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International Franchise Association (IFA) is a public organization that operates worldwide and has its headquarters in United Kingdom. The organizations’ mission is to enhance, protect, and promote the various franchising activities through public relations, educational programs, and government relations. The organization operates under high standards and incorporates more than 100 subsidiary companies, individual franchise among others in many regions. As the organization is broadening its activities, the finance and budgeting practices are becoming cumbersome (Gale, 2008). There is need for technological solutions to be implemented in the organization’s budgeting and finance department.
The technological solutions that can be useful to the company include Excel Adds-Ons, Corporate Performance Management (CPM), and the Relational Systems. Excel Adds-Ons solution is designed to enhance the consolidation and merging of the excel tables when analyzing tabular figures in the organization process (Ollhoff, 2010). As the organization incorporates more than 100 companies, budgeting and financing of its operations cannot be effectively realized without the use of accurate and dependable software. The financial information from the subsidiary companies will be analyzed faster and accurately and, where need be; the finances will be disbursed immediately.
Corporate Performance Management (CPM) solution enhances IFA to undertake planning, budgeting, and reporting of its financial information at the required speed and quality needed (Paladino, 2011). In the current information-saturated economy, it is of beneficial to have information that a company can rely on to manifest in its operations. The technological solution accelerates and streamlines process of shaping and gathering data for statutory and management purposes. In addition, the closing of books will be done quickly, accuracy, and control the business operations (Mikesell, 2011). Relational Systems solution will enhance efficiency and effectiveness of the IFA business operations and this will make budgeting and planning less cumbersome