Finance is one of the most important functions for any organization and so are the people associated with it. Like executives of other departments, the finance executives too need to search for different ways (like technology and trends) to improve their efficiency for the benefit of the organization. The efficiency can be improved by avoiding wasting materials, energy, efforts, money, and time. Unfortunately, the finance executives face the following major challenges:
- Building a cohesive team including members with technical accounting skills, as well as others who can understand business operations and discuss financial performance in terms of key value drivers.
- Limited or no access to the required data for relevant and accurate information and informed business decision.
- Request from other departments to reduce finance’s response time.
How to address these efficiency challenges?
For the smooth functioning of this department, it is advisable to adopt a centralized services approach for the various finance operations, that allows:
- Increased process speed and efficiency
- Dedicated training and development of the resources to improve and update competencies
- Reduce or control the cost by using shared resources
It is believed that investing in technology will ease the centralized approach, which in turn will improve the efficiency. Technology solutions are crucial to support business goals, scaling operations, and resources in an agile way. It will help enabling processes and also improving speed besides accuracy.
If an organization is investing in digital technology, the financial executives should look for the following features.
- Automation and self-service: Provide an opportunity to work on automated and accelerated invoices and payments modes. It will definitely reduce paperwork as well as save time. Further, it will help the executives in making smart decisions.
- Report and analytics: Enable better reporting and analytics capabilities that can help financial executives in improved decision making.
- User experience: Facilitate financial executives with apps on smart devices, such as mobile devices to track various activities, such as expenditure incurred, revenue generated, etc. It will free up employees to focus on more productive tasks.
Based on the above-mentioned points, we can conclude that if the finance executives want to effectively meet business demands, there should be:
- Automated finance processes that allow improved efficiency, reduced costs, and less risk of manual error.
- A competitive technology provider having deep industry expertise with vast knowledge of upcoming technologies and capability to provide end-to-end finance solutions.
- Effective analytics technologies to turn data into valuable insights for more informed business decisions.