Finance departments and industry professionals are in the business of making sound financial decisions, preserving the health of the budget and spending, and they are taking on more responsibilities within their organizations. While fewer assets are focused on technology, it is the very absence of updated technology and resources that is preventing financial departments from doing their jobs effectively.
Finance departments are dealing with increased demands, strict regulations, industry scrutiny, and an ever-changing global economy. The needs for and expectations of finance departments soars each day, and financial departments can meet the demands with updated technology solutions.
IT Budgets Are Growing, but Finance Companies Aren’t Moving
Understandably, finance companies and professionals are hesitant to act swiftly on technology shifts out of fear of cost and security, but companies are in a better position to focus resources on technology. According to a report in the Wall Street Journal, corporate budgets increased by 0.8% last year, only to shrink by 0.1% this year; However, information technology budgets increased by 3.1% this year after increasing only 0.3% last year.
Benefits of Updated Technology Solutions
Finance departments can find many uses for improved and updated technology solutions.
- Efficiency Gains
The costs associated with updated technology solutions are directly tied to improved efficiency. An updated system gets more done in less time and with fewer interruptions. Equipment is becoming smarter, the people using it are gaining more skills, and data processing and smart software are all reducing the need for more equipment.
- Saves Money
In addition to day-to-day operations, the cost to update technology is dropping. When companies analyze and consolidate, they create effective systems and software that cater to the company’s specific needs, which eliminates patchy finance and reporting systems.
- Useful Insight
Updated technology can take care of the day-to-day financial decisions, such as issuing payments, monitoring financial trading, calculating and evaluating budgets, and translating data into immediate and critical actions.
- Real-time Reporting
One of the most notable aspects of updated information technology is the instantaneous reporting of business and financial information. Updated technology provides users and financial departments with immediate and unified financial data that is comprehensive and relevant. This allows finance departments to manage a higher volume of data and use if for profitable business decisions. Better reporting overall provides finance departments with comprehensive immediate, daily, weekly and annual health checks.
- Better Use, Control and Security of Big Data
Updated technology solutions allow financial departments and companies to do more and gather more data, without the weight of increased personnel salaries and underfunded IT budgets crushing the plans. Updated technology solutions allow companies to better analyze greater volumes of data from a single location or multiple locations, and translate the data into manageable and profitable financial decisions. Updated technology is also safer for companies and their IT departments. Without the right tools to collect and protect the data, a company can face significant losses in data, trust, and clientele, all from which companies struggle to recover.
Updated technology solutions are easier to use, convenient, and the safest for your company to use in any market. Technology allows your company to work smarter and it acclimates to the hasty pace of market fluctuations and business complexities.