Five questions CFOs and CIOs need to ask themselves to better prepare their infrastructure to support an IoT-centric model.
Automation
How much of your financial technology process is automated?
Inputting transactions, handling account reconciliation and managing revenue are a few of the most time-consuming tasks for any finance department. As customer bases and data from the IoT both grow, it will be crucial to automate these processes as much as possible to ensure that the business can scale with its growth effectively.
Your financial processes need to be automated so they can quickly and accurately handle any new business requirements that come your way. The faster you can close books, the more time and money your organization will save; you will also be able to provide financial insights faster to management, auditors and investors.