Chief Financial Officers (CFOs) are coming under pressure like never before to provide data-enabled decision-making support in real time. The finance function is being asked to deliver more and more, including easily accessible insights, operational efficiencies and long-term value. Digital transformation is being touted as the answer but when you don’t know where to start, it can be stressful, especially with pressure from investors to do something quickly.
good news is that digital technology is now readily available, revolutionising
finance departments, by providing the opportunity to streamline and automate
financial suites are now available for rapid deployment which can deliver value
in as little as a month.
before you start shopping for software, here are 8 predictions for the future of
finance you will want to cover off in your search.
Cloud becomes the norm
Cloud-based software will ensure you’re constantly updated to the latest release. With cloud as the norm you’ll drastically reduce the complexity and cost of technology, without sacrificing functionality.
Finance goes real
Periodic reporting will become less important in future. When
the information is there on demand you can do so much more. You will still need
to meet regular demands from outside agencies, but investors won’t have to wait.
With many functions automated and reporting time slashed, finance
can increase its role as a provider of business insights and services such as analytics
and forecasting – the key objective for finance according to research by The
Faster, cheaper cloud-based systems will simplify processes –
freeing up people to make new things possible.
With integrations to Siri and other digital assistants, you
will be able to get answers from your data quickly. Activities ranging from budget queries to
report production and more will be automated.
Data in spreadsheets will be replaced by visually rich
information that is intuitively accessible and easy-to-use.
Data will be
CFOs and their teams need access to company-wide data to
generate forecasts in order to help senior leaders make strategic decisions e.g.
data relating to sales, order fulfilment, supply chains, customer demand, and business
performance as well as industry and market statistics.
Sharing knowledge across disciplines will be much easier with
digital software – bringing an end to silos.
Good data will be essential
Data will need to be clean, aligned and integrated to capture
the full benefits of digital transformation. It’s never an easy job but it is
more important than ever.
There has never been a better time for CFOs to look at
financial automation software. Management consultants Deloitte are predicting
an explosion in the market – with finance application challenging the
traditional role of ERP.
At In Cloud Solutions we have heeded the call and responded
with a totally new product – InCloud Express Financials. Deployed within a month
for a fixed price this is a fast-financial software package which will start
bringing you results from day one.
https://erpnews.com/v2/wp-content/uploads/2019/10/finance.jpg400600katiehttps://erpnews.com/v2/wp-content/uploads/2018/10/[email protected]katie2019-10-16 08:44:102019-10-16 08:44:128 Predictions for the Future of Finance
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