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5 Tips to Get the Most from Your FinTech

Cloud
Financial Reporting
FP&A
Management Reporting
Partner
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3 min read
AUTHOR:
Tim Nicholls
Head of Innovation
Published: October 15, 2021
Last Updated: October 28, 2021

Outdated technologies and manual processes put a strain on finance departments—especially as they seek to provide maximum value and be a strategic partner to the business. As your organization moves to data-backed decision-making, finance needs to provide insights to inform those decisions. 

But where do you begin that process? How can you empower your finance teams? And what does it take to get the most from your FinTech investments? Here are five leading practices to help you get started.

1. Mind your data

To drive technology adoption, cross-functional collaboration is required across finance and IT to develop, optimize, and employ robust data models and governance. This also results in a refined technology stack and confidence that you’re promoting a single source of truth. 

2. Cloud-based application bias

Pursuing a cloud-based application will provide your teams with opportunities for data agility and continuous improvements. It also allows them to take advantage of regular vendor upgrades and remain competitive in the FinTech ecosystem.  

3. Data-driven insights and decisions

Finance needs access to all kinds of financial and operational data to generate insights that support decision-making. Consider whether your solution can centrally consolidate, organize, analyze, and visualize data in real time from across the organization. 

4. Willingness to change

Change is the only constant—embracing it makes you more likely to capitalize on the opportunities presented. Adjusting your processes to align with marketing-leading technologies will help you drive informed transformation.   

5. Holistic focus

Technology is a catalyst, not a silver bullet. Making a change—and having it stick—requires evaluating the underlying problem your business is trying to solve, looking at how you’re using existing technologies, and assessing the current people and processes. 

The end goal is to become a business-led, technology-enabled organization that can trust its data. This means finance can arm stakeholders with the data and insights needed to make informed decisions and present a clear picture of how the business is performing. 

Download the full paper for details on these leading practices and how to get more from your technology ecosystem.

About Clearsulting

Clearsulting’s sweet spot is delivering transformational projects in the office of finance. Our industry-proven methodologies, speed, and innovative thinking are designed to drive results and get teams working better, faster, and with more control. ​Using the Workiva platform, we help organizations connect their data, documents, and teams. The goal? Integrating your financial and operational reporting so you get a clear view on the health of the business and can make informed decisions.

About the Author
tim-nicholls-circle-headshot

Head of Innovation

Tim has more than 10 years of experience as a strategic advisor to the office of the CFO. While he specializes in record to report and technology integration—having completed 100+ implementations—he’s also supported audit, corporate finance, and finance transformation projects. As Clearsulting’s head of innovation, Tim oversees the quality, delivery, and execution of every technical engagement.

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