July 22, 2024
This paid piece is sponsored by Eide Bailly LLP.
A version of this insight first appeared on EideBailly.com.
From managing cash flow and financial planning and analysis duties to strategic planning, technology adoption and regulatory compliance, finance teams are working harder than ever with potentially fewer resources.
The rapid pace of change requires organizations to react much faster to issues, disruptions and opportunities. In this environment, your technology can be a distinct advantage — or create more obstacles to your organization’s success. Aligning your technology solutions across your organization is what makes the difference.
Challenges in today’s financial landscape
If your finance team is facing challenges that complicate their work and take up extra time – you’re not alone.
Here are some of the top issues we see finance teams facing today:
- Disparate systems create information silos.
- Manual processes take up valuable time.
- Talent shortages cause staffing issues.
- Remote work isn’t addressed.
Why you should align your tech stack
Simply put, alignment is about your organization, culture, people and processes. Aligning your technology solutions will help your team address these challenges. And you’ll create a more efficient, modern and data-driven organization in the process.
Becoming a tech-aligned organization will provide:
- A holistic view of your business and financial data for smart decision-making.
- Greater efficiencies from streamlined workflows and automation opportunities.
- A better work experience that improves retention and recruitment.
- Flexible technology systems that are ready for future growth.
How to create technology alignment
Even if you understand the importance of why technology alignment is smart, the thought of getting started may seem overwhelming. We’ve created a checklist of the best practices for a successful approach to aligning your technology.
Here’s what to keep in mind:
- Get executive leadership on board: Ensuring you have buy-in from C-suite and senior leaders is critical to modernizing and transforming your technology stack.
- Assess current processes and gather feedback: Look for areas that need improvement, and talk to other departments in your organization to learn how their work intersects with finance.
- Create a long-term plan with milestones: Create a long-term plan with a broad vision for the future that includes small milestones to help you track progress.
- Celebrate small milestones with your team: Aligning technology systems requires significant time and resources, which is why it is important to celebrate every small win and how it benefits the team.
The fast-paced nature of today’s business environment demands quicker responses to issues, disruptions and opportunities. This means the technology you use can either provide a significant advantage or become a hinderance to your organization’s success.
An experienced team of advisers who understand your organization’s unique needs can provide guidance on how to align your technology strategy.
The Eide Bailly team has decades of experience using a proven, defined methodology to assist with IT planning, strategy and implementation to propel your organization forward on a path toward long-term improvement and growth.
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