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Technology Used in Finance Careers

written by: Baby Rani•edited by: Jean Scheid•updated: 6/24/2011

With the invention of computers and a plethora of different finance software, careers in finance are much sought after these days. Technology has advanced to such extent that calculations which took days to complete can now be completed in a jiffy. How has technology affected finance careers?

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    People working as finance professionals often find it difficult to provide instant and accurate information. This eventually affects their marketing performance and impedes the decision making process of their clients. Technology therefore has to be used to solve this situation by the finance professionals. These technologies include different financing softwares, calculation devices, information technology and different types of computers. The use of technology in finance careers has thus increased the level of efficiency and effectiveness drastically.

    Calculation, forecasting, investment analysis, graphical depiction, etc. are at the core of financing business and thus they are also involved in finance careers. Here, customers are required to provide on spot solution and result. Finance professionals need to draw a clear scenario for the customers where their position will be after making an investment after certain period given prevailing interest rates, discounting methods, multiplier effects. It is obvious that all these financing tools are very much helpful and extremely needed to make any finance decision.

    Regardless of the amount or the customer, finance professionals find it repeatedly difficult to do such quick analysis and thus to derive or reach a sound decision. We must understand that in this globalized economy the finance market is sensitive and instantly reflects any major economical, political or environmental consequences along with the policies of the government. Failure to agree, reach or make a right decision may lead to an overall flaw with the finance business. For survival and growth of certain finance firms or for that matter any business entity – finance is analyzed at critical levels and compared under several factors. Accesses to information, information analyzing or processing speed are finance for everybody now-a-days.

    To quote few of the advantages of using technology in finance careers, we have to follow Peter Ducker as below:

    • survival and sustainable growth with positive performance are indicators of successful finance professionals
    • helps customers of finance professionals to think beyond present
    • finance professionals can update and set career plans in light with the latest world finance scenario
    • getting connected with the changing business and the customer pool
    • excelling in true professionalism with right prediction or forecast instead of being mouth of word marketers.

    There are several negative impacts of increased technology in finance careers which we must admit. It has led to decreased:

    • interpretational skills
    • capacity to explain issues, considerations, motivational speech
    • interpersonal and holistic characteristics
    • skill for analysis

    These are very important for finance professionals. One who meets these prerequisites will only be apt to do his work with amazing executions.

    In the coming days the use of technology in finance careers will intensify. It will be accurate to say that the finance sector will completely turn out to be an automated industry, only requiring a good interpreter and motivator for the job. Numerous calculations and analysis technology has made it easy for the finance professionals. The use of technology, adoption of technology, application of technology, rate of use of technology in finance careers are increasing. And all these are positive scenarios for all the stake holders of finance professionals and the finance industry.