If not, it is time to invest in a good financial management system.
Most companies, while setting up their e-commerce business spend a lot of money and resources to develop stylish web-shops by integrating best of breed ecommerce platforms with the latest technology. Whilst the look and feel of your web store is important, it does not guarantee an excellent online experience. With ease of transaction ruling the e-commerce world, it will take customers no time in deserting your site if they find that their preferred local payment method or currency is not available, or when payment pages do not provide them with the most up-to-date product information and order-tracking facility.
In order to have a successful e-commerce business, you need a strong digital storefront, aided by an equally strong Financial Management System supporting your back-office functions. A seamless integration between both is important, not only from a customer’s perspective, but also for overall business growth and efficiency.
While an ecommerce platform will take care of all your customer transactions and billings by keeping records, a Financial Management System will help you analyse those records to make informed decisions, assess new opportunities and evaluate the success of your business strategy.
Using a Financial Management System in conjunction with an e-commerce platform becomes all the more important because it helps:
- Your finance team to gain access to financial data when they need it and wherever they need it
- Your analysts to make quick and informed decisions based on real-time visibility of cash-flow
- Your sales and marketing team to be able to pull reports, as well as generate invoices from sales orders at the click of a button
- Your customers to get real-time information about available inventory, latest order status and even track shipments with tracking numbers
To understand more about how Financial Management supports the growth of e-commerce business, download the “The importance of financial management for ecommerce” white paper.
Or check out our infographic on Financial management: A Best Practice guide to achieving awesomeness.