There is a big need for Finance and IT collaboration to drive post-pandemic recovery in Australia. With an aging population and an expanding waistline, Australia is facing problems in maintaining financial governance. Its largest banks have inadequate resourced to deal with the financial volatility brought about by the global crisis. In response, the government has taken robust action to integrate finance and the business community to deal with post-crisis scenarios. The solution lies in bridging the gap between finance and business, especially in areas of information technology.
The future of IT and finance and information technology collaboration looks very bright. With companies such as IBM, Microsoft, Cisco and Fujitsu leading the way, there is a realisation that the financial services industry will be moving forwards, and technology will play an important part in its progression. As the field of IT and finance and information technology grows together, it is likely that productivity, efficiency and information will improve significantly, resulting in a more positive and successful future for the industry. Financial markets rely on fast and accurate information to make their decisions. The sooner that this technology partnership between IT and finance and information technology is developed, the sooner the financial markets will reap the benefits.
IT collaboration requires effective exchange of information across all key departments and levels of the organisation. For this to happen, finance needs to understand the need for change and take steps to implement new systems and reforms. This requires finance leaders to sit down with their IT teams and identify where they can share best practice. It also requires information sharing from the business to finance to foster greater understanding and coordination between the two. The goal is to reduce the time spent implementing and managing reforms.
The first step in this direction is to host discussions with key stakeholders. Having this discussion will help IT leaders to identify the gaps in their system and determine what additional changes to make to facilitate better collaboration. At the same time, it will allow finance and other key members of the organisation to understand the scope of the problem. In addition to having this dialogue, it will be beneficial for the system to undergo a software upgrade to drive post-pandemic improvement.
Another important facet of finance and IT collaboration involve the need for clear expectations and capabilities. At present most banks have developed specific software that they intend to use as part of the overall debt management platform. These software solutions include applications that deal with the collection, processing, allocation and disposition of customer data. The need to revise these applications will necessitate adjustments in the way finance uses internal software, as well as external software to facilitate post-pandemic improvements. In some cases, these software changes may involve the replacement of specific functionality by customised functions.
It is also important for finance and IT professionals to realise that the financial systems are not static entities. As a result, it is important to constantly evaluate the requirements of the banking system to ensure that there is a consistent architecture that can adapt to the different types of data that are being collected and processed within the organisation. Many banks are now collecting data on an individual basis, which includes the use of social media, mobile devices, emails and various forms of online interaction. When this occurs, it is likely that the architecture of the financial system will need to change to accommodate these changes.
Aspect of finance and IT collaboration involve the creation of a more flexible data warehouse. The information warehouse allows a seamless flow of information from the point of source to point of processing. This helps to improve the decision making process and minimises the risks associated with data that is incorrect or outdated. In addition, collaboration technologies help to develop more efficient reporting systems that are easier to implement, as well as to review. This can reduce the cost of information that is lost or misinterpreted, as well as increase the number of reports that can be produced in a shorter period of time.
In conclusion, finance and IT technology collaboration is vital for organisations that are trying to maintain their competitive advantage. If companies are not involved in technology collaboration, then they could find themselves at a distinct advantage when it comes to accessing new opportunities and products that become available as the market evolves. Furthermore, it is often a cost effective way to update and modernise internal systems in a timely manner. In turn, this can also help to drive greater customer satisfaction and loyalty. Ultimately, it leads to better performance, increased profits and more satisfied staff members.