The wide-reaching costs of delaying the replacement of Finance software
Key Takeaways
- Continuing with outdated financial systems and manual processes leads to rising direct, indirect, and hidden costs—making the “cost of doing nothing” increasingly expensive for Finance organizations
- Companies relying on legacy tools struggle to recruit top Finance talent, as candidates increasingly prioritize roles with automation, integrated planning platforms, and modern digital workflows.
- Inefficient, error‑prone workflows reduce Finance’s ability to deliver timely insights, slowing decision-making and weakening Finance’s role as a strategic partner to the business.
In our first video with EY UK and EY Ireland, we discussed the 'Cost of doing nothing'; how delaying the replacement of outdated financial processes or software gets expensive.
Direct costs, indirect costs, hidden, knock-on - they all stack up.
This time, partnering with EY Norway and EY Finland, we wanted to zoom in on two of the cost areas raised in that first Q&A; business partnering and retention/recruitment.
Video 1: How does continuing with long-winded and error-prone planning and consolidation processes impact Finance's ability to be a strategic partner to the business?
Video 2: How do those old ways of working affect members of the Finance team, and the organisation's attractiveness to external candidates?
Fill in the form to watch either of the recordings, or get in touch to chat with our experts about the best place to start.