Over the period of time when the business reaches in a maturity phase from a growth stage this time period signifies that there is a need for change in business infrastructure and without ignoring business IT infrastructure should be a priority, this means software and hardware required for current business stage.

1. FINANCIAL SOFTWARE MATURITY: AN INDICATION to
TRANSFORM
By Ashwani Chandra
Financial Software Maturity: An indication to transform
Over the period of time when the business reaches in a maturity phase from a growth stage this time
period signifies that there is a need for change in business infrastructure and without ignoring business
IT infrastructure should be a priority, this means software and hardware required for current business
stage. Businesses keep in mind the need of the hour and they keep on upgrading the IT hardware in
terms of infrastructure but tend to ignore the business software to be precise their financial software
since it gets user friendly and becomes a routine habit, but there are few things which should be kept in
mind that Business software has outgrown and requires a change sooner than later, few things that
justifies this statement can be laid as:
• Regular grievances for the application from the user which mounts on a regular basis
• Need for appending unauthorized applications in the current system
• Difficulty in accomplishing vendor and customer requests on time
• User gets restrained in finishing their projects
• Unavailability of resources
• Rising Cost to maintain the outdated application
• Gaps in information transmission between back end and front end staff
• Managing tasks at different location leading to unintegrated data
If you find yourself a fit on the points mentioned above, think again this time you definitely require a
change in your financial software.
Now what can be the possible steps ahead and what will be the advantage by implementing ahead?
What can be done?
• Select the appropriate IT vendor so as to keep the risk as minimum as possible without facing too
much of risk, so an appropriate risk management tool should be used. The most important activity
should be selecting the appropriate vendor for the same, following criteria can be considered:
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2. FINANCIAL SOFTWARE MATURITY: AN INDICATION to
TRANSFORM
By Ashwani Chandra
• Verifying the vendor reputation, service exposure and consistency, appropriate service level
agreements and duration
• Long term bonding
• Backup of existing applications and data should be a priority
• Last but not the least call for RFQ from various vendors to judge the best service provider.
• Return on Investments should be one of the focus area and it should be not be kept untouched and
the selected vendor should play an active role to provide accurate measurement in terms of ROI,
following factors can be considered:
• Estimate the rational cost required to develop and customize the application followed by its
maintenance
• Inquire the vendor about the cost matching with existing application to the new developed
application and how much time will it take to recover those costs by providing the data and
information over the past.
• Time management over here is important hence forecast the time required and correlate it with the
cost involved.
The Benefits:
Finally you decided to implement the new financial application and accomplished it successfully with the
help of right vendor; following will be the benefits which you must reap.
• Improved satisfaction level for customers and vendors
• Increased efficiency in terms of transaction processing
• Improved ROI
• Provides a competitive advantage
• Error free transactions
• Reduced number of complaints from internal and external customers.
So think whether this is the right time to upgrade your financial application and act on it accordingly.
All Rights Reserved ©
Contact: info@finacology.com
Web: http://www.finacology.com
http://finacolology.wordpress.com