As organizations grow and complexities increase, finance professionals have evolved into strategic voices for their organizations. These teams must utilize financial automation technology to provide that strategic voice and help guide the organization’s future direction using their knowledge and understanding of the company’s financial position.
Adapting to Digitalization
Technological advancements continue to automate repetitive finance processes, and the finance role is transforming from a traditional transactional function to an analytical function that provides decision-driving information. As they make this shift, the need for technology-enabled data insights using reports, dashboards, and KPIs has exponentially increased. Yet, the outdated technology that finance teams have historically used — commonly spreadsheets — is slowing this process down. In Trintech’s most recent Global Benchmark Report, 65% of respondents noted that they are burdened by the time spent managing their data rather than providing insight for the business.
Organizations can be hesitant to adapt to digitalization and upgrading technology within the Office of Finance often isn’t high up on the priority list. This resistance to change can stem from organizations’ unwillingness to stray from already familiar processes. However, these manual processes cost the organization valuable time and resources that the finance team could spend analyzing strategic initiatives. Relying on outdated technology and error-prone spreadsheets for an already complex process sets your finance team up for failure.
Without innovation, many operations would be ineffective and inept. Comparably, innovation is needed in finance to empower the finance team, make process improvements, and transition to a well-structured financial close. Change can be difficult but staying informed and utilizing financial automation technology is the best solution for organizations who want to keep up with the competition and retain high-performing finance teams.
Leveraging Financial Automation Technology
Once an organization has decided to digitize their processes, finance teams should leverage financial automation technology while considering the organization’s strategic direction and where technology fits in.
“Digitalization in the finance space isn’t just about trying to bring technology in. It’s also asking, ‘how do we begin to leverage technology to perform a function better, not just by switching tools but by allowing us to change the process as we grow.’” – Syril Mathai, CPA, VP – Strategic Sales, Trintech
After prioritizing which manual processes require automation, leverage a solution that fits organizational needs, and the best practice is to leverage a holistic solution. Finance teams can facilitate financial automation technology across the entire financial close process, allowing for effective management and visibility into your organization’s financial health. Being intentional with the automation of processes and integrating efficient and effective technology is the best way that organizations can reach a world-class financial close.
Equip Your Organization for Success
Implementing financial close automation can eliminate white spaces between key control components and standardize processes across the business. Whether your organization has automated none, some, or all your processes, our suggestion is to invest in financial automation technology that will improve aspects of what you have today and support end-to-end process success in the future. With the right people, process, and technology in place, you can begin to realize the first-class level of efficiency and effectiveness.
The world is changing; it’s time to adapt.
Finance teams are critical to the well-being of your organization, and it is time they get the technology they need to succeed. Download the eBook to discover three components of financial transformation.
Written by: Lauren McCrohan