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Automation, cloud services and Big Data are rapidly transforming the business-critical function, allowing finance executives to feed in real-time updates to forward plan and steer the direction of a business.
Finance executives are increasingly using data analytics when it comes to accounting. The ability to convert data into compelling insights is needed for accurate reporting, forecasting and budgeting. These new technologies are putting much emphasis on forward planning, where data is being utilized as a way to predict trends, manage mistakes and provide smoother workflow processes to bridge the cash flow gap.
In the retail sector, these technologies are becoming increasingly important in today's digital economy. Back-end technology directly affects front-end performance, driving retailers to partner with software solution providers to introduce new and connected sensor-based applications, in order to remain competitive and improve the customer experience.
Investing in IT infrastructure is imperative for financial success in retailing. For example, the utilization of data analytics is being used through artificial intelligence tools and sensors that track in-store customer behavior and activity.
These technologies allow teams to provide have more financial transparency across different business processers, such as tax filing and invoicing administration.
Retailers are introducing end-to-end smart sensor solutions for the Internet of Things (IoT) market, as a means of improving customer experience and profitability. With smart platforms, brick-and-mortar retail stores can transform inventory tracking, collect in-depth intelligence on customer behavior and preferences, and reduce losses from misplaced items and loss of inventory. Gartner estimates that the number of connected devices will triple by 2020, reaching a total number of 21 billion.
But according to Mckinsey & Co., U.S. retailers are using only 30 percent to 40 percent of the value possible from data analytics. However, those numbers are expected to grow as more retailers use Big Data to utilize store layout and design, creating insight that has not been previously possible.
Bhupender Singh, CEO of Intelenet® Global Services, comments: "When it comes to expanding the footprint of any retail company – whether that is online or in-store – the financial management process plays a crucial role in guiding the decision making of where investment should be directed.
Bhupender Singh continues: There is a great deal of emphasis on data being used to better understand customer behavior, preference and shopping behavior. But it is also important to recognize the role data plays in helping a business to model the financial implications, both in the short and longer term, of different market strategies."
About Intelenet Global Services
Intelenet is a large global Business Process Outsourcing player, committed to delivering its clients' strategic goals and helping in enhancing, broadening, and deepening the relationship to add value.