutions used by fintech businesses. By using this system, companies will be given a real-time, 360-degree view of their business processes and customers. This can significantly help fintech businesses in unlocking key insights that can drive their business growth.

Conclusion

In facing the challenges posed by increasingly disruptive markets and an unstable global business environment, we only have a short time to stop and innovate to solve problems.

One of the right solutions to innovate in solving problems is to use cloud solutions such as an ERP system. The system is equipped with powerful forecasting tools that enable businesses to plan their future. Cloud ERP solutions also unify data and provide fintechs with key insights for business growth. Additionally, the real-time nature of the data received with cloud ERP solutions allows businesses to monitor consumer demand and changing trends.

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