How new technology is reshaping finance

While there is an almost bewildering array of new technologies, the barriers to testing new innovations have dropped dramatically. There has never been a better time for finance leaders to take the lead on technology decisions.

Less than a decade ago, finance and accounting teams typically relied on IT to deploy and make changes to systems, and required big capital expenditure investments around hardware and software. Now, new finance applications are often deployed in the cloud and can be accessed from anywhere.

While new technology used to come with associated heavy complexity, advancements such as financial corporate performance management (FCPM) and robotic process automation (RPA) can be deployed as a service, in the cloud. As a result, modern finance and accounting applications can now be maintained by the finance department itself.

Taking a hybrid approach

Despite the clear benefits offered by new technologies, many chief financial officers (CFOs) face the hurdle of what to do with existing legacy systems. While ageing, most enterprise resource planning (ERP) investments are entrenched, heavily customised, and critical to business processes and operations. As systems of record, they simply can’t be ripped and replaced without creating risk.

This is why increasing numbers of CFOs are constructing hybrid finance technology landscapes, with cloud finance automation and reporting, planning, robotics, and analytics connecting and integrating with their existing ERP system, adding innovative new technologies while reducing risk exposure.

Taking such an approach requires an understanding of the technology options in the marketplace. Each needs to be carefully assessed to determine how it could be implemented and what business benefits would be delivered.

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Source: How new technology is reshaping finance – InvestorDaily