Finance department plays a critical role in businesses. The historic myth about this department as a silo team, a bad police who just controls and slows down everything and says no to any cost, is dead. Finance is a critical part of each business with a significant role in decision-making. It is not cost controlling; it is budgeting, planning, predicting and balancing the costs with benefits and profits. Finance teams find the most efficient solutions for the most effective procedures of the businesses.
A finance manager needs to work closely with all departments. It is not just working in the functional area. Finance manager needs to have a strong presence in the project teams to deliver the best profitable solutions to the customer and align all parts of the value chain so that the resource allocations can be optimized.
The modern organizational structure is not consistent with any of the classical definitions and categorizations that can be found in organization design literature. Having a functional structure, a project structure or a matrix structure is not the matter anymore. It is not even the case to talk about weak matrix or strong matrix (that defines the strength of project team Vs. functional teams.) Nowadays a high performing organization needs to be dynamic. The roles change faster than ever. There is a close relationship between project teams and functional teams, and even the teams are changing very fast and don’t have a solid architecture. Assuming that the business wants to be agile and strong enough and be able to respond to the market requirements fast and in the right way. And at the same time, control the processes, emphasize on efficiency and resource allocation, analyze the cost and benefits and predict the internal behavior as the external fluctuations.
In the era of agility, any manager needs to decide faster, better and more accurate than before. Technology can play an important role to gather the right data, develop the data to information and help the experts and manager to extract the insights, generate knowledge and share with colleagues.
A finance leader can play a critical role in the fast moving organizations. The finance team needs to access to the real-time data, from all around the organization, all live projects, and upcoming ones. Finance team needs to be able to process and manage all of them close to real time. If the finance department wants to add value to the organization and play its crucial business role in the best way, it needs to have the right infrastructure, the right tool, and the right technology. In-memory database is not a nice additional option; it is the first requirement of a high performing infrastructure of the finance department. A cloud-based enterprise resource planning and a complete finance solution that can provide whatever a modern finance department needs, can empower the finance department to revolutionize the whole organization and the business. The right finance solution that can cover all the essential tools, from cash management, closing, invoice management, receivable management and payment automation to business network; in a simple, easy to use and real-time way, is a silver bullet for success. Empower your business with a solution like this and check the Finance Content Hub now to find the answers you need.