The advance of digitalization is one of the greatest catalysts for change in the financial department, placing technological innovation among CFOs’ top priorities. Hence, achieving a successful finance strategy involves defining a sound digital roadmap and investing in technological solutions to keep up with the unprecedented pace of change. So, how is technology reshaping the finance function?
1 From manual to technology-driven processes
The introduction of technology in finance as a solution for routine, repetitive and rule-based tasks saves valuable resources, freeing time for finance teams to monitor data output and perform value-added tasks. Thanks to the use of advanced technologies, the burden of paperwork is now a thing of the past, with digitalization being a must for the efficient operation of the finance department. Likewise, eradicating the tedious and time-consuming task of manually introducing data minimizes the risk of human mistakes and errors, while improving collaboration as a result of the streamlining of operations and automated reporting in finance.
2 Big data management
Efficient management of big data analytics in finance and better algorithmic understanding means more precise predictions and enhanced risk mitigation. By choosing an integrated financial management solution with a customized set of technologies and tools, tailored to your company’s needs, you will be able to:
- Improve predictive modeling.
- Better estimate return rates and investment outcomes.
- Mitigate information asymmetry issues and achieve compliance with regulations.
- Mitigate risks associated with financial trading.
3 New roles in the finance department
The implementation of disruptive technology in finance is gaining momentum: artificial intelligence, robotics and blockchain are taking financial services to the next level. This, in turn, has a direct impact on the finance department, entailing a change in the role of finance professionals, whose tasks are no longer reduced to number-crunching and accounting. Thus, they are now expected to be:
- Skilled in the new tools associated with emerging technologies in finance and how they work.
- Financial analysts and advisors, helping in decision-making.
- Experts in interpreting, visualizing and communicating data clearly to stakeholders.
4 Automation and time saving
The importance of automation in the finance department is unquestionable; moreover, it is one of the key drivers of corporate success. What are some of its benefits?
- Processing of a larger number of transactions in less time.
- Freeing of valuable resources in the finance department that can be allocated to areas of real business value.
- Reduction of the administrative burden and repetitive tasks.
- Real-time transaction data and information on demand.
Technology in finance is clearly here to stay, and the only way for companies to maintain a competitive edge is by keeping up with its pace. Therefore, the path to success involves finding the right solution to embrace emerging technologies in finance, and this is where Talentia Software can help you.