Carlson Thought Leadership in Finance & Technology

6 Financial Technology Trends That Will Influence Business in 2019

December 13, 2018 / by Lauren Strohmeier

6 Financial Technology Trends - 1As 2019 soon makes its debut, we look ahead to the financial technology trends that will influence business. From cloud technologies and data integration to collaborative planning and more, these innovations will continue to deliver transformative results.

What are these trends and how can your organization make the most of them?

Here’s a forecast of six technology trends you can expect for 2019 and beyond:

Cloud Technologies

With a rising number of organizations already implementing cloud technologies, this trend will only accelerate. People are observing that moving to the Cloud brings tremendous value and are implementing these solutions. Their decisions prove wise, as they experience more secure information, efficient operations, stronger collaboration, unified data, and the ability to access business insights anywhere, anytime.

As the Cloud continues to propel organizations to greater heights, the adoption of cloud technologies will continue to skyrocket.

How can moving to the Cloud advance your organization? If you are facing the limitations of spreadsheet-based budgeting, you can expand your capabilities with a cloud-based solution.

According to research, just 2 years ago, 78% of CFOs cited mastery of Excel as the most important skill for their FP&A teams, compared to only 5% today. This trend is expected to continue, as only 7% of CFOs will look for superior Excel skills in new hires. Rather, what qualities will CFOs seek most in new hires? They will look for the ability to adapt to new technologies, thereby redefining the abilities finance professionals value most in the future. (Source: Adaptive Insights website)

Adaptive Insights, the business planning platform, helps your team plan better, budget faster, and forecast smarter. As your organization grows, Adaptive grows with it.

When your team is empowered with scalable solutions, your business performance will see brighter horizons.

Data Integration

Data is becoming increasingly complex. To thrive in today’s world, how organizations manage their data makes all the difference.

Finance professionals must now manage large data sets from a variety of sources. This presents some unique challenges: How can they gather meaningful insights from their data? Successful organizations will harness the collective power of their data through integration.

DataBlend, the integration platform as a service, gives the full financial picture by seamlessly extracting, transforming, and loading data between core financial and operational systems. Organizations get to make better and more timely business decisions with real-time information.

Even though your data may now be comprehensive and complex, you can simplify it in the year ahead. Make it easy to understand by transforming it into meaningful insights through data integration.

Collaborative Planning

When it comes to business, collaboration is everything.

That same truth applies to finance and non-financial stakeholders. When team members across departments work together effectively, it’s impressive what they can accomplish. Innovative ideas, more sales, increasing revenue, and happier teams are the benefits these organizations enjoy.

At Carlson, we have observed and encouraged our clients' increasing desire to extend the benefits of Adaptive throughout their respective organizations. From sales and human resources to production and R&D, all leaders on the frontlines of business can now track and manage the KPIs for better insights into business performance.

Cloud-based financial technology platforms are helping organizations become more collaborative. Adaptive has pre-built features that allow users to easily share information. Because key members can login into Adaptive to access the same information, it aligns everyone’s priorities with the organization’s vision.

How can you create better collaboration in your team in 2019?

Start with technology. Specifically, implement financial systems that enable information-sharing within and across your teams. When you open new channels of business communication, you open the door to discovery and action.

Service-Driven Financial Technology

Business is all about people.

Technology of the future will uphold this principle. Innovations are increasingly service-driven and will continue to be in the year ahead. They have the human element that gives a personalized experience customized to client needs.

This is especially the case with SaaS financial systems. When software is complemented with personalized service, organizations get the all-in-one solution that delivers true finance transformation.

Because technology is an investment, it’s important to get the highest return. In 2019, think about investing in a solution combined with a high level of consultative service. With Carlson’s award-winning implementation services, you benefit from improved business performance that comes with a successful project.

Machine Learning

Software systems of today and the future are being developed in a way that elevates the user experience. As software learns what humans need, they’re becoming more intuitive, using advanced algorithms to perform functions automatically without programming.

Financial technology, especially, is becoming more in tune with the needs and goals of business users. It’s very responsive, carrying out complex functions with several clicks of the mouse. This ease-of-use translates into greater productivity and performance for teams.

To stay agile today, the need for faster and brighter insights is stronger than ever. Automation handles previously manual work itself, so CFOs now have time to focus on higher-level tasks.

According to Adaptive Insights Survey Reveals CFOs’ Increasing Appetite for Automation, findings reveal that CFOs are embracing automation for the following reasons:

  • “Data to insights is the biggest driver for automation.
  • Forecasting and dashboards lead CFOs’ automation plans.
  • Two-thirds of CFOs say automation has delivered the desired benefit.
  • CFOs looking to artificial intelligence (AI).” (Source: Adaptive Insights website)

How can you fuel your organization’s growth through machine learning?

Adaptive is designed with the user in mind. It saves you time by automating your core processes. Additionally, it’s highly intuitive and customized to fit your business. From software and nonprofits to the life sciences and more, Adaptive is the customized solution that will help your organization thrive.

The Dawn of Transformation

It’s the dawn of transformation. Financial technology will transform organizations by providing the full picture of business performance.

These solutions elevate all areas of business. Furthermore, they create real-time visibility and stronger collaboration across teams, resulting in accelerated growth.

On June 11th, 2018, Workday and Adaptive joined together to provide a more dynamic and robust Cloud solution that meets all needs in financial management, human resources, and business analytics. Users of Workday + Adaptive Insights will get to grow their organizations faster and easier with a full suite of business planning capabilities.

To transform your organization in 2019, a business planning platform that has it all can be your solution.

The Future Begins Today

Success in the future begins with what you do in the present.

Start incorporating these trends in your organization today, and you will soon reap their rewards. When your organization stays at the forefront of financial technology, it stays at the forefront of business growth.

To experience greater success in 2019 and beyond, contact us for a consultation to discover a solution that fits your business.

 

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