You recognize your responsibility to advance the competency and maturity of the finance organization through technology (See: “Seek Innovation and Optimization in 2010 at the Intersection of Business and Technology”). Advanced intelligence in Finance has moved well beyond the financial close and the budget process and into integrated business planning (IBP) to emphasize profitability and mitigate risk through business processes that span the organization. New applications also help assist in the management of taxes and expenses throughout the business. Technology for enabling better analytics in finance is now widely available and essential for replacing spreadsheets and antiquated reporting tools. As for reporting, the simplification and standardization of reporting formats is now possible using XBRL, which provides a standard framework using the XML technology standard for publishing information to other businesses and for regulatory reporting requirements to the SEC and other bodies.
The role of finance has expanded to help drive new methods for operating business in a more efficient manner through sustainability initiatives. Applications that are rented instead of purchased through software as a service (SaaS) and as part of the broader cloud computing trend can spare critical IT resources and speed time to utilization within the business. Finance can even play a key role in supporting the use of information and technology throughout the enterprise to find opportunities for exponential improvement in the financial and operations organizations. Likewise, Finance can support Human Resources to elevate talent management, which has enabled many organizations to be more cost-effective and productive in maximizing the value of labor costs. Part of this activity relates to compensation and incentive systems for the entire workforce and specific areas of sales or contact centers.
Finance has a golden opportunity to drive business excellence in what is now possible through technology to optimize all sorts of processes for profitable results.
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Mark Smith – CEO & EVP Research