ERP in the Financial Sector

All industries rely on resources. Those “raw materials” can include people, models, intellectual property, and so on – not just commodities or fuel. Managing resources of all kinds is a critical part of running a successful organization. Today, we’re looking at how ERP can be implemented in the financial sector to keep track of the unique “resources” of the industry.

First, let’s take a look at what these resources consist of. With varying products and services within the financial sector, different companies will have different resources to manage. Still, these essentials will likely play a role in any business in the “money industry.”

People – In any service industry, people are the ultimate currency. Customers, employees, partners, etc. all play a role in successful banking, advising, trading, and so on. It’s all about managing expectations, maintaining portfolios, and helping people reach their goals. With no customers, there are no accounts. Without employees and experts, services cannot be rendered.

• Raw Data – Probably the most important resource of all, your customers and clients are depending on you to organize and maintain their financial data. It’s the whole reason they hire you in the first place! Account and portfolio information, as well as growth, interest rates, or market changes, are critical to you operations.

• Sales/Revenue/Costs – Even if you’re in the business of managing other people’s money, you still need to keep track of your own finances as well. Another “resource” to be managed is the ebb and flow of income, expenses, and active customers.

There may yet be other specific resources you need to manage, but these are the primary components of a finance business. Most of the things that need tracking fall among the categories of people, data, and sales. This “sales” category can include customer longevity, the packages or services you sell, your overhead costs, etc.

With ERP systems, you can manage these essential resources in a range of ways, allowing your organization to be more productive, more efficient, and offer a better experience to customers – which ultimately earns more business. Here are a few ways ERP systems can make a huge difference for companies in the financial sector:

1. Automation

With a robust ERP system, things like monthly reports, email updates, account statements, and the like can all be automated to save staff time and effort. Beyond simply updating customers, automation can extend into so many other areas of operation. If you have forecasting models, you can automate your ERP to rerun algorithms and generate reports for your staff. You can set reminders for sales staff or account managers to follow up with clients. You can get weekly overviews of project progress, and on and on.

Whatever you need to monitor, you can set up automated processes to get the right information to the right staff in an ongoing, reliable way.

2. Adherence to Regulation

You need to make absolutely sure that all of your services adhere to federal, state, and even local regulation. With an ERP system, you can have all of this info available at a glance. Everyone on the team will be able to quickly reference regulatory documents. With some customization, you can even build in checklists and filters to make sure communication with clients follows guidelines.

An ERP system can help you avoid costly mistakes and ensure top quality for every customer.

3. Bird’s Eye View

Depending on the size of your business, getting a top-down, complete view of the company can be very difficult. If all of your information is collated in your ERP system, however, you can organize data however you want! This includes being able to see a real-time, bird’s eye view of active clients, revenue, expenses, etc.

This vantage point could be critical for recognizing where you’re losing money or customers. It could also identify untapped potential, purchase trends, even your best employees. Do not underestimate the value of a big picture overview!

4. Integration

ERP systems can integrate with a range of other software to improve your processes without disrupting them. From bookkeeping to contact management, payroll to calendar and email accounts – ERP can connect them all. This means using the familiar systems, but with massively increased connectivity and sophistication.

You can remove steps from clerical processes, save time entering the same data in more than once place, and so much more. Increased efficiency often means reduced costs. Reduced costs often mean larger margins and more revenue.


This is but a glimpse of what ERP systems can offer for companies in the financial sector. Every unique business can stand to benefit in a different way.  If you have questions about how an ERP system could benefit your business, or just want to explore what’s possible with this kind of coordinated data and resource management, contact us today!

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