Top 5 Ways how CIOs are Gaining a Competitive Edge with High-Tech...

Top 5 Ways how CIOs are Gaining a Competitive Edge with High-Tech Reconciliation Strategies

Capital Markets CIO Outlook | Wednesday, August 28, 2019

CIOs drive innovation by connecting the company approach to the IT agenda— fusing tomorrow's vision with today's realities. Here's the answer to 'how!'

FREMONT, CA: CIOs around the world are continually assessing a fusillade of emerging technologies, business models, and shot financial motions. Faced with conflicting goals and limited resources, CIOs are often caught between reconciling heritage and new technologies amid the fast digital transformation sweeping across Capital Markets businesses. Data reconciliation is a critical element of financial services and activities, but with many companies still relying on manual procedures, the failure to fully automate it is a pervasive task. CIOs can profit from the following approaches being considered.

Identifying the Needs

Pinpoint what the company wants, ideally divided into a must-have list and a nice-to-have list; it's going to be much easier to understand if any alternative suits the business and resist the shiny stuff. The most significant thing to do is to collect precise, comprehensive software specifications. The solution must align with the company's objectives and satisfy stakeholders' requirements. It is therefore critical to determine the company demands before the software suppliers start internalizing.

Determining the Scalability of the Software Solution

CIOs should ask and comprehend a software solution's level of customization and scalability that provides a worldwide marketing platform. Their software should be able to scale appropriately as businesses expand into fresh markets. The last thing that CIOs and other technology decision-makers want to face is the need to re-evaluate and spend two or three years down the path in a new solution when the current system is unable to cope with the evolving requirements of the company.

Reducing Redundancies

Another top priority among CIOs continues to modernize the IT environment. CIOs seek to satisfy end-user requirements better and alter the IT solutions framework. This involves growing efficiencies through the creation of procurement plans and company cases to drive fresh investments that decrease IT space redundancies. There are still many organizations suffering from over-reliance on legacy systems.

 Integrating with Existing Applications

For most organizations, expenditure management is just one component of a considerably bigger technology ecosystem, and to accomplish a seamless buying, general ledger distribution, and reimbursement/billing process, it requires to integrate efficiently into these alternatives. There should also be no walled-garden limitations on the need to deploy travel reservation and expense solutions from the same seller, enabling CIOs and business line managers to choose the best-of-breed alternatives that suit their particular needs.

Employing Highly Secured Solutions

Increasing safety at the end-user application level can include single sign-on deployment and multi-factor authentication implementation, as well as eliminating the need for sensitive applications on user devices. Using a browser to access the application via an app ensures that no confidential data is ever stored on a mobile device, eliminating the potential for it to fall into the wrong hands if a phone is lost or stolen. CIOs should also guarantee that their potential partners adhere to standard safety procedures in the sector for data security within the solution.

Digital transformation is exciting and promising within a business, but it also needs leadership to guarantee that their entire organization is devoted to implementing and successful new technology solutions. Overall, the CIO plays a crucial role in championing the opportunities for digital transformation and then be instrumental in organizing the continuing promotion and maintenance of these fresh alternatives. For many CIOs, this may be their career's most rewarding and impactful change.

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