The roots of modern Enterprise Resource Planning go back to the 1960s, and today’s advanced solutions originally grew out of inventory and accounting systems. Which is ironic, as the financial sector is now one of the industries to benefit most from modern ERP systems. In fact, it’s an excellent example of ERP’s benefits – especially since 2008.
Since then, this has been an ever-changing landscape. Recent years have seen rationalisation, mergers, volatile markets and high-profile scandals. Moreover, after the crisis the UK Government introduced record amounts of regulatory legislation; all of which puts banks, insurance companies, investment brokers, and wealth managers under unprecedented levels of scrutiny.
Time and again though, ERP has proven to be ideal for financial organisations. Here’s why.
In its simplest terms, ERP integrates all the data and processes of an organisation into one streamlined system. For many businesses, that means increased efficiency, better agility to cope with market fluctuations and improved inter-departmental communications…which are important to financial institutions too. But most important of all is the transparency ERP offers.
ERP can highlight non-productive areas of business, opportunities for cross-selling and company performance – all vital to success – but most important is compliance. With true data governance, ERP provides evidence of compliance with the latest legislation through comprehensive audit facilities, embedded work flow, field auditing and strong security.
So as the banking sector continues to rebuild and regain lost trust, ERP’s playing a crucial role. Just as it can with your business. To see how, simply talk to Percipient.
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