How the Internet is changing the financial department

Corbitt, Terry
October 2003
Management Services;Oct2003, Vol. 47 Issue 10, p16
Academic Journal
The impact of the Internet and the development of electronic commerce are changing the ways in which business operates. The new challenges for financial directors will lie in quantifying and challenging strategic decisions so that they create value. In practical terms, the primary role of those within finance departments of large organisations will be as providers and integrators of information. Electronic procurement will allow staff to order goods online directly from suppliers without having to pass purchase orders between departments. Many large organisations have reduced costs and improved efficiencies by locating all operational tasks in a shared service centre. Improved systems and access to information across the organisation will enable directors and managers to make more informed decisions. Cisco, for example, has adopted a Web-based expenses system that enables the organisation to capture individual corporate credit card transactions online and also allows employees to input other expenses on a daily basis. As the business environment undergoes these changes, finance will no longer be confined within the organisation, it will have the opportunity to explore new relationships with customers, suppliers and partners.


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