3 Business Trends for Financial Executives in 2020
It’s no secret that technology is transforming the way businesses of all kinds operate. It’s likely more will change in the next 10 years than has over the past 50 because of technological advancement and its impact on everything from database and account management to user experience. Hi tech tools such as AI and 5G will do more to evolve business processes in the next few years than ever before - freeing up time, money, and reach of services.
But with all this potential for technology to transform your financial business processes, it can be difficult to know where you should apply your focus. That’s why we’ve drummed up this list of 3 business trends for financial executives to focus on in 2020. These 3 tips will help you to grow with the changes without losing sight of the center of your business - the people who are your employees, customers, and partners.
Focus on People
As we’ve mentioned, people are the core of your business success so it’s important not to lose sight of what’s important to them while you’re working toward your technological goals. From your employees to your customers, any changes implemented should make their lives (or their work) easier.
For your employees, collaboration, communication, and engaging leadership will be key. Investing in employee skill development, ensuring thorough adoption of new software, and developing a solid review process will be necessary as you introduce changes into the work environment. How can you improve these areas in your organization, and will your choice of new technology genuinely help?
For your customers, of course, it’s all about customer experience. Consider improving your budgeting process using software that enables the budget owner to plan and understand how “things” translate to “money.” Make it easier for them to access and understand their financial records. Make sure it’s easy for them to contact you with questions or concerns. Any changes you make should upgrade and simplify your clients’ experience.
Focus on Data
Poor data administration is an ongoing challenge for the financial industry and causes all sorts of difficulties like heavier workloads, wasted time, errors, longer closing times... or much, much worse. Obviously, you’ll want to avoid all of these issues as much as possible, which means you need to focus on data quality control.
One way to do this is to get rid of manual spreadsheets which create opportunities for data errors and incorrect formulas. Invest in software that will manage your data automatically and create accurate reports.
Another very good idea is to establish a data quality team. Their sole initiative should be building, maintaining, and reviewing a clean data process. They should run and re-run quality checks, making sure data is pure and there are no errors. After all, even with the best technology if the data isn’t clean to begin with, errors are bound to occur.
Focus on Technology
While people are the core of your business, technology is like the cogs in the machine. All of your tech and tools should work together to keep everything moving smoothly. That’s why it’s important to replace repetitive, manual, or disparate processes with time saving, intuitive technology. The more unified your financial processes are, the less complex they will be for you, your employees, and your customers. This provides greater value to your clients and better productivity for your staff, and that equals greater business success.
One method to focus on is automation. Automation will remove process complexity, save time, and may even help you to close sooner. Automation helps remove manual, time-consuming processes so that vital information is available sooner, providing deeper insights and better visibility.
Other technological considerations to make include futureproofing, scalability, and customization. You want to make sure the software you choose is easy to update and has a long-term plan of action for dispensing those updates to their users. Equally important is the ability to scale with your business as it grows and that it can be customized to fit your unique business needs, as well as your clients’.
NetSuite to Help You Meet Your Goals
NetSuite is one unified business management suite encompassing ERP/Financials, CRM, and more. It’s a great way to manage your focus areas for 2020. Your entire organization can work more efficiently, as well as become more cost-effective and profitable. NetSuite automates all your processes, is easy to update, easy to learn, and even helps you make it easier to address your customers’ needs.
For more information about NetSuite and how it can help you meet your transformation goals for 2020, give us a call today at (855) 682-4324.
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