5 Reasons Why You Should Modernize Your Financial Management
Having financial visibility in your company vastly improves your chances to make data-driven financial decisions. The London School of Business & Finance noted, “Financial management is one of the most important aspects of business. To start or run a successful business, excellent knowledge of financial management is essential.” Similarly, Oracle NetSuite, a top Cloud ERP financial management software partner of IT Group, Inc., emphasizes that “financial management is the practice of handling a company’s finances to be successful and compliant with regulations, requiring both strategic planning and efficient execution.”
As a leading IT solution partner in the Philippines and ASEAN region, IT Group, Inc. understands the critical need to modernize financial management through digital transformation. Below are five compelling reasons to invest in your company’s digital transformation finance journey and elevate your overall financial management with modern financial management software.
Planning: The Foundation of Modern Financial Management
In financial management, planning is the crucial first step. This phase lets your company present its goals, challenges, and future strategies. Your financial team analyzes the feasibility of your goals within the current budget and projects target revenue. Leveraging digital financial management tools and Cloud ERP finance solutions like Oracle NetSuite provides real-time, data-driven financial reports with precise insights into budget trajectories and liabilities. This makes financial planning more transparent and effective, enabling proactive decision-making.
Managing Financial Processes Efficiently
Once planning is in place, managing becomes the focus — the ongoing execution and alignment with your business goals. Efficient financial management software plays a vital role in managing day-to-day sales, weekly quotas, and quarterly regulatory compliance. Missing any step can crack the foundation of your financial visibility. Automating repetitive financial tasks with Cloud ERP finance systems, such as Oracle NetSuite, allows your team to focus on strategic priorities while ensuring accuracy and compliance throughout your financial workflows.
Investment: Digital Transformation as a Long-Term Growth Strategy
Data Security: Protect Financial Data from Cyber Threats
There’s no question that details about your company’s liabilities and assets are essential. If someone unauthorized got their hands on them, your company would become vulnerable to cyber-attacks. Data security should be part of your investment strategy, especially protecting your financial team from data breaches and cyber-attacks. Most companies think that because they have tools for automating their financial and accounting processes, it doesn’t mean they can’t be a victim of hackers. One way to ensure the safety of your financial data and finances is with digital transformation and solution providers that can help and guide you with data privacy and security, like ITG.
Think this: prominent and trusted banks worldwide are at the forefront of financial technology, investing their money to have the most secure and safe financial processes, from its internal operations to servicing their customers and clients. In return, they have a solid brand reputation that makes clients and customers feel safe doing business. So, what’s stopping your business from doing the same?
Compliance: Ensure Regulatory and ESG Standards with Ease
Many companies, especially their financial management teams, prefer investing in digital transformation because of compliance. Prioritizing regulatory compliance first for your company is like hitting two birds with one stone, as when you comply with the standard, the rest will follow smoothly in your financial processes. It means you are aligned with what is asking for your business, ensuring that when you comply, you have less to worry about penalties, lawsuits, and tons of paperwork and saving you money in the first place. Not only that— but through digital transformation, being compliant means your business becomes more sustainable and profitable. ESG or Environmental, social, and governmental strategy has been a benchmark for a great business model if your company goes above and beyond compliance. ITG, with its partner Oracle NetSuite, has been advocating for organizations to be profitable yet compliant companies with the help of digital transformation.
Also read: IT Group, Inc. Championing Digital Evolution in Bacolod City
Let’s Modernize Your Financial Management Together
IT Group, Inc. (ITG) has been the leading IT Solution Partner in the Philippines and the ASEAN region. We’re an ISO 9001:2015 Certified company with four regional offices located in the Philippines, Indonesia, Singapore, and Malaysia, helping 200+ clients across the ASEAN region on their digital transformation journey and has a solid portfolio of 250+ successful projects.
For over 21 years of expertise, ITG has been your leading technology partner for system-wide innovative solutions to accelerate your business plans and goals, delivering seamless integrations and processes, from Business Management Solutions, IT Management, Integration & Automation, and Enterprise Data Management to IT Infrastructure. We help clients across the region experience digital transformation in their business, co-creating and co-owning solutions tailored to their business needs.
ITG takes pride in helping businesses from various sectors and industries. Whether you are a small, medium, or large company, we can help you with your digital transformation journey.
Let’s Venture Together.