Digitizing processes and cutting costs are the two major considerations for financial managers in 2017. Making the most of modern business intelligence and investing in an efficient solution is highly required for managers to keep pace in this competitive world.
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The following are 5 key technological trends that business analysts should be aware of in 2017.
Millennials demand work-life balance
Mobility, high-end technology and fast results are the three key requirements of today’s workforce. To engage millennials in the workplace, businesses have to adopt technologies that fulfill the flexible working conditions they demand. Today’s generation is seeking a mobile work-life balance that includes allowing them to work remotely. Technology will act as a bridge for collaboration and productivity, thus making distance a ‘no-issue’. Mobile expense management solutions can save your time spent on administrative processes and help reimburse expense claims faster, particularly if they work off-site. Employees can simply take a picture of the receipt and submit it to the system that processes the expense claim and speeds-up the reimbursement process.
As traditional business promotion processes are replaced by online platforms, small companies can now do more with less. This works well for start-up businesses as the technology helps them to establish and grow across various industries. Promoting business brand through social media will put your brand in front of your target audience.
Also, the online presence will help businesses to build relationships with their target audience, thus acting as a platform to connect products and businesses with potential customers.
The ease of use and the level of convenience that online shopping provides enable today’s businesses to concentrate more on online presence. Technology offers small businesses greater control over brand development, engagement, and marketing. With the majority of people researching the products and services before purchasing, having the online presence and investing in quality content is highly essential for businesses to build relationships with the target audience.
Finance managers are increasingly taking advantage of big data solutions, which is a growing trend in 2017. Business intelligence collects a fragmented set of data and converts them into tangible information, allowing businesses to make informed decisions. Automated expense management software would allow businesses to view the status of employee expense in real-time. As organizations work with a large amount of data, business owners need to implement data-driven solutions to enhance their business efficiency.
Ensure transparency overspending
As travel and entertainment expenses form the second largest business expense, it is important to have a detailed understanding of where your money is going. Mobile expense systems allow businesses to stay on the top of their cash flow, plan future spending, forecast budget and get an accurate view of company spend. It is no longer difficult for organizations to track every penny of the company. Technology allows finance managers to streamline operations by providing employees the tools required to make their job easier and get complete visibility over company spend.
Every business should implement these tools for future success. Business owners need to do the research and find the right technology that suits and enhances their business operations!