Of all the sectors we work with, the banks, insurance and investment companies, financial institutions and cooperative networks that make up the financial sector are feeling the greatest sense of panic. The robots and artificial intelligence that were introduced in order to cut costs are posing a challenge to this already highly competitive sector.
Finance Departments in this sector will adapt, as they always have done. Since their job is to ensure the numbers are accurate, analyze them and help management make sound decisions, they are eager to adopt flexible and integrated tools that automate reporting and speed up informed decision-making. Above all, the finance team wants to help the organization evolve by freeing it from non-value-added, repetitive, time-consuming manual work like compiling and reporting financial data.
Producing automated reports on planned and actual spending, changes in budget consumption by manager and sector, and other performance indicators leaves more time for analyzing financial data. This is why Finance Departments want to acquire highly dynamic tools that will enable them to get a better grasp on operational issues and hence anticipate changes, be more efficient and support managerial decision-making.
In addition to communicating data and comprehending cost breakdown and allocation, financial institutions must have a better understanding of the profitability of products and services and be able to create more accurate projections using “what-if” scenarios.
Several organizations have begun to move in this direction. Are you one of the early adopters?