A few years back, most of the organizations were reluctant towards adopting mobility solutions for their business. Businesses were skeptical about the return on investment of mobility solutions. Now the early adopters of mobile apps are reaping huge benefits from the mobility solutions. Today, mobile apps are not a trend but a norm for businesses to have a healthy bottom line. As in 2016, the numbers of smartphone users have crossed the 2 billion mark; no business can afford to miss out on the opportunities presented by mobile apps.
For the Chief Financial Officers who are hard pressed to avert financial risks and propose efficient financial plans, mobility solutions for Finance vertical present a plethora of benefits. In near future, finance will be running on an ecosystem of mobile apps. Mobile apps are already helping business to manage all of their accounting, payroll, and invoicing needs. The mobile apps are used to create online invoices, capture expenses, tracking times and keeping track of cash flow and expenses. Mobile apps are also finding application in creating and sending estimates. Mobility solutions can also be implemented for availing tax information and paying taxes. Apps are also crucial for financial record keeping. They can facilitate the creation of expense and tax reports. The invoicing apps can help in creating professional looking invoices. There are task management apps which help in effective task scheduling.
As the organizations are now shifting towards a data-driven culture, mobile apps will help in deriving value from the data. For an organization, the value of financial data is even more critical. The mobile apps can help in gathering data from multiple sources and conducting analysis to derive trends, forecasts, and projections.
One of the key reasons mobility solutions are gaining traction in the finance industry is because of the flexibility and responsiveness offered by them. Mobile apps have opened up avenues for payments industry and the digital wallets are facilitating cashless payments. The banking industry has been transformed with the help of banking applications as mobile apps have provided anywhere and anytime banking.
The CFO’s need to embrace the mobility solutions as it will help in transforming their role from being a steward to a catalyst and strategist for an organization. It’s a need of the hour is to think and act digitally. CFO’s have to rewire their finance technology strategy to meet the demand of the near future.
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