We often discuss integrating technology into many aspects of our working lives and Covid-19 truly pushed us into accepting technologies place alongside human influence. The parameters of how the integration will take place differs from sector to sector, but the foundations remain the same. As an industry we have demonstrated over the past four months just how small the leap is to leading a tech-driven existence.
In the following 3-5 years, it is anticipated that cloud-based ERP, digitalisation and automation will continue pressing forward, creating opportunities to radically streamline and secure processes. We are already witnessing this, as platforms are partnering with large corporations to simplify back-office processes. Fennech Financial for example is one of those platforms. Working to reduce 80% of back office costs and capture transactions at an individual, real-time level.
No going back now
We are past the point where humans can manage the levels of data being processed at one time, without running the risk of being open to errors, cyber-attacks and a supremely unprotected workforce. This year has made the world aware that disruption is inevitable, coming in waves of high intensity or minor speed bumps. We can all agree that Covid-19 has been a life-changing event in our history and it is not surprising that organisations that previously thought that they had more time to digitalise their processes, received an abrupt awakening. It is no longer just about staying ahead of competitors, but forming a clear vision and strategy for finance in a digital world.
Look after the back bone of your business
The finance function in a company may not be at the forefront of a company’s digital transformation but it is a crucial element to keeping businesses in good financial health. This department will be the first to feel the pressures when rapid growth is taking place. In reality, the quickest answer can be to hire more staff, however, this often proves as time consuming, inefficient and results in the same conclusion, needing efficient technology. Enhancing technology improves data processing, analysis and an overall team collaboration.
Digitalising processes moves companies away from legacy infrastructures that operate with a paper invoices, ledgers, bank statements and important documentation, often located in unsecure locations. To ensure the safety of your company, it is beneficial to focus on effective delegation by implementing automation.
What do you need to take away from this?
Finance digital transformation will not only increase innovation and efficiency, it is also key to improving the customer experience.
Written by Tessa Fyson, Fennech Marketing Consultant