Money is precious, and perhaps even more so in the business world. It’s little wonder that businesses are often early adopters of tech that has anything to do with money – robotic process automation (RPA), product pricing software, electronic payment systems, blockchain technology, etc – leveraging them for better financials overall.
Of course, mistakes can and have been made when it comes to tech in business finance and so it’s important to keep certain things in mind. So here are 3 tips for you.
Strategic Integration
You want the tech tools you bring in to work for whatever it is your business is trying to do, avoiding any disjointed systems for a real contribution to financial goals.
Take a good look at your business processes. It’s how you’ll find areas where the right piece of technology can fit right in and improve your finances. Then, remember, strategic integration is better as a team effort and it’s wise to get key players on board when making the decisions so that you’re not just thinking short-term gains but also long-term for everyone.
For example, if you’re a retailer, integrating the right pricing software with your inventory system almost certainly means selling more and keeping those carrying costs down.
Data Security Measures
Data breaches can be catastrophic and even when they don’t mean huge financial loss and legal trouble, they still mean a loss of your business integrity. You want your customers and partners to trust you, and that means making sure your data is really secure.
Use strong encryption for data on the move and at rest so that even if things go south, your data stays unreadable to anyone who shouldn’t be looking at it. It’s also prudent to make it a habit to run regular security audits. Often, this is how you spot vulnerabilities and handle risks before they become real problems.
For example, say you’re running an online payment system for an e-commerce setup. Enforcing end-to-end encryption for customer payment information and running security audits every quarter could very well save your business.
Continuous Training and Adaptation
Really, it’s best if your finance team stays in the know, with the skills and knowledge to properly leverage tech in business finance.
So, be particular about having resources for ongoing training programs as well as a culture where everyone is always ready to learn and adapt.
For example, you don’t want to roll out blockchain technology for your financial transactions without first training your staff. If they’re not blockchain-savvy, letting your business explore more secure and transparent financial transactions while keeping fraud risks in check, there’s a real risk of costly mistakes.
As always, technology can be a real help, but only if it’s used properly, otherwise the opposite becomes true. Consider these tips as you leverage tech for your business’s finances.