Finance Transformation in the Digital Age Solutions

Future-forward finance leaders expect by 2025 for the teams to be far more skilled in providing counsel to business partners and services to stakeholders in a digital world. The skills they’ll need include strong business acumen, digital skills in robotic process automation , machine learning and natural language processing , as well as complex problem-solving skills. These capabilities will also ensure that finance employees can execute the judgment-based, ambiguous work that will become more of a focus for finance as transactional tasks are automated. Modern CFOs would almost certainly consider themselves as responsible for leveraging digital tools and technologies to improve financial analysis and reporting.

Successful digital transformation requires a structured and integrated approach — and people are central. Start in one area of the business to get the transformation right, and then you can expand it throughout the organisation. This will provide the environment to build engagement, establish internal champions, enable quick wins, and showcase early success stories.

Are your legacy systems fit for purpose?

This meant that for the first time, the various business units and Corporate were using the same language from transaction through consolidation. For a business operating in multiple industries, this was no small feat, and it made possible a global shared services model and streamlined intercompany processes. We worked with the client to develop a target global operating model to identify which processes would be retained https://globalcloudteam.com/ in the business units and which would be phased into the shared services centers. However, the time has come for finance teams to benefit from digital innovations, including real-time data, streamlined tasks, optimized processing, and advanced analytics. Here’s everything you need to know about digital transformation in finance, how it impacts finance departments, and trends to keep an eye out for in the coming years.

With digital initiatives and innovations changing rapidly, it may be difficult for CFOs and corporate finance teams to choose the path and tools that are right for them. We finally decided on the partnership with Board and the Board software, after a successful two-day Proof-of-Concept workshop with the Board team. They managed to map our process, design, and planning requirements in a unified model.

Customers

To thrive and grow in an environment of disruption and instability, organisations are finding they need to accelerate the pace of digital transformation to stay relevant. Delivering successful digital transformation is redefining the roles of finance leaders and their teams — and unlocking their full potential with new digital tools. We use artificial intelligence to help your team make better predictions, gain better insights, and improve their decision making process. Whether that’s making more profitable decisions on the trading floor or improving the customer experience, we help our customers understand where AI can fit into their current digital finance transformation processes. CFOs need a finance function that enables the strategic ambitions of the enterprise. CFOs must accelerate their finance transformation journey towards autonomous finance or risk falling behind.

These technologies include self-service data analytics, automated ML and ML, cloud analytics, big data analytics and predictive analytics. However, accelerating digital technology implementation within finance is easier said than done. In fact, only 37% of finance leaders agree their functions have a clearly defined, two-to-three-year digital technology investment strategy functionwide. Personally effective CFOs are customer-oriented, build constructive tension with the CEO and the board, are more involved with the business and allocate time — like capital — with rigor.

Why CFOs need to adopt digital finance transformation

From AI and machine learning to cloud computing and IoT, a range of technologies are driving this transformation, creating new business opportunities, and disrupting traditional models. Firstly, most CFOs would see themselves as responsible for driving the digital transformation of the finance function. This involves identifying opportunities to digitize financial processes and implementing digital tools and technologies to improve efficiency and accuracy. For example, the CFO may lead the implementation of a CPM platform such as the CCH Tagetik Corporate Performance Management expert solutionfrom Wolters Kluwer, to streamline the financial close process, make it faster, more dependable and accurate. To understand the role of the CFO in digital finance, it is important to first define digital business and digitalization.

Don’t pay attention to historical spend, industry benchmarks and traditional frameworks. Instead, focus on your unique corporate strategy and the right level of finance resources to help the business succeed. Keep finance transformation projects on schedule, on budget and sustainable. Nearly 19% percent of finance talent with digital skills are actively looking for new jobs, compared to 11% of finance talent without digital finance competencies. Because of this, finance organization designs are increasingly out of step with how finance organizations actually operate to deliver support and insight to internal and external stakeholders. Organizational design is the process of creating structures that align roles, workflows, networks and procedures with an organization’s goals.

Is it time to redesign your current operational model?

This further improves transparency levels and ensures integrity in a quicker timeframe and with substantially lesser resources. Archaic practices conducted with the aid of legacy systems can no longer support businesses in the current real-time ecosystem. In a world where every percentage point counts and the competition is making constant progress, CFOs cannot afford to ignore the need for digital finance transformation.