Popular myths surrounding financial management software

Spread the love

Myths make any organization make silly mistakes, which might cost them a lot on a long-term basis. Only professionals, those who chose to Study CFA in Dubai, and well-versed experts in the industry understand the loopholes involved while making crucial technological decisions, especially in the finance industry. Following are the common myths surrounding FM software which deeply impact an organization:

All FM software are the same

Since people believe that a CAFM’s responsibilities can be handled by any other software, they often opt for cheaper alternatives. Although the alternative choices do not come even near the features of CAFM programs, businesses do not give this a good thought. This mistake cannot be blamed completely on the authorities, as they do not have a clear understanding of the robustness of a CAFM system. It is important that organizations weight their options properly before making a concrete decision.

CAFM only supports asset management

A lot of people believe that CAFM is useful only for asset management purposes. Although a CAFM program does provide a detailed analysis of the company’s asset, this is not its specific purpose. The usability of CAFM stretches to system security, workflow management, financial control, etc. The scope of such a program completely shadows its alternatives.

Integration with Building Management Systems and sensors is a new trend

In the coming years, people will be acquainted with the Internet of Things, where various gadgets are under one network and are connected seamlessly. The finance sector has also seen its share of technology-driven progress. BMS integration has been around for a really long time. Actionable outcomes can be generated quickly thanks to sensor data feeds, which have stayed the same over a considerable period.

An all-in-one ERP performs the same as a CAFM

Opting for an ERP program instead of CAFM is similar to considering reactive management over a proactive one. ERP systems like “SAP” and “Oracle” are excellent in giving retrospective data, especially in the financial sphere. Their asset management tool helps in focusing value on that particular asset. However, CAFM allows the business to perceive its decisions in a wholesome manner. What CAFM does better, is that it provides additional data, not just the value, in regards to the asset. This allows the management to make informed decisions, which will lead to better savings and a more efficient approach.

CAFM is expensive

The financial market is money-oriented, and such sophisticated software will be deemed expensive. Where people fail, is understanding that the specifications of the product are more important than the price tag it carries. Without such a system at place, the organization will have to incur substantial losses.

When it comes to CAFM professionals, depend only on Institute of Financial Analysts. They have been in the industry since 2001, and those who Study CAFM in Dubai have seen their demand rise. Visit their official website for more details.

Related posts

Leave a Comment