We’ve seen some very positive results off the back of our 2020 customer survey and personally, I’m pleased that our financial solution has been scored by our customers as one of the most important parts of the application and the highest performing. But what is it that our customers love about IFS Financials?
Our financial solution is broad, it covers support for fundamental as well as more advanced processes and we have always remained focused on our target industries; Manufacturing, Engineering, Construction and Infrastructure, Service Industries, Aerospace and Defense and Telecommunications, Energy, Utility and Resources. IFS Financials is an extensive solution that is seamlessly integrated with IFS’s ERP solution for global business, and I believe that this is a true strength that our customers are appreciative of.
A Global Customer Base
Many of our customers are based in a variety of locations worldwide, with sites that are operating through multiple organizations across the world and people working from different countries, all with a reliance on efficient cost control across those entities. This is where our solution gains its strength; through multi-company functionality. When we develop new functionality, we are always keeping this front of mind – our customer’s organizations and finance departments, creating software that is lean and efficient and that supports the customer in a cost-efficient way, anywhere in the world.
Exceeding the Competition
IFS may be a mid-size company, but our financial solution is broad and robust and can easily be compared to the likes of SAP and Microsoft as it provides the full functionality that these competitor offerings bring. Our solution exceeds the competition in fact – as when our customers first start out with IFS Financials, the feedback we receive particularly from our larger more heavily project-based customers is that the solution is user-friendly and easy to configure.
‘Best in Breed’ is not always the answer
The vast majority of our ERP customers use IFS Financials integrated as part of their ERP solution. Some of our customers decide against implementing IFS Financials due to a ‘best-in-breed’ software strategy with custom-made integrations. These customers miss out on the benefits of an integrated financial solution with secure and fully automated transactions that also provide deep and instant insights into the financial figures and performance of their organization.
Of course, ‘best-in-breed’ solutions are considered very strong in their own segments as that is how they are promoted, but at IFS we have always focused on the strengths of a broader, connected ERP solution and the benefits an integrated suite provides.
Integration is Key
When your applications are integrated by default, the same user interface, terminology and processes are automatically aligned, and allows for a lower total cost of ownership over time. Full integration allows for much more automated processes and real-time data to be accessed from anywhere in the world at any time, which is essential for larger customers.
A recent IFS customer study conducted by IDC found that finance teams are more productive with real-time access to data, which can be achieved globally with an integrated solution:
“The availability of data our finance team receives, and seeing it in real time with IFS, is beneficial. There is less data entry but more analysis. Our finance team is around 50% more productive. … Also, we have 80% fewer errors because the IFS system does not permit users to make mistakes.” – IFS Customer
For those that don’t have integrated functionality it can be costly when facing a software upgrade. Integration provides high-level automation when transactions are processed and removes the possibility for error – the less human interaction the better!
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