How to Prioritize Your Steps Towards World Class Finance Services
Over the last few weeks we’ve put forward the case that technology can be the only true enabler of financial transformation, illustrated by excellent examples like this Sanofi case study.
The big question is – how do you follow suit? We often encounter organizations that are discouraged from going further because while they’re using technology for some of their financial processes, this is often mixed up with manual processes that hold progress back.
If you find the prospect of untangling this web daunting, the best thing to do is to start with a clear evaluation of where you are today and where you need to improve to achieve your goals.
As we explain in our new eBook – Enabling Financial Transformation Through Technology – this should start with asking three key questions:
- Are we using tools in an ad hoc fashion?
- Have we achieved better processes and automation but are still reactive rather than proactive?
- Do we understand the technology requirements we need to fulfill in order to move to being a world class organization?
Asking these questions is the best way to prioritize your steps towards world class financial services.
For example, take a look at the way you currently handle high volume reconciliations and transaction matching. If you’re still using a time consuming manual spreadsheet approach, know that you’re at the very start of your journey. However, if you’re using spreadsheets alongside various point technology solutions, it’s likely that you’re still being reactive rather than proactive and need new systems to improve. In other words, your goal should be a truly integrated tool providing automated matching and exception management.
Of course, there are a number of technology solutions on the market that will purport to do just that, but you need to tread carefully here. Some solutions offer differing levels of functionality in key areas and will not always match your needs in the way you think they might. In our next blog, we’ll be covering the questions that you need to ask to get your selection right. However, if you want to investigate sooner, you can download the full eBook, Enabling Financial Transformation Through Technology, now.