Revolutionizing the Financial Sector with Google Workspace
Google first built its way into the corporate work environment through Google Search, and Gmail, and eventually established itself as a key business productivity enhancer through G Suite. For anyone who had used G Suite, it is not a secret that the Google product was way more than an email option. Now, in its modern and upgraded avatar as Google Workspace, the system offers you a range of Google Workspace apps and tools which are now transforming collaboration and productivity in data-driven industries such as financial services. It allows seamless usage and sharing of spreadsheets, presentations, and other documents, enables teams to hold video conferences, employees to chat, and schedules meetings, and events or set timelines through the calendar tool.
Google Workspace for Finance Industry
While this is an ideal platform for any organization to enhance the productivity and collaborative abilities of its teams, it is the finance industry that can make the best use of Google Workspace apps. Here are some of the ways in which you can benefit from it.
Productivity Enhancement with Google Workspace for Finance Industry
Project assessment through financial modeling – Assessing the worth of projects is simplified by financial models built using Sheets. The tool would allow you to calculate the internal rate of return (IRR), return on investment (ROI), and net present value (NPV). The model would also enable evaluation of the extent to which changing scenarios can impact the project. These are just a few of the many things that you can do with Sheets.
Displaying fluctuations through pivot tables or waterfall charts – Waterfall charts are one of the most appealing and easy-to-explain ways to present financial facts such as the changes in profit quarterly from year to year. You can use the Explore feature of Sheets to add pivot tables, charts, and graphs with a single click.
Creating financial statements and budgets – Sheets offers templates to enable the quick creation of financial statements, and you can even track annual income and expenses through it.
Organizing financial data with functions – Sheets simplify and help in creating a structure and meaning for the raw financial data. You can use the IMPORTRANGE function to collate data from several spreadsheets into a single spreadsheet, and can also visualise stock market trends by adding stock prices through the GOOGLEFINANCE function.
Google Workspace Collaboration Tools for Finance Industry
Collaboration between hybrid teams and people spread across different geographic locations is a critical factor for business success for modern enterprises. That’s where Google Workspace emerges as the best collaboration tool courtesy of the multiple features on offer.
Creating and collaborating on budget proposals – You can create project budget drafts and use Docs to share the same with the team and get inputs. The reviewers can add comments and suggest inline edits. As the creator, you can reply to those comments and get the necessary approvals. The revision history of the document would have an audit trail to identify who made what changes, and it is also possible to go back to an earlier version if needed.
Real-time brainstorming for budgets and fiscal strategies – Google Meet proves to be the best collaboration tool when it comes to involving hybrid teams into discussions on matters related to budgets or financial strategies. Let’s say a project’s budget is confirmed, and there is a need to coordinate with the team. All that is needed is sharing the link to the meeting in the budget spreadsheets in Sheets. Everyone can edit and use these to do deep thinking. When the scheduled Google Meet call takes place, everyone can share ideas and those can be noted down so that everyone remains on the same page.
Data and file access sharing – Finance teams need to work with cross-functional teams such as marketing, sales or HR, etc. Instead of the cumbersome process of keeping everyone in the loop, it is possible to use the Groups tool to communicate quickly with all correspondents simultaneously. Group access can be controlled to ensure information is accessed or shared with only the people who need to use it. The different file-sharing levels and options such as view only and edit help in seamless implementation and data management.
Conducting surveys – Using surveys to assess the quality of financial services delivered or to collect financial data, is standard practice. However, a workspace optimizes it through the Forms tool. You can use it to build and share the survey. The responses received can be captured in Sheets and analysed quickly to arrive at well-informed decision-making.
Creating presentations for projects, proposals, or plans – Usage of the Slides tool offers existing templates or the option to create a custom proposal. Users can add objectives, milestones, planning process details, and other relevant information and share the presentation with other team members. People can add their feedback to the document, and after integrating final inputs, the proposal can be sent to cross-functional teams wherever they are.
Access to real-time metrics and data visualizations through a single website – Team members working on cross-functional projects need to have access to updated key metrics such as budgets, ROI, and limits. A tool named Sites enables the creation of an internal website which can be accessed only by authorized team members. Thus, real-time data and link sharing become possible without any security risks.
Uncompromised Security with Google Workspace
Cybersecurity and data protection are factors that no organization can afford to compromise on. With Google Workspace, you can get enterprise control over the system configuration and application settings. Thus, a single dashboard to ensure authentication, asset protection, and operational control are created. There are integrated cloud identity features that can help manage users and implement multi-factor authentication and security keys for robust security. There are multiple editions and you can choose the one that meets your company’s security needs adequately.
Google Workspace Services from Shivaami
Shivaami is an internationally reputed Google Workspace Reseller operating in Mumbai, Bengaluru, Chennai, Delhi, Surat, New Jersey, and San Francisco. As a Google Cloud Partner, Shivaami offers end-to-end deployment and management services including data migration, mobile device integration, change management solutions, and various other services that enable customers to achieve their business needs. With Shivaami, you can get a cost-effective, and user-friendly set of tools to drive team collaboration.
Financial service is a sector with some of the most stringent regulations and a dynamic operating environment. In the post-pandemic world, accelerating operational speeds, virtual collaborations, and business deals have become the norm for the industry. That’s where cloud-based productivity and collaboration enhancers offer just the right features that would make your business thrive in the new normal.