User experience (also known as UX) is critical when adopting any technology. And this is no different when it comes to adopting Cloud-based financial software.
For many businesses and CFOs, the biggest challenge for ensuring wide-scale buy-in of Cloud technology can be as simple as how easy people find it to use. In our Business Trends Report, we found that 42% of respondents consider ease of use as the most important factor when adopting new technologies.
CFOs and finance managers looking to implement digital transformation must consider this factor. As a finance leader, if you fail to get finance function employees onboard with new systems, you will limit the impact of these tools and minimise the expected ROI that helped to justify the purchase in the first place.
As the future of finance increasingly moves towards Cloud-based solutions, you must prioritise user experience to maximise the benefits these systems bring.
Let’s dive deeper into the significance of UX in finance software and how it can make or break the success of your digital transformation.
What is UX and ease of use?
UX encompasses the complete experience of an individual when dealing with a service or product. The primary goal of good UX is to offer a quality experience to whoever is using the technology in question.
Therefore, when considering any software solution, it’s crucial to evaluate the features, graphics, user interface, background, visual appeal, and other factors that determine whether the target audience can easily use it.
Ease of use refers to the usability of the software. It relates to how conveniently users can learn to use, understand the associated features, operate, and explore the product or service. In addition, there should be minimal complexity with the product so that users have a seamless experience.
What does good UX look like in Cloud finance software?
Businesses have embraced the emerging Cloud technology trend as it has helped tremendously with creating customised experiences and providing better outcomes. There is quite simply an increased demand for finance software. In 2022, the fintech market was worth an estimated 194.1 billion USD.
Finance systems should be intuitive in order to offer better value to businesses (and the teams responsible for financial operations). The features must be visually appealing and interactive, as the fintech landscape is meticulously detailed and can be extensively loaded with information. The design application must offer transparency and simplify processes as much as possible.
Employee-centred designs for financial systems are essential as these professionals deal with a lot of information and will be using this technology non-stop. However, underdeveloped UI and UX can make it difficult for employees to operate these solutions efficiently. Therefore, good UX in Cloud-based financial management software should look like easy interactions and reduced pain points.
Financial software with good UX will be:
- Functional: It must serve a purpose and help the user with any operation. It should ideally possess automation capabilities so that employees can accomplish mundane tasks faster.
- Accessible: Accessibility shouldn’t be an issue. Employees must be able to access the system from anywhere, on any device.
- Credible: The information offered (and operational procedures involved) must be reliable and authentic so that users can make decisions confidently.
The biggest barrier to Cloud tech adoption
It is not always possible for businesses to develop an entire technical infrastructure from scratch or build their own applications. Therefore, adopting Cloud-based technology from a provider is a better option, as these technologies are developed by Cloud service experts who already know the industry standards and requirements.
For example, a bank may not be able to build AI services independently. However, when adopting a public Cloud provider’s ecosystem, they can eliminate this problem. When deciding on financial software solutions, businesses must look at many factors, such as information security, ecosystem management, risk and compliance, integration, and control preferences.
Amidst these requirements, user readiness is one of the core hindrances to Cloud tech adoption. Not everyone in the finance department would prefer to switch to a new tool, especially when they’ve spent years mastering another method. Knowing that the new software will come with its own learning curve will demotivate them further.
If finance professionals cannot easily use and access the software, they may continue to use manual processes or older techniques, which can slow down financial processes and limit the potential benefits of Cloud-based solutions. As a result, you may fail to achieve the expected ROI from the finance software.
How finance software with good UX or ease of use can benefit businesses
Finance systems can be challenging to navigate for non-technical users. A poorly designed finance solution that is non-navigable is more likely to be abandoned.
Whereas well-structured, easy-to-use navigation is central when building customer authority, credibility, and trust. In addition to navigation, adaptability, remote access, and automation features are some of the key aspects that make finance software more convenient to use.
Here's how finance software with good UX can benefit businesses:
Better efficiency and productivity
Good UX in Cloud-based finance software can streamline financial processes and automate manual tasks, thus saving time and increasing efficiency. This allows finance professionals to focus more on strategic tasks, such as analysing financial data and identifying trends, forecasting future financial performance, and devising financial strategies to support business growth.
Improved data accuracy and security
Since users can quickly access and manage financial data, it helps with improving data accuracy and security, ensuring the most up-to-date information is readily available when making key decisions.
Furthermore, an intuitive UX also helps when implementing security protocols and access controls, enabling you to protect sensitive financial information from unauthorised access.
Remote access and collaboration
A well thought out UX design will ensure users can access the software and its features on any device, anywhere, and at anytime. This remote access capability helps improve collaboration between geographically dispersed teams. It also allows for real time access to financial data and records, enabling faster and more effective decision-making.
It enables seamless communication between remote teams, ensuring they can share information and work together on projects as if they were in the same office. This can improve business productivity and ultimately drive the success of business objectives.
Higher user adoption and user satisfaction
Cloud financial software with good UX can help increase adoption among finance professionals, since it makes the software easy to use and understand. This leads to better outcomes and, in turn, increased user satisfaction.
Better decision making
Finance software with visually engaging dashboards allows finance professionals to understand the company’s financial performance and effectively identify trends, anomalies, as well as potential risks. Users can also customise and generate reports, ensuring they can filter, analyse, and visualise data in a way that is most useful to them.
How can CFOs remove barriers to Cloud-based finance software adoption?
Here are a few steps CFOs can take to remove barriers and maximise the potential benefits of new finance software:
Evaluate the available Cloud finance tools
When planning to adopt Cloud-based technology for finance operations, it’s essential to align digital strategies and business requirements. Selecting the right technology is the first step towards realising your goals. When evaluating the tools, consider choosing a solution designed with ease of use and UX in mind so that finance professionals can utilise the software maximally.
Set clear goals and objectives
Make sure you set clear goals and objectives for the software implementation and communicate these to all stakeholders. This exercise will help align everyone’s efforts and ensure the implementation is successful.
CFOs should be sure to promote the new digital culture and help employees adapt better. As some may face difficulty understanding the technicalities, training can be provided to shorten the learning curve and eliminate any potential barriers to adoption.
Continuous user feedback
User feedback can help determine the effectiveness of your software. And there can be scope for improvement too. Continuously interacting with users to understand how convenient they find the technology will help with this assessment.
Investing in trusted services
When investing in Cloud-based solutions, it is advisable to deal with service providers that can deliver value to your business. Based on your needs, they should help you find better solutions to enhance overall performance and enable growth.
Easy to use Cloud finance software
Finance professionals, many of whom may not have a technical background, need tools that are easy to use and understand. With good UX, it is possible to drive technology adoption, increase efficiency, and improve financial operations.
Advanced Financials is a Cloud financial management software designed to be intuitive for business users and automate manual processes. As a Cloud solution, the software also facilitates remote access and collaboration, while its ease of use enables new employees to quickly get up to speed with the financial features and functionality.