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 - 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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