Many companies respect the high-tech and consumer electronics industries that, as demand continues to build, come under intense time and cost pressure. In recent years, many financial and accounting sectors have latched onto the latest technologies to update their processes, produce results within a shorter time frame and increase overall efficiency.
Streamlining financial and accounting operations is one of the most viable ways for companies of all sizes to reap benefits and seize innovation opportunities. Such action can help in continuously reducing costs while optimising a supply chain. Outsourcing finance as well as accounting functions usually frees the key managers and subject matter experts to fine-tune processes, improve controls, manage cost and develop more products to please customers.
The five competitive trends that are transforming and advancing the high tech market are-
- The growing role of the cloud: This influences companies to devote cash as well as management attention to move products, services and data to the cloud- which provides reliable storage and easy access to vital information.
- The use of real-time predictive data in order to improve the business results: Close, regular analysis of processes, especially marketing efforts, allows businesses to use current information to better understand what Key Performance Indicators (KPI’s) they have and forecast for the future.
- The tablets and smart-phones that are moving from the customer field to the enterprise field: This creates major opportunities for businesses that provide security technology and services that secure data. Such applications can take a load of worry off of other businesses’ shoulders.
- Maximum use of social media networks by these companies to collaborate with the prospects and customers: Careful use of social media allows businesses to better understand consumer profiles as well trends. In addition, social media can foster relations between not only business and customer, but also between B2B companies.
- Use of an interactive form of marketing like videos for product marketing, showcasing the executives or human interest efforts: This has become a highly effective method for both internal and external communications. Video use can also be a efficient way to build a business’s brand while attracting social media attention.
Based on research carried out by GC Accountants, the top technology companies are now turning to partners to focus their spending and management efforts when adopting these latest trends. These service providers allow the companies to create flexible business models so they can establish themselves in the ever-changing market conditions.
Some of the most effective models are listed below:
- “Commoditise” Procure-to-Pay (P2P): These processes are usually highly manual and have more end-to-end process views. These state-of-the-art tools can eliminate the majority of the manual P2P work. This include processes like purchasing, account payable as well as travel and entertainment.
- “Verticalise” Order-to-Cash (O2C): These processes tend to have industry-specific requirements. Using these service providers, domain knowledge can easily enable you to maximise the time and cost savings. This covers processes like order management, dispute management, invoicing, collections as well as annual reports.
- Automate Record-to-Report (R2R): These include processes such as manual journal processing and reconciliations, improving process predictability and visibility, and minimising manual processing. All these service providers add to the business value and work towards improving processes and building profit.
These factors have contributed significantly to the latest trends of finance and accounting outsourcing. When implemented, these trends can serve to simplify and increase efficiency in all your business processes.
