We live today in a world of economic uncertainty, instability and rapid technological change.
Finance professionals are more crucial than ever for companies in these days. No matter the organization’s size, the contribution of the financial team is far too often unrecognized by other departments in accomplishing objectives.
Generally, the financial function is seen as the “guys” who tie them up, or who don’t want to be involved in making important decisions.
In addition, this silo causes the finance team to omit other departments in certain important business processes, including budgeting and reporting.
Unfortunately, this situation results in a profound disconnect, which could lead to serious consequences for the organization (overspending, misallocation of resources, unused funds…).
Break Down The Silos
Finance teams would generally like to fill that gap. However, they often struggle with managing to find enough time for their own activities.
Year after year, organizations’ volume and complexity of data grow exponentially. They still spend a fair amount of time manually handling transactions and stuck inside spreadsheets.
In addition, important processes such as budgeting and forecasting, analysis and reporting or financial consolidation and close remain isolated in inefficient silos, apart from each other, and require a great deal of effort.
These situations may seem critical, but increasing collaboration between the financial team and their colleagues would resolve the issue.
Ideally, finance should work with the other departments to achieve and formulate objectives.
By making your financial teams understand their strategic impact within their organization, the teams can stay in touch and work more effectively.
Identifying and Bridging Gaps
Nowadays, “collaboration” has become some kind of corporate buzzword. What’s important is to look for actionable insights to make collaboration happen.
With the right platform, you can help alleviate or eliminate certain gaps. Having such a platform will both relieve much of the pressure on finance teams and improve the speed and fluidity of your financial processes.
Indeed, if your teams face inaccessible content, an integrated platform will ensure your employees easy access to the information they need.
For example, activities such as auditing or tax preparation require a tremendous amount of content collection and tracking. Allowing them easy access is critical for finance teams’ productivity.
The second concern finance team could face is how to store this content. Many businesses face a certain number of data silos, that make it difficult for employees to collaborate and exchange across the organization.
Another gap that organizations might face is the lack of integrated systems. Accounting & finance teams for instance often use several business applications.
Integrating and federating all of these apps into one digital workplace can help your staff gain time – accessing any app, document or piece of information and collaborating without leaving the platform.
At medium and large firms, employees need tools to quickly identify colleagues with relevant expertise to help with certain matters and gain an understanding about the firm’s experience, such as what work the company has done in the past for specific clients through a knowledge base.
By empowering themselves via technological solutions, the finance team can increase its relevance, create greater value, and grow to be a more fundamental part of the organization.