Three Ways The Finance Industry Can Benefit From Automation

Jun 22, 2022

Financial firms deal with a lot of data. Numbers, transactions, private and encrypted data. Everything needs to be kept secure, but also utilized across departments and teams to develop plans and for marketing, growth, communications, and other uses. Responses to activities need to be made quickly and based on solid input. Proper technology and software can assist financial firms in making the best use of their efforts and resources in a fast-paced environment with numerous factors involved. How can technology and automation software help specifically in the finance industry?


Shorter planning cycles


When finance companies use technology to assist with processes, it decreases the amount of employee time on projects. This translates into massive savings on Full Employee Time, overhead salaries and payroll costs, as well as allowing employees to be more productive during their working hours.

Freeing up human hours to work on higher strategic level tasks increases business profitability and efficiency.


One single version of the truth


Cutting down on manual human inputs into databases, processes, spreadsheets, etc. also cuts down on human error and interpretation. Allowing for automation and technology in this area allows for “one single version of the truth” where the data is not corrupted or misaligned during translation or input from a variety of human sources over time and across platforms.

Using cleaner data with less human error also allows for stronger and more accurate data analysis when cross-department data is utilized in numerous ways.


A more proactive finance team


This is an artistic image of coins with what appears to be financial data laid on top of it. This image is used in the G7 Tech Services article titled, “Three Ways The Finance Industry Can Benefit From Automation”.

By automating the data collection and input process, employees can maximize their time spent on insights and useful analysis of data, not the collecting and cleansing and inputting tasks. These types of tasks can easily and more efficiently be automated with using appropriate tools and technologies.

Humans still have higher level interpretation and analysis skills, utilizing data collected across channels, but the technology exists to help humans jump to the next level in their analysis due to appropriate use of software tools that are available.


Technology Helps– G7 Has A Solution for the Finance Industry


G7 can help your financial services organization in maximizing efforts and efficiency by providing appropriate tools. By collecting and analyzing data, and creating customized data views and solutions for your departments, cross team data sorting and use is easy. Each department can have tailored solutions to their needs, and visual reports and graphs to lead them to streamlined decision making. Data models, visualization, automated insights and templates can help your team develop robust financial plans.


With proper utilization of software and technology, your teams (and the finance industry as a whole) can uplevel their ability to reach solid decisions quickly, based on strategic data. G7 can help make the appropriate selection of tools for your specific entity, helping your business to thrive!