The ever-changing world business environment has expanded the role of the financial executives as they must now venture into new avenues in order to add on to the worth of their financial organization. Deregulation has been a very important part of the expansion of financial institutions, allowing them to focus more on their core business objectives.
New finance, accounting, and tax procedures
Development of Data Warehouses
Over the years many global organizations have worked to standardize and integrate their businesses. With the help of such integration the end users would be able to access any financial information from any desired location, enhancing the organizations’ decision-making processes. The role of the finance professional is that of a coach, transmitting the analytical tools and the methods of working with the tool to the decision-making units.
Technology has also played an important role in increasing the importance of finance in world business. The technological advances that took place in the 1990s included enterprise resource planning, internet, and data warehousing. With the internet, market trends, currency fluctuations, etc. are available at a click of a mouse.
Financial analysts can use such resources in making future predictions of the market, in turn influencing investments.
In the complex business environment as of today the role of finance is ever expanding. Organizations are forced to develop new analytical tools to have a competitive edge in the market.