As more organizations adopt enterprise resource planning software, the onus is on finance to adopt, and ensure that data and services will work alongside the company’s new posterchild software. But can ERP do it all, or at least work alongside the tools your department needs?
The days of capital investment for IT are in the rear-view mirror for most businesses. Instead, CFOs and teams see cloud adoption, be it private, public, or hybrid, with best-of-breed applications, fast replacing the perils of monolithic software and the curse of vendor lock-in.
In theory, that shiny new ERP or productivity suite should do it all across the organization. But, even the vendors know that isn’t the case. This is why most suites offer extended support through interoperability, connectors, and APIs to work with other business-critical products.
Commerce too is changing, customers dislike shopping for a growing number of reasons, check out this Gartner blog about retail deserts, and the rise of locked-away products. Online is easier, safer for both the person and their cash or bank details. In the confluence of these changes, all companies are seeing more online transactions.
Finance the CloudSuite Way
Infor’s CloudSuite is a popular choice for enterprises and SMBs when it comes to building a digital business, or going through that vital digital transformation. With vertical-specific features for industries like manufacturing, or food and beverage, and vital services such as distribution or Healthcare, CloudSuite and similar tools are popping up everywhere.
For finance teams, Infor CloudSuite Financials & Supply Management represents the core financial ERP features for CloudSuite, primarily supporting the healthcare, public sector, and services industries.
It delivers key financial and accounting capabilities, all through the cloud and fully integrated with specific features for those key industries. That limits the need for customization, with a global ledger, receivables and billing, multi-company billing, fund and asset accounting, cash management, and document management.
On the supply side, it supports purchase orders, strategic sourcing, budgeting, expense management and more. All of that with cloud security, redundancy, and even features like talent science and management to help the workers and new hires grow.
Never Mind Big Data, What About Big Banking?
But even that isn’t enough for many companies. Any business with a digital retail presence is running thousands, perhaps millions of transactions per day. They have to deal with possible cases of fraud, chargebacks, returns, and disputes, all racing between customers, banks, and card providers in a matter of seconds. And with all parties expecting a rapid resolution.
Specialist tools to handle these cases as provided by Cartis Payments are the solution. As e-commerce continues to boom, up 43% during the pandemic and still rising, businesses need expert tools for these tasks, and whatever the future of e-commerce holds. Cartis Payments fits in neatly with CloudSuite and other ERPs, across B2B, B2B with administration and subscription services.
These tools make for faster transactions and fulfillment. That leads to happier customers more likely to do repeat business, and vendors/partners eager to trade services or products. Your company might have witnessed the recent melee of Black Friday, read Forrester’s recap of retail activity. As growth continues, imagine those numbers as the daily norm.
Automation is the only way to cope with that rise, and delivering cardholder, fraud, chargeback protection, and prevention is vital to business success, ensuring the ability to scale and meet fresh digital commerce challenges. Across the business, that demands a solid ERP, but one that can handle commerce and its aspects.
As eCommerce evolves from multiple forms and menus to one-click or tap, even for complex purchases, the speed of movement, speed of delivery accelerates, along with the likelihood of further transactions, be it through Apple Pay, credit card or e-gift cards.
Chargebacks in particular are a growing trend. Your customers might be happy, but they are more than willing to return a product for the slightest of reasons, too big, too small, wrong color etc, and expect their money back fast. Even if it is only to buy another product immediately.
Commerce, even among B2B is picking up the pace, and within the whole market, automated commerce is growing too, so reacting at the speed of technology is now table stakes for any business that claims to be a modern one.
Get in touch to find out about Cartis Payments and our affordable merchant services solutions that will integrate with most business systems to support all your company’s payment processing needs.