ARCON TechSolutions: Building a Shield against the Risks of the Digital Era

The biggest risk is not taking any risk … In a world that's changing really quickly, the only strategy that is guaranteed to fail is not taking risks," What Mark Zuckerberg stated throws light on the fact that risk and business are inseparable. While there are risks that a business deliberately takes to see what's beyond their boundaries, there are many other kinds of challenges, risks and threats that a business encounters without a prior notice. In an era where IT acts as a spine for most business organizations, the advent of mobile, social and cloud technologies has extended the business outside corporate firewalls, creating, in effect, "shadow" IT department. Thus, growing regulatory environment, higher business complexity and increased focus on accountability have led enterprises to pursue a broad range of governance, risk and compliance initiatives across their organizations. However, if these initiatives are uncoordinated in an era where risks are interdependent and controls are shared, the results could not be fruitful.

20 Most Promising Financial Management Solutions and Services Providers - 2017

With the aggressive expansion in the number of organizations across the globe, management of finances and accounts is turning out to be an extremely challenging work. Extended working hours, mismatched financial records and audit nightmares have traditionally been a major cause of concern for the people handling it. From fetching real-time, comprehensive financial and operational reports to cost reduction and budget planning, the finance department of an organization is vast and demands proper preparation. Thus, leaving financial management of an organization as a separate task to be handled manually by the finance staff or the treasurer can be an expensive affair for the company, often leaving a scope of transcription error or data duplication.

Customer expectations from banks, asset management companies and insurers are on the rise. To meet these demands, organizations need sound financial planning and management systems for proper streamlining of invoicing and bill collection, eliminating accounting errors, minimizing record-keeping redundancy, ensuring compliance with tax and accounting regulations, assuring risk and compliance are well managed, helping personnel to quantify budget planning, offering flexibility and expandability to accommodate change and growth, to achieve their objectives of financial organizations. Companies can also use mobility as a tool for creating business advantages and driving business growth.

Information Technology (IT) performs as a major catalyst in administrative processes, thus, financial organizations readily embrace its use to serve their clients faster and also to do more with less. These advancements in technology are allowing financial management and delivery of banking services more conveniently and effectively than ever before. As technology offers vast opportunities of scale; financial solutions and services make it possible to serve everyone standing in the queue, irrespective of the length of the queue and the variety of needs amongst those queuing up. The use of financial management systems here acts as a bonus to improve efficiency by dramatically reducing the time dedicated to managing document management systems, allowing more time to focus on forward-looking projects.

IT is turning out to be the fundamental element to every aspect of a business; almost every business is transforming into a digital business, and the need of the hour is to embrace and drive value from technology. Addressing these crucial needs of organizations, CFOs, CIOs, IT leaders, Financial Accountants, creditors, tax authorities, investors, customers and regulatory authorities, ERP Insights brings to you the list of ‘30 Most Promising Financial Management Solutions and Services Providers’ under the categories- Financial Management Software and Solutions Providers; Governance, Risk and Compliance Solutions and Services Providers; Asset and Wealth Management Solutions and Services Providers; Accounting Software and Solutions Providers; Tax Software and Solutions Providers; and Banking and Finance Mobility Solutions Providers. The list intends to help organizations find reliable and professional solutions and services providers to deal with their finance related challenges in the most effective ways.