E-Business

Technology related investments in finance function offer several benefits. Establishment of a good technology infrastructure emphasizes replacement of legacy systems, process streamlining and achievement of higher data accuracy. Spreadsheets are predominantly used for execution of finance related tasks. Automation of processes like accounts receivable and accounts payable provide metrics on the levels of cash flow, capital utilization, and profitability. In electronic invoicing, the suppliers of an organization offer invoices through the medium of a portal or a more secure and trusted network. A majority of the investments by financial services companies are in the areas of data warehouses, CRM software, enterprise performance and profitability measurement systems, and other applications that help in online reporting. The automated approach followed by e-finance helps organizations make transaction processes quicker and devoid of errors. Use of self service in e-finance reduces cost and cycle time. Some of the factors hindering adoption of technology in finance function are high costs, lack of awareness, cultural resistance, lack of training, implementation problems, ERP and other e-commerce applications integration related problems, conflicts in sharing information with stakeholders.