{"id":439925,"date":"2020-10-12T11:35:59","date_gmt":"2020-10-12T09:35:59","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=439925"},"modified":"2020-10-12T11:35:59","modified_gmt":"2020-10-12T09:35:59","slug":"here-are-the-powerful-technologies-which-boost-financial-management","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/industry-news\/439925\/here-are-the-powerful-technologies-which-boost-financial-management\/","title":{"rendered":"Here are the powerful technologies which boost financial management"},"content":{"rendered":"<p>Current and evolving digital technologies are empowering businesses to prosper and become more profitable, even in unpredictable circumstances.<\/p>\n<p>According to the <a href=\"https:\/\/digitalmarketinginstitute.com\/blog\/what-are-the-benefits-of-digital-transformation\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Digital Marketing Institute<\/strong><\/a>, digital transformation offers a host of benefits to businesses, including:<\/p>\n<ul>\n<li>Improved customer experience<\/li>\n<li>Data-based insights<\/li>\n<li>Collaboration across business departments<\/li>\n<li>Increased agility and innovation<\/li>\n<li>Updated skillsets and knowledge<\/li>\n<li>Consolidated processes and operations<\/li>\n<li>Fostering a digital culture<\/li>\n<\/ul>\n<p>Recent research from Sage has shown that several of these benefits can also be observed in the financial management of businesses, which is in the midst of a significant evolution.<\/p>\n<p><a href=\"https:\/\/www.sage.com\/en-za\/cfo\/?utm_source=website&amp;utm_medium=website&amp;utm_campaign=INT_20Q4_NCA_ZA_CNWP_Intacct_CF030DigitalTrans&amp;utm_term=BusinessTech&amp;utm_content=0_INT_ZA_MED_LGO_TOFU_ContentMarketingCFO_OTSE\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Sage\u2019s CFO 3.0 &#8211; Digital Transformation beyond Financial Management report<\/strong><\/a> has identified three core technologies driving productivity in the finance function of medium and large businesses in South Africa.<\/p>\n<h3 class=\"my-4\"><strong>Data Analytics<\/strong><strong>\u00a0<\/strong><\/h3>\n<p>The development of the field of Big Data has opened up a world of opportunities for businesses to access and use customer, operational, and performance data in more meaningful ways.<\/p>\n<p>With new applications enabling the capture and storage of information at a more agile and greater scale, companies can better assess customer habits, identify trends and inefficiencies, and adapt when needed.<\/p>\n<p>These types of benefits also extend into the finance function, with 66% of senior financial decision-makers in South Africa using data analytics to drive productivity in finance.<\/p>\n<p>The report further stated that 64% of CFOs spend more time analysing data than they do gathering and processing it.<\/p>\n<h3 class=\"my-4\"><strong>Cloud-based Accounting Platforms<\/strong><strong>\u00a0<\/strong><\/h3>\n<p>The cloud has shifted the way in which businesses think about IT infrastructure and operations.<\/p>\n<p>Deploying and using this technology to its full potential can save your business time and money &#8211; and allow for working from anywhere around the world.<\/p>\n<p>The Sage CFO 3.0 report revealed that 72% of large businesses operate in the cloud, from either hybrid or fully cloud-based systems.<\/p>\n<p>Additionally, 77% of large businesses use cloud-based solutions for financial management.<\/p>\n<p>Most notably, four out of five financial leaders said cloud technologies help to create more agile and cost-effective in-house finance functions.<\/p>\n<h3 class=\"my-4\"><strong>Compliance automation solutions<\/strong><strong>\u00a0<\/strong><\/h3>\n<p>The automation of certain functions in the finance role not only alleviates the financial leader\u2019s workload, but also lowers the possibility of human error in financial statements and records.<\/p>\n<p>Software which allows for automatic journal entries, account reconciliation, and the preparation of financial statements can enable finance departments to eliminate the need for human action in mundane processes.<\/p>\n<p>This means there is more time for creative thinking and innovation.<\/p>\n<p>According to the Sage report, large businesses are well aware of this &#8211; with 65% of financial leaders rating their company\u2019s investment in automating financial management as \u201cgood\u201d or \u201cexcellent\u201d.<\/p>\n<p>Furthermore, over 80% said they are using financial management technologies to uncover efficiencies, optimise operations, and automate and expedite compliance reporting.<\/p>\n<p><a href=\"https:\/\/www.sage.com\/en-za\/cfo\/?utm_source=website&amp;utm_medium=website&amp;utm_campaign=INT_20Q4_NCA_ZA_CNWP_Intacct_CF030DigitalTrans&amp;utm_term=BusinessTech&amp;utm_content=0_INT_ZA_MED_LGO_TOFU_ContentMarketingCFO_OTSE\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Click here to read the full CFO 3.0 Digital Transformation beyond Financial Management report.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are three core technologies transforming financial management to help South African businesses thrive in challenging times. <\/p>\n","protected":false},"author":57,"featured_media":439927,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[2731,15385,1033,15200],"class_list":["post-439925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-financial-management","tag-financial-technologies","tag-sage","tag-sage-cfo-3-0"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/439925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=439925"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/439925\/revisions"}],"predecessor-version":[{"id":439935,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/439925\/revisions\/439935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/439927"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=439925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=439925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=439925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}