5 Tips to Get the Most from Your FinTech
Outdated technologies and manual processes put a strain on finance departments—especially as they seek to provide maximum value and be a strategic partner to the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.
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.