Sometimes the issues professionals have with their IT systems lie more with the people and processes surrounding the systems than with the systems themselves. When looking to grow their businesses international presence, financial professionals need to know that they not only have a stable process to engender growth but also the correct environment.
According to KPMG, the vast majority of cost reductions made during the recession (93 per cent on average) are not believed to be sustainable and costs are quickly creeping back into the business as many companies turn their back on cost-cutting measures to refocus their attention on growth. The real concern is that this will wipe out any new profit gains or even completely scupper moves to expand into new geographical markets. In order to grow sustainably, organisations need tight control of costs, but at the same time need to safeguard the perception that they are creating value for their customers, employees and owners.
Aside from issues with process, there are conflicts in management that must also be avoided. If within the organisation there is a hungry and capable sales team – combined with an ambitious CEO – the CFO could well be viewed as the ‘party pooper’ if they look to restrict potential growth opportunities by highlighting the company’s operational insufficiencies. The only way to sufficiently explain the importance of having the right finance and other systems and processes in place to support expansion is to speak their language. In other words: ‘revenue’ and ‘profit growth’. The best way to speak this language is by having access to tools that can show where the business is doing well and where it is having problems. This can then be presented to the sales team and CEO, helping to ensure that growth is sustainable.