Several global companies today grow in two ways – either organic growth or via acquisitions. In a recent survey conducted by Epicor with more than 1800 business leaders in 12 countries across the globe, 58% of companies reported growth in 2015.
With growth comes the subsequent problem of integrating systems and of consolidating key figures and customer data. As it is today, a lot of the IT departments are already overwhelmed by tremendous work before them. As the company grows, it is expected that this work for the IT exponentially grows as well because IT is directly involved in managing interactions with customers.
This problem is especially felt by companies that run on different systems per company and which is transitioning from a medium-sized company to becoming a large global company.
If you talk to any CFO of an actively growing company, he or she will tell you that one of the major problems for them is the lack of unified reporting as the data becomes too big to handle, the amount of time it takes to make each single report and update them, the difficulty in consolidating data, and the difficulty in onboarding a newly acquired company.
This is a big problem of course because a growth that is not planned properly can suffer negative consequences. It is very important for an actively growing company that their finance system used for budgeting and planning, reporting and analysis, as well as consolidating is able to keep up with the growth not only to make sure they can better manage their finances in terms of budgeting but also to make sure they are able to manage all customers, employees, and suppliers just the same.
It is, therefore, very important that as a company plans its growth, the company also invests in a system that will allow them to cope with such growth. As the business continues to grow either organically or through acquisitions, the finance system must be manageable by a normal business user without so much help from the IT.
As mentioned earlier, the IT is overworked as it is. Putting another strain on the IT to manage the system of the finance departments will have negative consequences for both departments both time-wise (when talking about how long it takes before the desired report or consolidated figure is achieved) and in the integrity of the figures as well.
Performance Canvas by DSPanel is a corporate performance management system that can do just that. It allows you to grow by making sure it can handle your data and make it easier for the company to consolidate and onboard a newly acquired company to the system. Performance Canvas also is able to integrate seamlessly with varying systems.
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.