5 Business Technology Solutions to Advance Your Organization

Business technology is booming and becoming even more of a trend for the future.

If your organization isn’t embracing business technology, you’re likely falling behind.

Technology is paving the way for business innovation. Opportunities such as automation, data analytics, and cloud-based solutions are allowing companies to save time and money while increasing productivity.

If you want to advance your organization using business technology management, here are five ways you can get started:

  1. Automate the Financial Process

Process automation is a huge business technology trend and for a good reason. It can let CFOs save money while increasing productivity. One good place to start could be automating the accounts payable process, since the entry and approval process can be labour intensive and tedious, taking valuable time to manage. But there are plenty of other financial process automations available, such as automating the audit documentation process, improving workflow, or automating the month-end close.

  1. Use Dashboards for Real-Time Results

Any successful CFO has a ‘dashboard’ with carefully selected key performance indicators (KPIs), usually mined from many Excel spreadsheets. There are many options using current and emerging technology to automate these dashboards so that you are not reliant on these spreadsheets, providing real time, accurate data to help track performance and analyze your success. With real-time results, you’ll be able to see exactly what is happening in your business, identify patterns, and use the data to improve operations, while there is still time to do so. And you can then start looking at more predictive analytics, rather than reacting to what has already happened.

  1. Use a CRM System for Business Alignment

Customer Relationship Management (CRM) software is often a key tool for sales staff, but it can also make a big difference to your bottom line. The primary goal of a CRM system is to help you build and maintain client relationships, improve customer service, and keep customers happy. If you don’t have a CRM that’s integrated into your financial system, you’re probably missing out on some key data. Consider the following example regarding collections: if a customer calls to complain, that data should be in the system. The collections department should be able to see it before they call to collect. While this is not necessarily sales-related, you don’t want collections calling a customer regarding an invoice if that customer is talking to someone else in the organization about an issue they’re having. This creates a perception of communication issues and could seriously damage your relationship with that customer.

  1. Look to Cloud Technology for Streamlined Operations

Cloud-based solutions, such as Software-as-a-Service (SaaS) technology, have grown in popularity due to the ease of maintenance and contribution to cash flow management. Since your cloud provider manages the infrastructure, your IT team can focus on more direct business issues rather than day-to-day maintenance of your systems. And from a cash flow standpoint, you know exactly what your technology costs are going to be for the next few years, depending on the length of the contract with your provider.

  1. Identify Trends and Marketing Opportunities with Data Visualization

Data visualization is a way to cut through the noise of numbers. They say a picture is worth 1,000 words, but in this case, a picture is worth 1,000 numbers. Charts, graphs, infographics, and web-based simulations, such as heat maps, can help clarify big data and make it easier for you to quickly identify patterns and trends in your business. And it’s not just of benefit internally. Potential clients can look at data visualization and see exactly how your business benefits them based on hard figures, for example if you have a robust infographic on your website. That could be the difference between a sales lead leaving your site for a competitor’s or giving you a call.

Business technology is paving the road to business innovation and if you’re not taking advantage, you’re missing out on huge growth opportunity. A financial systems consulting company, such as SHEA Global, can help you get started on business technology management, or improve a strategy that’s already in place.

At SHEA Global, we can help you integrate, migrate, and create business solutions that take you to the future. Find out more by visiting SHEAGlobal.com or call 1-866-239-1113.