The world has gone crazy over mobile—and finance is no exception. Mobile solutions have the capability to transform the way we operate, manage, and monitor the workplace. For finance in particular, “the immediacy of information that can be received, processed, analyzed, and then pushed back out—with all of this done remotely—is the real opportunity,” said Lawrence Maisel, founder the performance management consultancy DecisionVu.
Financial planning and analysis professionals are able to use up-to-date information to more accurately forecast an organization’s projected performance. In addition, having access to a single, official version of the truth eliminates the time often wasted on debating whose numbers are right. However, with the rate at which mobile technology is evolving, organizations run the risk of investing in today’s mobile solutions that will be out of date before implementation is completed. How can an organization make the right investments at the right time without becoming obsolete before the get-go? How can an organization develop training on technology that changes quickly?
One way organizations can insulate themselves is to plan for failure. In other words, build a finance team made up of flexible finance professionals who are able and willing to evolve with the organization’s mobile solutions.
According to APQC research, many finance functions are still struggling to adapt to more traditional financial management systems and processes. Hopefully, with the mobile industry’s push to create more an intuitive mobile experience through simplification—without relinquishing key functionalities, finance will be able to keep pace with mobile innovation.
For more information on mobility and finance, see Mobility Lights Up Performance Management: Organizations Are Reaching for a New Growth Lever.