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Attracting new clients is always the goal of any financial services business; capturing a larger market share increases profitability and strengthens individual positions. However, plenty of opportunities exist within the current clientele. Up-selling and cross-selling products to current customers will drive business growth in any economic climate, even in a stagnant or receding economy. The amount of data and analytics required in meeting these goals mandates a strong ERP financial software package. Otherwise, a pile of numbers and statistics is meaningless if it cannot be interpreted, sorted, and communicated in order to create sales and profit.

Enterprise Resource Planning

ERP financial software focuses on investment analysis and management, cost reduction, creation of customer profiles, and integration of company functions to foster productivity. Effective financial analysis requires powerful tools to sort data into emerging trends and business opportunities. Solutions need to allow cooperation between departments and products for effective cross-selling. These needs are the same between all types of financial institutions, from hedge funds to holding or insurance companies.

Solution Specifics

An ERP financial software suite should provide a certain set of services in order to be a sound investment. First, any new technology should be used to better understand a client. Beyond the human element, companies often have a lot of data on their customers, but rarely is it compiled into one usable resource. Creating a holistic view of a client will enable additional sales opportunities by anticipating customer needs and meeting them with up-selling and cross-selling packages. Servicing all of a client’s needs through one company’s products is an amazing way to provide better customer relationship management.

Improved customer relationship management will empower agents and brokers to greater profitability via organizing and tracking current and prospective clients. The service industry is all about satisfying needs and customers will appreciate a company that can provide targeted solutions in a timely manner, especially if those needs can be anticipated. Linking formerly separate customer communication channels together will integrate client feedback into consistent and improved customer satisfaction to maintain relationships and foster repeat business.

ERP financial software will also reduce costs and increase efficiencies when properly utilized. Easing the administrative burden that is put upon financial advisors frees them to spend their limited time on generating sales. Managing the ever-present administrative workload is a direct cost savings. This is achieved by system integration which allows workflow processes to span claims processing, service providers, distribution networks, and policy administrators. Integration allows for a more flexible organization that adapts quickly to change, supports speed-to-market products, and achieves operational efficiency.

The goals of a successful ERP financial software suite can only be met by a powerful and robust technology solution. The software suite should come with a large degree of flexibility, strong support structures, and an interface that assimilates with the current technology. Successful solutions are typically based on proven technologies, such as Microsoft Dynamics, that can offer diverse applications over a coherent foundation. Ultimately, an investment in technology should solve problems and not require excessive retraining nor cause major incompatibilities with the current way of doing business. In the long run, this type of improvement is vital to keep growing companies financially healthy.

Christine O’Kelly is an author for Stanley Stuart Yoffee & Hendrix, Inc., the leader in ERP financial software solutions. SSYH offers its talented ERP consultants to create business systems.

[tags]ERP financial software[/tags]