Data is the driving force behind successful decision making irrespective of industry or function. To fully benefit from this data, businesses need to break away from traditional silos and work towards a holistic approach to data collection and management. For organizations, this means breaking down silos, corporate barriers and enabling functional collaboration across departments – from IT to sales and from operations to marketing, in order to enhance internal efficiencies and provide next-generation customer experiences.
And achieving such agile and proactive operations requires integrating connected finance across the organization. In fact, according to research, the market value of smart finance connectivity was already at $228.42 million in 2021, with an expected CAGR of 4.0% between 2022-2028. It is this shift towards convergent, intelligent ecosystems that is embodied in the term “Connected Finance”. It is a robust strategic approach to building business environments that leverages AI, ML, and data analytics integration to provide essential financial tools, aggregating systems and data sources for a real-time view of financial functions.