When preparing their upcoming annual budget, the tech in which Chief Financial Officers (CFOs) consider investing has long-term implications for their organizations. The more intentional the investment in technology is, the better the chance the organization sees far-reaching benefits.
The technology sector accounted for 10.5% of the US GDP in 2022. This percentage is only second to the healthcare industry and demonstrates just how vital it is for modern organizations to be investing in technology and their own digital transformation.
CFOs have a lot of responsibility as they hold the top financial position in an organization. CFOs need to be advocates for technology since they understand the long-term rewards that stem from a digital transformation.
Read on to learn more about the tech that CFOs should plan to fold into their budgets when planning for 2024.
4 Pieces of Tech CFOs Should Keep an Eye on for Next Year’s Budget
With so many different tech solutions floating around the market, it can be difficult to filter out what’s truly effective compared to what’s just noise. That said, finding the right technology to implement into your organization can greatly improve efficiency, among other benefits.
To help you better plan your digital transformation and tech investment initiatives, we’ve put together a list of technologies that are well worth exploring. These solutions lead to growing financial returns, better employee satisfaction, and improved operational efficiency.
1. Data Entry Outsourcing
By outsourcing data entry tasks to specialized service providers, companies can leverage cutting-edge technology and experienced professionals to ensure data accuracy and timeliness. This strategic move not only reduces the burden on in-house teams but also enables CFOs to allocate resources more efficiently, freeing up capital for critical tech investments and innovation. Moreover, outsourcing data entry can enhance data security and compliance, mitigating risks associated with data handling. As businesses increasingly rely on data-driven decision-making, outsourcing data entry becomes a smart choice to optimize financial processes, boost productivity, and stay competitive in the ever-evolving tech landscape.
Visibility is one of the major benefits stemming from data entry outsourcing. With consistent accurate data, it allows CFOs to look deeper into the processes and operations of different departments and informs decisions on pivots or adjustments moving forward. By having this data at their fingertips, CFOs can create a better-informed, data-backed, and more strategic budget for the upcoming year.
2. Document Management Software
Document management software allows users to digitize and organize all company documents so that fewer resources are spent storing, searching for, and sharing these documents. Documents can be accessed simultaneously by multiple employees, while giving company leaders visibility over who has access to what.
Since high-quality document management software can be integrated with existing applications, it passively promotes collaboration throughout your organization. Different versions of documents will be stored, cataloging the changes and edits as a document evolves. That way, if someone wants to revisit an old version of something, they can do it with ease.
According to a report by McKinsey, “Employees spend nearly 2 hours every day searching for information they need to do their job. With a proper document management system in place, this figure can be whittled down significantly, giving your staff valuable time back into their daily schedule.” – McKinsey Report
3. Scanning Services
Organizations that invest in outsourced scanning waste 28 times less money than those that don’t. Investing in scanning allows organizations to digitize and modernize their document management processes. By outsourcing scanning services, companies can convert paper-based documents into digital formats, making information easily accessible and reducing the physical storage costs associated with paper records. This not only improves data retrieval efficiency but also enhances data security through encryption and backup measures.
CFOs can also benefit from increased productivity as employees spend less time searching for and managing physical documents. Additionally, going paperless aligns with environmental sustainability goals and demonstrates a commitment to reducing the carbon footprint. Investing in scanning outsourcing is a forward-thinking step for companies to improve operational efficiency, reduce costs, allocate resources elsewhere, and facilitate collaboration. contribute to a more sustainable future.
“Time is the scarcest resource, and unless it is managed, nothing else can be managed.” – Peter Drucker
4. Medical Record Indexing
Medical Record Indexing is something CFOs in the healthcare sector should strongly consider investing in next year to drive operational efficiency and ensure compliance with evolving healthcare regulations. Outsourcing this critical task to specialized service providers can significantly improve the accuracy and accessibility of patient records. This not only enhances patient care but also streamlines billing and insurance claims processing, reducing revenue cycle inefficiencies. Additionally, outsourcing medical record indexing ensures that healthcare organizations remain compliant with ever-changing privacy laws and industry standards, such as HIPAA. By optimizing record management, CFOs can allocate resources more effectively, ultimately improving the financial health of their healthcare institutions while maintaining a high standard of patient care. With a comprehensive indexing team dedicated to each healthcare organization, businesses can reduce costs and see major efficiency boosts from employees.
Bottom Line
On the advent of the budgeting season for next year, CFOs should consider additional investments in technology due to its many benefits.
Although these solutions require money and time, the overall ROI for organizations is not only financial as companies that invest in tech are often innovators and disruptors in their industries.
Well used technology creates organizational advantages such as visibility, better data, informed decision-making, more efficient workflows, and better collaboration. With this in mind, it’s vital for CFOs to prioritize tech and digital transformation within their organization.
If you want to learn more about the benefits of investing in technology for your organization and how to choose digital transformation initiatives for your organization, Reach out to Tronitech Today!
