Financial closing is one of the most labor and time intensive tasks for the Finance department. Around month-end close, you’ll see Finance bracing themselves for the long days to come spent on ensuring financial statements are accurate, reconciling discrepancies, and creating reports. And when errors happen or the process is delayed, it comes at a heavy cost to the business.
Betweenthe hours of 11 a.m. and 3 p.m. last Wednesday, July 18th, a rare event unfolded at the New York Stock Exchange (NYSE) - the largest stock exchange in the world shut down, bringing all trading to a stymied halt and leaving traders on the floor helpless until the NYSE reopened just an hour before the closing bell sounded. On the same day, the Wall Street Journal’s website went down due to technical difficulties and United Airlines grounded all flights across the U.S. for nearly two hours, resulting in travel delays, cancellations, and even hand-writing tickets for passengers at multiple airports.
Despite this increase in spending, organizations still have to worry about the basic costs of keeping the lights on and running the IT infrastructure behind the scenes. This is getting harder to do as the gap between the number of technologies IT has to manage and IT staffing levels grows wider. Workload automation serves as the key component in the middle, helping business adapt to technological change while reducing operational costs and enabling more agile, reliable operations.
Here are 3 Ways Financial Orgnizations Can Reduce Costs with IT Automation:
Last month I had the pleasure seeing Don Duet, Co-Head of the Technology Division at Goldman Sachs, give a keynote presentation at the Gartner Data Center conference regarding the company’s data center strategy. As the global investment firm looks to commoditize an array of new digitalized services and products to its multinational workforce, the data center is being asked to increase agility while mitigating risk in the fluid, and sometimes volatile, world of investment banking.
We had the pleasure this week of speaking with a long standing customer for an update about their implementation. Turkiye Finans has been an ActiveBatch user since 2009 and Mucahit Yavuz, IT Operations Manager at Turkiye Finans, has been part of the ActiveBatch project from the beginning.
The Royal Bank of Scotland’s (RBS) IT failure was one of the most highly publicized IT failures this year, underscoring the increasing dependence that financial service institutions, and other industries, are placing on their respective IT organizations. Some, including the bank’s CEO, have blamed the failure on the need to dedicate more resources to maintaining and updating the legacy systems and applications that so many of the bank’s critical processes have become dependent on.