Financial Services Transformation Learning Series
Discover Modern Tools to Improve Profitability in Financial Services
This Financial Services series will help you understand how modern Cloud solutions are helping your industry. In this series of topics, we will show how to improve profitability and increase agility. All in one ERP/FMS Cloud Solutions are the technology accelerator.
In the first place, people don’t think of financial management software as innovative, fun, and easy-to-use. In the final analysis, core capabilities like general ledger and accounts payable, have not changed in the last decade. Until now.
Previously, finance departments have been left to cope with outdated technology. For the most part that simply does not reflect the way work gets done in a modern, global business environment.
As a result of regulatory and oversight rules in Financial Services and Corporations have grown. Therefore this has led to increased costs and pressure to maintain compliance. Additionally, his heightened focus on controls provides opportunities.
The next step is that companies need to invest in people and technology. Specifically, that will help minimize the impact and cost of compliance. As a result, Financial Transformation provides the public with a fair and accurate assessment of a company’s financial well-being.
Simply put, compliance means you are operating within the laws and regulations. For this reason executives need to make sure accounting and finance functions are adhereing to the regulations.
In other words, what are those standards? Specifically, am I in compliance? Therefore does this apply for Financial Services? How can you prove that you followed them?
Wells Fargo wrangles data from over 70 million customers in an effort to redesign customer banking portal.
For example, it has transformed messy data into actionable insights. Simultaneously Wells Fargo strengthens the capacity to interpret analytics. This, in turn, results in stronger decisions impacting redesign.
Let’s beginning with the importance of the workforce. This priority has climbed to the top of executive leadership’s agenda. At the same time leadership identifies the workforce as a key differentiator. However their confidence in HR is lackin. Furthermore only 34% believe HR is ready for challenges ahead.
Usually, if you’re still using traditional HR practices, you’re already behind. You have to ask yourself if you have the HCM tools. In other words, do you have the capabilities you need to get top talent.
In conclusion, here are three things you should do to build a modern HCM strategy. Particularly look for these characteristics you’ll find in the right tools.
Generally, technology innovation connects more people in more places. As a result the already competitive global talent markets are heating up. For this reason financial services organizations are changing how they operate. Simillarly the way value is delivered has changed.
In the current competitive business environment, it’s not enough to automate business processes. Despite increased productivity, one must innovate. In turn business agility is key.
Western Union brought all monthly reconciliations online with Blackline. This eliminated the need for duplicate data entry as a result fo printing, and back and forth emails .
Doubly important what was the business impact?
Also important was the improvement of employee productivity. As a result, Western Union increased compliance to 99.8%. Additionally, this enabled access to all records, from anywhere in the world. Which resulted in gaining the ability to reconcile in multiple currencies.
According to research from Eckerson Group, an organization cannot stop at a deployment of a BI and analytics system. Normally 10% of employees have the skills needed to produce insights from corporate data. In brief data workers cannot deliver insights to decision makers.
Specifically, that means much of the organization depends on a few experts to leverage data to make decisions. Do you see the bottleneck?
HR business leaders have invested in personnel prgrams. Yet executives are still concerned. There is no doubt the skill shortages are always the issue. The next step is to strengthen existing talent. In summary create a pipeline of leadership capabilities.
In conclusion, these challenges affect how businesses attract the right people. Once in-house the talent must be developed. Going further this human capital investment must be retained. Human talent is the leverage for a key differentiator. In brief business agility and revenue growth, requires talented people.