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Best-of-Breed Model: What it is and How it Helps Your Organization

Technology that does everything adequately does nothing particularly well. As companies have come to rely on technology for everything, they’ve realized they can’t settle for average capabilities, especially for something as fundamentally important as accounting.

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Technology that does everything adequately does nothing particularly well. As companies have come to rely on technology for everything, they’ve realized they can’t settle for average capabilities, especially for something as fundamentally important as accounting.

One thing seems certain about the future of business: technology will drive everything. Digital breakthroughs operating out of the cloud and over the internet promise to optimize all aspects of the enterprise and usher in a new era of efficiency, productivity and innovation. Alternately, companies that continue to rely on manual processes and gut instincts put themselves at a significant competitive disadvantage in any industry. Technology is paramount, which helps explain why 80% of respondents to one recent survey are actively undergoing a digital transformation effort.

Knowing that transformation is now paramount, companies need to decide how. One option is to choose an all-in-one platform that packs as many features as possible under a single umbrella. That way, transformation is arguably as easy as implementing one major new application. However, there’s a reason companies are migrating away from this approach and toward its direct opposite: the best-of-breed model.

What is the Best-of-Breed Model?

In this approach to enterprise IT, companies choose the best software available to handle the core functions of the company, accounting for example. Then they integrate that software with other best-of-breed applications, creating a network of shared data between departments working with purpose-built tools.

This model is also referred to as the hub-and-spoke model. Imaging accounting software at the center (hub) with connections (spokes) heading off into all the other departments – sales, marketing, IT, logistics, the C-suite, etc.

Companies have taken a best-of-breed approach since the earliest days of enterprise IT, back when that was the only option. Now they can choose to leverage the cloud to operate out of vast, feature-rich platforms, yet many are returning to the best-of-breed model after deciding it’s the smarter approach to today’s and tomorrow’s tech.

How Best-of-Breed Benefits Your Organization

Technology that does everything adequately does nothing particularly well – the classic problem of being a jack of all trades and a master of none. As companies have come to rely on technology for everything, they’ve realized they can’t settle for average capabilities, especially for something as fundamentally important as accounting.

Plenty of platforms offer accounting capabilities, but companies poised for growth need advanced tools that can automate workflows, facilitate strategic finance, and unlock the secrets inside the data. They require a powerful financial management solution that leverages data from inside and outside of accounting – exactly what the best-of-breed model prescribes.

Thanks to advancements in APIs, it’s easier than ever to link best-of-breed applications so they work seamlessly together. Once that happens, companies have the same functional benefits as a software platform offers, but with a vastly superior toolkit in every department.

To bring a best-of-breed approach to your own digital transformation, you need a partner to help select the right software and build spokes off the hub. The team at blumshapiro is here to facilitate your transformation at every step of the way. Contact us to set up a consultation.

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