The complexities of the financial services sector render it more vulnerable to challenge and change than most other verticals. Therefore, implementing a cutting-edge ERP solution that will deliver the requisite control, automation and visibility will ensure you’re able to ride the sector’s storms.

It’s no surprise that deploying such a solution will wield as much power to you as it will confidence to your clients.

These challenges come daily. From the ever-increasing administrative costs and constantly shifting regulatory reforms. To the never-ending demands to deliver only the highest standards of service and due diligence to clients, their products and portfolios whilst simultaneously culling expenses, is unrelenting.

Then consider all this is taking place in a world that continues to obsess over gig-economy liabilities, the GDPR (General Data Protection Regulation) mandate, geopolitical risk, cybersecurity and Brexit contingencies, and the financial services arena appears to be in the midst of something of a fiscal revolution.

However, it’s worth noting that a decade after the financial crisis, many financial services organisations are still reaffirming their roles.

This is despite the growing evidence that a digital transformation affected by technological evolution will leave them well placed to counter any future catastrophe – and to exploit the opportunities and growth that, notwithstanding the current climate, exist.

In Deloitte’s 2019 Banking and Capital Markets’ ‘Reimagining Transformation’ report, a number of indicators point to the necessity for technology to take a lead when it comes to transforming the nature of work. Notably its ability to integrate and automate processes, mitigate risk and deliver productivity gains and intelligent insights from the data it handles and manages.

Yet, it reports that too many organisations are ‘still performing manual, inefficient processes despite previous attempts to automate’. Moreover, suggesting automation, the cloud and core modernisation are key. And affirms that, “for any of these technologies to have maximal impact, data is key. Although data is plentiful, it is often not easily accessible, clean enough, nor integrated.”

The case for a robust, future-proof ERP is made.

ERP that’s designed to embrace challenge and change

man on tabletHaving established your requirement for an end-to-end business programme that will give you the robustness and flexibility to deliver the transformational change you need to remain competitive and in control, your quest to implement the finest ERP solution the financial services industry can depend on, begins.

The importance of discussing an ERP implementation strategy with a consultant who understands your industry and its business model, cannot be underestimated for a sector so heavily constrained by regulation, data sensitivity and market volatility.

You’ll be appointing a partner whose task is to help you align your operational and financial objectives and ensure your deployment is as seamless and rewarding as the lifetime of support and security they’ll deliver in the years after go-live.

Appointing the right ERP implementation partner will ensure you deploy a cutting-edge solution that is completely customised to your organisation and best placed to answer the complex business challenges of the financial services sector.

A successful ERP deployment will not only help you pull off your digital transformation, it will leave you perfectly positioned to exploit valuable ROI opportunities – without compromising your operational continuity or expectations of what the platform can achieve.

This is a snapshot of what you can expect:

Robustness and flexibility

Robustness and flexibility are your reason for being when it comes to ERP that’s tailored to your sector. So it’s inevitable that Microsoft Dynamics NAV and Microsoft Dynamics 365 Business Central will feature high on your implementation consultant’s applications of choice.

These are versatile, dynamic ERP solutions that are designed to support small and medium-sized businesses, give them unparalleled control over their fiscal and business data, and provide the perfect base from which to scale up with increased functionality and complexity when the time is right.

Unity and collaboration

Relied on by millions of users around the world, both Microsoft ERP products represent three-dimensional, unifying platforms that simplify all processes and integrate every department in an organisation, including accounting, human resources, project management, reporting and tax.

This means teams can collaborate and plan more decisively using accurate, single-source data, and perform smarter with the agile workflow cycles, reduced costs and improved productivity that are so integral to profitability and growth.

Data security and efficacy

Both Dynamics NAV and 365 Business Central deliver freedom from the data silos that are inherent in disparate system environments.

Data is collected from every interaction, from every area of your organisation and stored in a single location to present a comprehensive, real-time view of your business. Say hello to a gargantuan supply of actionable insights and business analytics that will help you report, forecast, monitor and respond to change with new-found ease and kiss goodbye to that mine of data entry errors, duplications and inordinate amount of time spent on data consolidation.

Client management and retention

Within the fast-paced financial services sector, the client experience is king. Dynamics NAV and 365 Business Central provide real-time access to every client’s data, portfolio and their transactional history for a unique, 360-degree view of their journey that’s yours for the exploiting.

This overview will ensure you can prioritise leads based on revenue potential and the best upsell, cross-sell and renewal throughout the sales lifecycle.

In doing so, you’ll be boosting your sales productivity, delivering value at every touchpoint and inspiring loyalty from customers who will respect both your transparency and your superlative service.

The benefits ERP brings to the financial services sector

A smarter, client-centric service, improved productivity and more streamlined and automated processes are just part of the ERP story. Implementing a qualitative ERP solution that’s customised to suit an industry fraught with challenge and change and position its users for a new era of profitability, competitiveness and growth is a fitting end to this narrative.

In the meantime, there’s a raft of further benefits associated with a visionary ERP deployment to embrace:

  • Enhanced business performance through streamlined business processes
  • Comprehensive accounting and optimal fiscal control
  • Total transparency
  • Reduced time spent on data consolidation and elimination of data entry errors, duplication and data silos
  • The assurance of compliance with regulations and reform through automated processes
  • Automated tasks and workflows that integrate with the tools and service you’re already familiar with
  • More effective data analysis, reporting, modelling for fast, effective decision-making and real-time performance analysis
  • Anywhere, any time access to data via a secure cloud-based ERP solution
  • Boosted sales productivity through quote-to-cash and procure-to-pay processes
  • Choice of a range of enterprise applications or plans that are designed to fit your business model on a low TCO and offer an impressive return on investment
  • A solution that’s built to evolve, enabling users to implement and start quickly, grow with them and be sufficiently flexible to adapt to changing business needs in real time

ERP’s role in driving transformational change

Business meeting shaking handsWith an increasingly digitised landscape and shifting geopolitical backdrop to contend with, it’s no surprise many financial services organisations are now revaluating their business systems and the need to improve operational harmonisation, visibility and effectiveness.

The questions on ERP’s role in any such transformational activity should focus on the platform to drive it, the implementation partner who’ll be charged with delivering it and ‘when’ not ‘if’ the adoption strategy will take place.

The aforementioned Microsoft Dynamics NAV and Dynamics 365 Business Central implementations call for a partner with specialist skill sets, integrity and a proven track record.

You’ll be looking to forge a relationship with a consultant who has a thorough appreciation of the financial services sector, your precise business model, its fiscal requirements and the accounting conventions of your geographic location – all are critical to a seamless ERP deployment.

There are few ERP implementation consultants with the expertise and success as TVision. A trusted Microsoft Gold Partner, TVision is one of the largest and most learned Microsoft ERP platform partners in the UK with an unwavering commitment to the Dynamics NAV and Dynamics 365 Business Central products.

It has a collective in-house experience of 270 years in NAV deployments alone, 169 successfully implemented projects and a team of 26 dedicated NAV professionals with expertise in every market sector, notably the financial services industry.

If you’re ready to upgrade your legacy systems or start fresh with an ERP platform that will drive your performance, control and business strategy and help you ride the sector’s storms in uncertain times, talk to the TVision team today.