Software Makes the Financial World Go ‘Round
If software makes the world go around, it is the continual force of advancing technology that causes it to maintain its spinning momentum.
From cloud-based financial software for individual users to complex industry-specific software for large businesses within the global market, software allows people and organisations alike to keep track of their finances and make decisions based on trends and forecasts. Industry giants such as insurance companies and banks are becoming increasingly reliant on software to gain an edge on their competitors and the rise of component software in particular has had an impact on the financial world, allowing organisations to pick and choose the elements they need to streamline processes, mitigate risk and, ultimately, improve ROI.
The Information Technology report 2015 cites ICTs (information and communication technologies) as “vectors of economic and social transformation”, claiming that improving connectivity and global access to services could create business and employment opportunities while changing the way people around the world communicate. In short, ICTs have already transformed our world and can continue to do so, giving people across the globe access to the wealth of data and communication media offered by the technology industry.
Whilst around 90% of the population in low-income countries are not online, at any given moment there are 12 billion devices connected to the Internet, a number expected to increase to 20 billion by 2020. These connections across the globe offer increased data to improve decision-making, and the way that private and public organisations operate; it is, therefore, undeniable that in a period of slow economic growth, software can transform economies. However, the unfurling of the global ICT revolution is not without risk; while it comes with countless benefits, it also has challenges, including cyber-attack and the question of privacy and neutrality of the Internet. Software, therefore, needs to do more than optimise performance; it must also protect assets and mitigate risk.
The component revolution
With the significant benefits and risks of financial software, component software is King. Component software allows organisations of all sizes to assess their needs on an ongoing basis, optimise security and allow systems to be adapted for optimal efficiency, performing functions that they weren’t originally designed to do. This allows organisations with older, outdated systems to update their existing infrastructure, enabling it to compete with start-ups with cutting edge component systems.
The nature of component software means that each element can be used alone or interlinked with other components, according to an organisation’s evolving needs and budgets. This makes them more secure, easier to maintain and support, and easy to modify as the organisation’s desired functionalities change.
In a climate where technology is essential for economic survival, making sure that you have the right software to safeguard and optimise your assets is crucial; finding the right software provider can improve client confidence and set you ahead of leading competitors. Component software technology allows for unique, secure systems that are easy to maintain and designed entirely to meet the needs of the organisation. The result? Less waste, increased ROI, optimised data handling and extraction, unrivalled analysis. It is, therefore, no wonder that software makes the financial world go ‘round.