The role of IT within finance has revolutionised the sector. From the introduction of technology-based trading right through to digital transformation we’re all witnessing first-hand.
Whilst digitalisation has made finance-based professions easier, with access to more efficient and organised accounting solutions, only a select few are really embracing the full power of IT. They’re not utilising that the two go hand-in-hand.
In any modern workplace, the framework of the IT and finance systems should be aligned. They should complement one another and be able to meet any challenges posed and with 2020 around the corner, organisations need to be prepared for the shrinking gap between technology and finance due to the rise in digital transformation.
What Makes a Good Finance System?
A good finance system isn’t just about performing finance-related tasks in a digital environment. The end goal should be to have a system in place that meets the growing number of challenges.
For example, security is obviously of the upmost importance for any business. You’re handling very sensitive information and don’t want it to get into the wrong hands.
Therefore, your system needs to be continuously updated to ensure it is as secure as it possibly can be. According to a survey by Protiviti, 84% of CFOs consider security and privacy of data to be a top priority. Closely followed by 79% who said enhanced data analytics were a priority.
Other priorities include process improvement, the changing demands of internal customers and embracing new technologies – all of which have an IT focus.
IT Industry Trends
The current industry trends within IT match the top priorities of those CFOs.
Cloud computing has been a growing industry trend for years, and it’s only set to get bigger. Moving services to the cloud comes with a range of benefits including:
- Data security
- More accessible and easily recovered
- Enables access from multiple locations – which is essential for the modern working environment
Finance-driven organisations are becoming more aware they need to start using and utilising data to predict what is going to happen in the future which empowers more informed decision making and business trajectory.
That’s why IT is so important to the finance sector. It is going to continuously evolve all sorts of processes to create more streamlined, and ultimately more profitable, businesses.
Expect Big Growth over the Next 12 Months
The rise in digital transformation has undoubtedly closed the gap between IT and finance.
We’re expecting more companies to start recognising the benefits of new technologies, and implementing them into their processes, over the next year.
We’ve conducted our own research to confirm that many organisations, as they strive to remain fit for the future, have made great forward strides with their transformation strategies. We see finance directors too often find themselves taking a back seat in decision-making on technology for the back-office function. Our research suggests this could be about to change. To find out more, you can download your copy of Integrated Business Software and Solutions Finance Futures Report.
For those eager to get started, begin aligning your road maps for both IT and finance. And the way to do that is with Integra Centros.
Integra Centros – From Integrated Business Software and Solutions
Our award-winning finance management solution offers a range of features that have already proven effective at some of the largest businesses in the UK.
Users are delighted to see our cloud data centres can deliver at least 35% in savings and (as being environmentally conscious is important to us) they have a lower carbon footprint than conventional data centres.
Our service is fully managed. We take care of everything from the technical aspect, to the staffing. You can just focus on your running your business with complete peace of mind.
You can contact us to find out more about how this solution can benefit your organisation.
We look forward to hearing from you soon!