Conclusion Best of Suite vs. Best of Breed: Does a “jack of all trades” software make any sense at all?
Yes, we think so! Because even if it is very tempting to buy the proverbial Ferrari among the tools in the respective departmental garages: The principle of “jack of all trades” can make perfect sense, namely when a similar subject area is covered by the best of suite solution. So the questions you need to ask yourself to make a decision are: What processes do I have? And where are these processes the same or in which area is the same data processed?
In the best of suite vs. best of breed debate, the all-in-one solution can win the game where many processes of the same type are running. For example, in the area of finance on the side of accounts payable. Instead of having different tools for incoming invoices, travel expense reports, employee expenses and corporate credit cards, for example, a holistic financial operating system can meaningfully unite all needs and thus provide a good overall picture of expenses. Not only does this make it easier to keep track of the finances of a period, it also automates accounting in the same step, making it easier.
You might want to interject about this example: What about the process on the accounts receivable side? However, there you ask yourself completely different questions – the data should therefore be processed in another tool for an optimal workflow and does not necessarily have to flow into the accounts payable software. The link between accounts receivable and accounts payable can be liquidity planning (which, by the way, works wonderfully as part of a best of suite solution, as will be the case with finway as of February).
The bottom line is that you don’t have to make an enterprise-wide decision for best of suite vs. best of breed. Rather, it makes sense to look at the needs of individual departments, identify processes and leverage synergies where it makes sense. In this way, you can automate the same processes, combine data, and always know how things are going thanks to clear reporting.