The office of finance has never seen such rapid change. It’s a new world where managing multiple business models is the norm and agility and flexibility is going to be key to success. The good news is that technology can help and is playing a major role to ensure finance teams not only cope well with change but thrive.
So what are the key things to know to keep ahead of the game? We’ve outlined the top six trends for finance leaders and included some technology tips and tricks to help you capitalise on them.
Here’s our summary:
1.) The services economy will become “THE Economy”
Finance teams need to ensure they are more flexible to cope with an ever-growing swath of service focused business models to maximise the revenue opportunity.
2.) Finance teams get hands-on with customer experience
Successful software companies will be required to deliver tools that consolidate billing sources, support, and automate new revenue models, and provide end-to-end visibility across the customer lifecycle.
3.) Revenue Recognition will drive technology adoption
Finance teams need to assess the best cloud technology options to enable adoption of the new standards (IFRS 15 and ASC 606) which are designed to improve statement comparability and reduce complexity.
4.) Smart assistants will break out of the echo chamber
It’s time to consider what digital assistants can do for your modern finance team and make the most of new technology in the marketplace to increase efficiency.
5.) Software will need to do more than just log data
More than ever before it’s time to ditch manual entry and place trust in your data as applications begin to automate cumbersome workflows and allow real-time answers, collaboration, and data-driven decision-making.
6.) Planning for global change
Finance teams need to be ready to analyse and prepare for whatever impact political, economic and societal events may have on their organisation. Business intelligence and predictive algorithms and tools can help finance teams make the most informed decisions to navigate whatever the economic state.
It’s now time to throw out those spreadsheets and manual processes as we reach the precipice of the cognitive, computing, cloud era. It’s time to assess your technology and ensure you have the right tools and capabilities to embrace the new trends in finance today and ensure you are equipped to cope with a new era of rapid change.
It’s not just a matter of making your own department more efficient and ensuring you comply, it’s now down to you to help your organization improve customer experience and success.
If you want to know more, download our full guide here or call us on 0808 2389791.