8 steps for finance leaders to deliver digital transformation FM

With the ability to access and execution on real-time data, financial institutions are able to make intelligent,data-driven decisions and become more agile, like their FinTech industry disruptor counterparts. The Gartner global team of over 2,200 experts has unparalleled access to the latest digital and technology trends shaping finance leaders and their organizations. Through the months ahead, we will continue to deliver cutting-edge digitalization insights that will help to lead your finance function into the new digital era. ScienceSoft is a global IT consulting and software development company headquartered in McKinney, Texas.

Data collation is an essential step toward data analytics and can help to go a long way in decision-making. While it is promising to see CFOs embrace new technologies and digital transformation, remember thatsuccessful digital transformationis achieved by finding the right solutions for your company’s needs. High user adoption is the most important measure of success when implementing FinTech solutions. This creates a culture of change towardsdigital transformation and avoiding change management later down the line.

When it comes to technology, finance teams deserve better

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 in the business units and which would be phased into the shared services centers. The C-level leaders today play a pivotal role in the financial services industry in steering their businesses to become digital champions.

Capturing the full value ofdigital transformation requires hard work to align and integrate data. In 2023, automation will make it easier to get the work done, but data problemswill still be hard and tedious. Commas, abbreviations, data-entry fields, nomenclature, and hundreds of similar factors will slow down progress. A core part of the CFO’s responsibility is to forecast future financial performance and traditionally, this has been based on historical financial data and fixed assumptions. However, in a pandemic or similar scenario where all the assumptions go out the window, traditional methods will not provide accurate predictions. Our underlying drive across the company to “Be Better” is a simple reminder to our teammates to build upon past accomplishments as we drive toward a brighter future.

How to build an effective finance transformation roadmap?

Ultimately, the digital transformation process boils down to internal and external changes. EY Digital survey reveals that finance leaders are focussing on transforming their functions and have started their journeys towards Finance 4.0. Technology and digital transformation are at the core of this futuristic design of finance. The insights and services we provide help to create long-term value for clients, people and society, and to build trust in the capital markets.

• CIOs are implementing digital strategies to enable smooth collaboration among employees, and exceed consumer demands to gain or sustain a competitive edge.
• Businesses can leverage process mining software to get a more accurate estimate of how long each purchase-to-pay cycle takes.
• His deep technology understanding clubbed with piloting innovative techniques has led to several successful project outcomes.
• In addition to Covid-19, today’s financial leaders are still coming to terms with GDPR, with both obstacles requiring a smarter, more rigorous approach to overcome.
• In fact, only 37% of finance leaders agree their functions have a clearly defined, two-to-three-year digital technology investment strategy functionwide.
• By utilizing cloud-based ERP, companies can ensure they are always up-to-date with the latest release, enabling them to remain competitive in the market.

This will mean that the progress of financial tasks, be it close or O2C or S2P, can all be remotely monitored independent of location. Archaic practices conducted with the aid of legacy systems can no longer support businesses in the current real-time ecosystem. In a https://globalcloudteam.com/ world where every percentage point counts and the competition is making constant progress, CFOs cannot afford to ignore the need for digital finance transformation. As trying as the year 2020 has been, we have observed digital technologies continuing to gain ground.

Finance digitalization strategy and launch planning

To address talent gaps, both cloud services providers and financial services companies have developed in-house training initiatives, rather than relying only on external recruitment. The UBS Distinguished Engineers framework allows technologists to progress from “certified” up to “fellow” as they master skills. Such accreditations may be prized more highly than promotions or line-management opportunities, according to Dargan, because they show the holder has acquired rare and highly marketable skills.

Successful FinTech sourcing requires agility and collaboration to find solutions that will be highly adopted and drive drive digital transformation. Big vendors like Oracle and SAP need to be nimble to avoid becoming roadkill on the highway of change. ERP vendors have already adopted digital technologies like automation, blockchain, and cognitive tools into their products—but that won’t stop competitors from competing. As new players enter the ERP space with specialized applications and microservices that sit on top of—and integrate with—ERP platforms, anticipate a change in the landscape. The financial services industry is also on par with this digital transformation.

How finance digital transformation can improve your role in finance

When outside of work, he continues to stay on top of the latest technology trends, enjoys traveling with a balance of sports and yoga. An active philanthropist and firm believer in supporting the community and promoting education, he is actively involved in helping schools with their infrastructure and financing those in need of higher studies. Visit our “Solutions” page to see the areas of your business we can help improve to see if we’re a good fit for each other. While some businesses have fully embraced an entirely remote workforce, others are opting for a more flexible arrangement.

However, the use of cloud computing is just one method financial directors have taken to streamline their approach to data. In addition to Covid-19, today’s financial leaders are still coming to terms with GDPR, with both obstacles requiring a smarter, more rigorous approach to overcome. Opportunities that digitalization offers to develop into a digital driver that shapes the digital landscape of the entire organization. Financial services companies have a treasure trove of sensitive client and third-party information. Any breaches can lead to severe consequences, which include loss of money and reputation.

The Future of Digital Transformation is Here

Ignoring industry change can put businesses in the red and quickly put them out of business altogether. Business model transformation looks at the business as a whole and makes changes digital financial transformation accordingly. Every business operates on a business model, and transforming that model requires a long look at the existing model and how value is determined in the industry.