Contrasting with last week’s prescriptive ERP Package approach, the other major vendor uses an integration approach to the problem.
This ERP Vendor grew through acquisition of various products, and integrated them. This means that often one can select only particular functions or parts of the package to use, and then construct or use other components to solve other parts of the problem.
This can be more expensive if the integration between the selected components do not work well together. But it can be less expensive than trying to use components which do not perform the functions required.
One aspect of finance functions specifically is that they have a greater analytical nature to them than perhaps some other business processes. The Balance Sheet for an organization is an accumulation effectively of every business event the organization has even transacted. Thus the data update cycles for finance can be more challenging as data grows, because of the need to keep track of the entire organization, as explained in this graphic.
This is a Episode 150 of Conversations with Kip, the best Financial Systems Vlog there is. Literally learn more–about ledgers and financial systems–at http://www.LedgerLearning.com.
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