Archives September 2022

For all their use of modern technology to deliver ease of use to consumers, many fintech businesses still find themselves manually managing their back office processes. These processes are riddled with human errors and data duplications. 

The cloud enterprise resource planning (ERP) system is one that is at the forefront of technologies that are helping businesses automate manual processes and introduce operational efficiencies.

Automation of key financial processes – The manual management of data through spreadsheets result in human errors and data duplication. Mistakes like this can delay financial close time, and affect the financial standing of fintechs, in addition to resulting in costly fines by regulatory authorities. This puts the onus on fintechs to equip themselves with the best that cloud technology has to offer. 

Cloud ERP systems help businesses automate key processes such as bank reconciliations, helping fintechs accelerate their close times. Endeavours such initial public offering (IPO) require businesses to rigorously report their finances. Cloud ERPs deliver robust financial reporting functionalities that ensure fintechs are well prepared for an IPO.

Multi-company Financial Consolidation – Fintechs need cloud solutions that can help deliver a consolidated and global view of all their businesses and subsidiaries in different countries. Cloud ERP systems are equipped with global financial management tools that deliver visibility, and are also preconfigured to cater to different currencies, and languages.

Hardly a day goes by without regulatory authorities mulling the imposition of new regulations on fintech businesses. Cloud ERP systems are also preconfigured to enable financial reporting according to global regulatory requirements, ensuring fintechs seamlessly manage their finance on one platform serving as a single source of truth.

Scalability – Fintech businesses operate in an industry that is presently primed for growth. Unfortunately, legacy systems and other small scale solutions do not have the ability to accomodate the often meteoric growth prospects of fintech.

Fintechs will quickly realise that a system that is built to handle 50 users may never be able to handle 500 users. Cloud ERP systems, due to the virtue of their architecture, cloud ERP systems allow fintechs to scale in parallel to their growth. You can often add users and customise the system in line with the growth of your business.

360-degree, real-time visibility – The financial markets that fintech businesses operate in can often be highly disruptive and volatile. The suite of different, best-in-class solutions that fintechs use can sometimes resemble a mountainous stack. Oftentimes these systems are not integrated, do not talk to each other, and end up in silos, greatly diminishing the value of data.

Cloud ERP systems offer robust integration functionalities that can help the different solutions that fintech businesses use, giving business owners a 360-degree, real-time view of their business processes and customers. This can significantly aid fintech businesses in unlocking key insights that can fuel their growth.

When facing mounting challenges posed by an increasingly disruptive marketplace, and also a volatile global business environment, there is little time to stop and think of ways to resolve problems, or innovate.

Cloud solutions such as an ERP system are equipped with robust forecasting tools that enable businesses to plan for their future. A cloud ERP solution also unifies data and provides fintechs with key insights for business growth. The real-time nature of the data you receive with cloud ERP solutions enables you to have your finger on the pulse and respond quickly to changing market or consumer trends.

In an age where remote working and work-from-home (WFH) have spawned their own jargon, it may sound a little out of place to accentuate the crucial role that the physical presence of people can have on businesses. 

Yet, Oracle NetSuite partners had learned long ago that theirs is an industry where direct, face-to-face, physical interaction with customers goes a long way towards delivering top-notch services to clients.

An Oracle NetSuite partner that serves various countries will always find itself in good stead. The experience of serving different markets, and helping customers implement the Oracle NetSuite cloud ERP system strengthens a partner’s knowledge of its customers locally. It also allows Oracle NetSuite partners to identify gaps in the solution they provide and venture into partnerships to fill these gaps and offer comprehensive solutions.

To ensure a successful venture to a market abroad, successful Oracle NetSuite partners often invest heavily in hiring local talent who provide intimacy and can relate to their clients’ needs.

Michelle Alphonso, CEO of PointStar Consulting, says knowing a product well enough alone is no guarantee of success. 

“We have learned that it is not enough just to know the product well, but it is important to have a local team,” said Michelle at the Oracle Netsuite Asia Conference 2022 recently.

“You do need to invest when you go out into different countries and encounter different cultures and languages. This will not just help you succeed in closing sales, but also ensure successful implementation of projects.”

Meanwhile, at the same event, PointStar Consulting bagged Oracle NetSuite’s Asia Solutions Provider Partner of the Year FY22, Asean New Logo Rockstar Award FY22, and Asean Top ARR Award FY22 honours.

Michelle paid tribute to the PointStar Consulting staff for their efforts, and added that Oracle NetSuite is an extension of the PointStar Consulting team as both have been working together for 11 years now.

“This award came about because of the hard work of the entire PointStar Consulting team. This is a team that has grown quite big over the years. So this award is really from all the hardwork from the guys in PointStar Consulting covering Singapore, Malaysia, Indonesia, and Shearwater for Japan, China, South Korea and Taiwan markets,” she said.

“PointStar Consulting was one of the first partners of Oracle NetSuite in the region, and we grew up together with Oracle NetSuite. I see the Oracle NetSuite family as an extension of us because we have been working together for so long.”