Office & Finance Trends You Might See in 2021
The last couple of years have been defined by sudden changes as a result of recent global pandemic, which also accelerated digital engagement. Though the financial services industry has been able to weather the storm and continue to operate throughout, it has become clear that the winds of change are not transient.
It is advisable to consider shifting to digital viewpoint in setting up the right strategy to use going forward. The following highlight major themes we believe are likely to dominate the most interesting financial technology conversations in 2021:
a. Work-from-home across financial services
Since 2020, widespread stay-at-home restrictions have challenged businesses all around the world to keep employees productive and connected while staying safe. As corporate offices became unavailable overnight, the entire workforce had to face bulk adjustments and rely on their home-internet connection along with virtual infrastructure solutions provided to suffice their work. While it got the job done, internet connectivity issues, bandwidth limitations, security concerns, and limitations in collaboration capabilities are a constant plague for the day-to-day experience.
Work-from-anywhere solutions need to take an in-depth look at seamlessly enabling a heterogeneous global workforce, high-speed connectivity, vast amounts of compute capacity and sufficient storage for big data, customisation for digital documentations and invoicing, and many more. It will have to go through a reimagined work environment—one that combines digital with mobile experiences to support in-person and remote workers.
b. Cashless Banking with Digital Engagement
The role of cash in society already began its slide to contactless payments having already been instilled as a way of life across Europe and Asia. In America, 27% of U.S. businesses reported an increase in contactless payments by customers as a result of the pandemic, according to the Bloomberg April 2020 survey.
Contactless finances have also extended to banking transactions. In 2020, 44% of retail banking customers relied on mobile apps to conduct business. This trend will continue in 2021, with 74% of global consumers saying they will use contactless payment methods even after the pandemic. Both traditional players and financial tech firms introduced new finance apps or upgraded existing ones to offer new services and programs to match consumer needs, such easy time-tracking, and customisations.
c. Mobile finance applications
It is expected that nowadays corporates will shift to digitalising day-to-day work in order to achieve their goal at the touch of a button. Small and large businesses alike will likely find that mobile apps save valuable time and are easier to access on the move. The most common apps to have broken through as trends are time-tracking and finance management apps.
d. More automation in the Cloud
More tools and solutions that automate processes to help improve the user experience are coming into play in the office,especially within the finance sector, where many organisations have moved from the proof of concept/pilot project phase into real-life applications.
Thanks to the cloud, automation has now been easier to achieve. Cloud-based ERP solutions can ease your evolution into a remote-based organization. It is a fully integrated, user-friendly business management solution with the service commitment and telecommuting capabilities businesses needed in today’s uncertain environment,
Cloud ERP that Checks all the Boxes
As a leading ERP provider with a robust suite of cloud-based financial management solutions, NetSuite gives companies the tools they need to address these trends. From real-time metrics and reporting to automation and self-service capabilities to an access-from-anywhere platform, the ERP system expedites daily financial transactions, accelerates the financial close process, and ensures compliance.
NetSuite also puts financial data into the hands of the people who need it, without making them ask the finance department for that information. NetSuite also provides “access from anywhere”— a capability that’s become increasingly important for remote workforces. And the platform includes native mobile applications for both iOS and Android. And because it offers multi-entity accounting, NetSuite also helps organizations manage the increasingly global operations environment.
Interested in information about NetSuite? Make sure to check out other helpful tips, tricks, and NetSuite updates on our blog.
Whether you are looking for a one-stop-shop for all services in NetSuite, or simply need answers to your questions, our NetSuite experts are here to make your business better. We are only one call away to make your whole easy ERP journey comes true.