Strategic Analysis For A Financial Management System Decision

A core-operating requirement of any company is that of effective and efficient financial management. This analysis paper focuses on financial management within a specific company. It attempts to answer the question of "Should we replace the financial system, and if so what approach should be taken to replace it?" The document analyzes the current company challenges and opportunities, the external vendor market, evaluates options and alternatives, and concludes with a recommendation related to financial management at the company. The challenges identified are primarily symptoms resulting from structural set-up of the finance software, inconsistent business rules, multiple independent financial tools, and the lack of required functionality present within the current financial software. Using qualitative and quantitative evaluation the recommendation is to standardize the financial business rules and practices across the company, and to replace the underlying procurement and financial software with a current generation product.