What’s the Future of Enterprise Financial Software Solutions?

Bill Gates once said that we will always overestimate the change that will occur in the next few years and underestimate the changes that will occur over the next 10. While the last big move was from DOS to Windows, enterprises are now seeing the big switch from traditional software to cloud-based financial software solutions.

Prior to 2008, financial industries were taking the first steps toward individual application platforms. Those numbers have now dwindled and few are risking any leaps. But according to a survey by Forrester Research, many enterprises believe a major application renewal is necessary to ensure their firms will be able to cope with current and future business and technology needs. Forrester predicted that cloud computing would reach $160 billion in 2011.

Traditional Financial Software Solutions at the Enterprise Level

Your banking applications are probably decades old, right? The standard traditional financial software solution cannot possibly withstand today’s financial services that enterprises are requiring in their day-to-day operations. Instead, you should be looking to other platforms to be able to quickly add channels or mobile accounting software.

Also look at establishing a true cross-channel capability and one that supports target geographies in a moment’s notice. Unlike traditional financial software solutions, a cloud-based approach will be able to handle a completely new line of products as well as real-time processes.

Financial Software Solutions that have Developed with Changing Times

As you’ve evolved from your pencil and notebook to computers so has your software and the web. Accounting tasks merged to this medium, however, the concepts have stayed the same. QuickBooks is an example of that. Technology has revolutionized many things; accounting could be one of the biggest.

In the beginning, a single page would be allocated for cash, then accounts, then accounts receivable, and accounts payable, etc. But financial software solutions, even in their earliest forms, have evolved. The cloud-based solution has emphasized the power synchronization has on your accounting business. QuickBooks and other financial software solutions created automatic calculations which have given accountants the time to then further interpret separate data and make better financial decisions.

Are Large Enterprises Able to Move to Cloud Financial Software Solutions?

If web-based applications, specifically the cloud, can step up and handle the competitive and flexible needs of the financial industry, then yes, large enterprises will be able to move to the cloud successfully. To be considered steadfast financial software solutions for years to come, systems will have to showcase key elements of genius architecture or off-the-shelf banking platforms. Platforms must be able to control costs, maintain flexibility and minimize time-to-market strategies.

Many already show a powerful focus on efficiency and cosy organization but will need to always look at improving. Forrester also noted that aging technology, applications and workforce can all be factors into what an application will need to replace. Moving to cloud-based financial software solutions could alleviate some of the short comings you could be facing in the near future.