Info-Tech Research Group's new study tackles the critical
challenges of unoptimized IT financial processes. The recently
published resource offers insight on strategic solutions to enhance
efficiency, overcome industry-specific regulatory hurdles, and
promote the seamless integration of finance and procurement
functions. The firm's research findings and recommendations for IT
leaders in the finance sector are intended to help drive
organizations' technological advancements and achieve financial
management excellence.
TORONTO, July 12,
2024 /PRNewswire/ - As the demand for
technological innovation within various industries continues to
surge, financial sector organizations specficially are finding
their current IT financial management systems inadequate, often
resulting in inefficiency, missed opportunities, and economic
waste. Complex budgeting processes, unpredictable expenditures, and
the constant demand for innovation have created a pressing need for
more adaptable financial management systems. Recognizing these
critical challenges, Info-Tech Research Group has published its
latest research, Implement an Adaptive System for IT Financial
Management. This research provides IT leaders with
industry-specific insights on modern strategies and solutions to
break down silos, optimize financial processes, and seamlessly
integrate finance and procurement functions, thereby driving
technological advancements and achieving financial management
success.
"The most elegant things in life are never simple behind the
scenes – they're often carefully and thoughtfully designed to be
that way, and just as often have evolved from some pretty clunky
and awkward predecessors," says Jennifer Perrier, principal research director at
Info-Tech Research Group. "The same can be said of most
approaches to IT financial management."
Info-Tech's research details various obstacles that
organizations face in their IT financial management systems. The
firm explains in the new resource that the finance and procurement
functions of many organizations are often siloed and reliant on
manual, unoptimized processes, which limit IT's ability to drive
improvements. Additionally, industry-specific regulatory
constraints and apprehension toward innovation create further
hurdles, impeding IT's progress toward transformation. Info-Tech
advises that addressing these challenges and developing strategic
solutions is crucial for organizations to enhance their IT
financial management practices.
"The way IT financial management is commonly practiced in
many organizations is ad hoc and opaque, leaving IT and other
decision-makers unable to quickly and appropriately respond to
changing conditions and emerging opportunities," explains
Perrier. "To keep pace with a highly dynamic future that
Info-Tech calls Exponential IT, most organizations will need to
reinvent their approach to IT financial management so that it can
operate with agility and confidence."
The firm recently shared with Forbes that for organizations to
succeed with Exponential IT, they need the flexibility to invest in
new, high-value capabilities as they arise. Central to this is
modernizing IT financial practice, characterized by a CIO-CFO
partnership, automated financial management processes, and a more
flexible IT funding approach.
In the newly published resource, Info-Tech outlines a four-step
approach for IT leaders to enhance their financial management
system from the edge to the core:
- Step 1: Understand the context within which IT financial
management operates to identify constraints, opportunities, scope
of work, and objectives.
- Step 2: Identify and define the elements that make IT
financial investment and management possible, including required
capabilities, processes, competencies, tools, and governance
controls.
- Step 3: Design and implement a formal system for IT
financial management that is agile and responsive to changing
priorities, conditions, and opportunities, which can evolve over
time with the organization as it grows.
- Step 4: Collaborate with the organization's central
finance and procurement functions to improve their integration,
automation, and analytic capability to optimize financial
management agility organization-wide.
Info-Tech's comprehensive blueprint offers practical guidance
for IT leaders looking to revolutionize IT financial management
through agile practices and strategic alignment. This research
outlines methodologies for designing, assessing, and evolving IT
financial systems to meet the demands of Exponential IT, ultimately
empowering leaders to enhance decision-making, optimize resource
allocation, and drive organizational transformation
effectively.
For exclusive and timely commentary from Jennifer Perrier, an expert in financial
management, and access to the complete Implement an Adaptive
System for IT Financial Management blueprint,
please contact pr@infotech.com.
Info-Tech LIVE 2024 Conference
Registration is now open for Info-Tech Research Group's annual
IT conference, Info-Tech LIVE 2024, taking place September 17 to 19, 2024, at the iconic Bellagio
in Las Vegas. This premier event
offers journalists, podcasters, and media influencers access to
exclusive content, the latest IT research and trends, and the
opportunity to interview industry experts, analysts, and speakers.
To apply for media passes to attend the event or gain access to
research and expert insights on trending topics, please contact
pr@infotech.com.
About Info-Tech Research Group
Info-Tech Research Group is one of the world's leading
research and advisory firms, proudly serving over 30,000 IT and HR
professionals. The company produces unbiased, highly relevant
research and provides advisory services to help leaders make
strategic, timely, and well-informed decisions. For nearly 30
years, Info-Tech has partnered closely with teams to provide them
with everything they need, from actionable tools to analyst
guidance, ensuring they deliver measurable results for their
organizations.
To learn more about Info-Tech's divisions, visit McLean &
Company for HR research and advisory
services and SoftwareReviews for software buying
insights.
Media professionals can register for unrestricted access to
research across IT, HR, and software and hundreds of industry
analysts through the firm's Media Insiders program. To gain access,
contact pr@infotech.com.
For information about Info-Tech Research Group or to access the
latest research, visit infotech.com and connect via
LinkedIn and X.
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SOURCE Info-Tech Research Group