The COVID-19 pandemic has negatively impacted several major industries, requiring an increase in costs and lower operating margins that leave many businesses struggling to keep their heads above water. With staff reductions that inevitably followed, business management systems and processes have taken an expensive hit.
The transition from onsite operations to remote models after the COVID-19 pandemic saw many businesses benefitting from cloud-based enterprise resource planning (ERP) solutions. After the 2020 disruption, it makes sense why the technology experts at Forbes call the cloud "crucial to the future of our societies."
ERP has seen meaningful growth and sophisticated advancements in recent years, especially given the new obstacles we face. Looking back to 2020, companies all over the world began getting used to long-term remote working environments, creating the need for breakthrough technologies to be developed quickly so business applications could fill the gaps.
If you have the ability to see how you performed only once a financial close is complete, then your next opportunity to see your performance comes a month later when you go through the financial close process again. This is an indication that your close process is more than outdated, it's also confining.
Many companies are starting the new year under a cloud of uncertainty and a haze of fear. Due to the COVID-19 pandemic and a stressed global economy, planning for how this year will unfold has proven to be more complicated than in years past. With the vaccines being distributed, we seem to be climbing out, but no one knows when the world will finally control the virus or what the economy will look like when it happens.