Digital transformation and the evolving finance function
The impacts of digital disruption are increasingly evident as the power of innovative new technologies transforms competitive landscapes and customer expectations. Organisations are recognising a need to transform in order to stay relevant, both digitizing internal processes and channels to customers but also creating new business models and embracing new ways of working.
Within the finance function, digital technologies can help automate processes, integrate disparate systems and adopt shared service models to drive synergies and reduce costs. However the impact goes well beyond purely operational efficiencies. Digital transformation helps organisations address other key priorities, such as customer experience, talent management, innovation, collaboration and productivity, utilising real-time data for better decision-making. This all contributes to achieving better financial performance.
Finance leaders are well positioned to spearhead the investment in the new technologies, to support and enable the digital transformation process that will unlock productivity gains, increased profitability and competitive advantage. So as traditional finance functions of control, compliance and reporting become more automated, the focus turns to redesigning finance operations in order to capitalise on the opportunities that stem from a digitally-enabled organisation.
Greater focus can be put on strategic planning, using predictive analytics for business insight, creating value and managing risk. Other priorities now coming more to the fore include: dealing with data governance and cyber security issues; establishing digital KPIs; cross-functional collaboration; and recognising the new skills that will be needed for a more strategically orientated finance function.
The Finance Leadership Exchange brings together finance leaders for networking events and breakfast briefings to consider the opportunities to transform their organisations’ finance function and to play a leading role in broader digital transformation initiatives.
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