Less than two weeks away from the presidential election, the fortunes of the U.S. economy has been a topic of focus in the media, but many financial professionals say they're looking beyond the election and weighing long-term economic viability when evaluating their own businesses' ability to expand.
At its annual conference in Miami, the Association for Financial Professionals surveyed more than 6,000 corporate treasury professionals regarding their sentiment of the U.S. economy. The results showed that 63 percent expect the election's results to have no significant impact on business conditions, while 71 percent expect to stay firm to current investment spending regardless of the fallout after November 6.
Respondents said they were cognizant of regulatory pressures and complexity, and the majority said that a long-term resolution to fiscal uncertainty is needed more than anything to ensure stability at a business level.
"It is also very interesting to note, although not entirely surprising, that half of the respondents expect to reduce their cash held in bank accounts at the start of next year," said Bob Stark, the survey's underwriter. "This change will increase the need for improved cash visibility, a trend we have seen throughout the market."
Businesses gain better insight with sophisticated portfolio management software
At a time when financial professionals must be one step ahead of risks and opportunities, it is critical for IT executives to reevaluate the technology capabilities in place within risk management departments. If these professionals lack the ability to evaluate business threats proactively, they will lose that first step.
Flexible customer management software allows businesses to implement avenues through which financial professionals can identify such risks and counteract them proactively. In addition, automated decisioning capabilities afforded through risk management software mitigates threats by streamlining high-level decision making.