The future of finance technology is ecosystems

Thanks to cloud computing, open source, and other innovations, technology vendors are building out ecosystems that are greater than the sum of their parts and benefit both customers and the vendors themselves.

As a recent Forbes article summarized, “The walled garden of monolithic, enterprise offerings is simply too siloed in this environment of broad choices. The future of business belongs to ecosystems.”

By utilizing open-source approaches or integration with other vendors, ecosystems are enabling companies to leverage existing technologies faster and preventing vendors from having to provide expertise in areas outside their core competencies. This ultimately encourages quicker advancements in technology, drives higher quality standards and supports the growth of both existing and emerging industries.

For finance teams, technology ecosystems can improve speed to value and quicker access to new capabilities, cross-functional value and collaboration and the flexibility that comes from modular design.