For CFO's, controllers, and other finance leaders, suite solutions versus best-in-class software is a well-established and long-running parley. Many leading organizations are left to wonder whether they would be most successful choosing a suite of products from a single vendor, or using a combination of best-in-class products from several industry leaders.
At Intacct, our choice is clear—gone are the days where CFO’s and business owners are able to meet all of their needs with one single software publisher. Intacct’s best-in-class philosophy allows for easy integrations, freedom of choice, and increased financial efficiency.
The difficulty in using suites often arise when individual applications are not enabled with sufficient features, not on par with competing best-in-class applications, not fully integrated with other applications in the suite, and do not offer consolidated reports. Vendors are not typically good at focusing in multiple areas and get stretched thin when required to manage multiple solutions of a suite. In addition, R&D money also gets spread thin across a wide range of priorities.
A major appeal with a best-in-class approach is functionality and flexibility. Best-in-class vendors typically provide significantly greater functionality, as well as easier deployments. These advantages can stem from a singular focus on a smaller set of features and the reliance of these vendors on customer success stories. As a result, best-in-class vendors often have a deeper understanding of their customer’s needs and pain points, and a dedication to guaranteeing a positive customer experience.
CPA.com recently published a whitepaper, “Match of the Century: Application Suites vs. Best-of-Breed Cloud,” discussing the pros and cons of all-in-one suites versus best-of-breed solutions. The content examines why the cloud has changed everything and gives best-of-breed solutions a compelling advantage over suites. To find out more, download it today.
Let me know your thoughts in the comments below. Have you had success with a suite solution or is best-in-class the way to go? Stay in touch with Intacct by following us on all our social media channels, including Facebook, Google+, LinkedIn, Twitter, and YouTube. Also, join the Intacct Cloud Accounting group and the CFOInsights group on LinkedIn; they are a great place to network with other people interested in cloud financial applications.