Are you a Chief Financial Officer (CFO) of an organization planning to make better margins, edge over competitors, and comply with all the rigorous regulatory policies?
Traditional practices and legacy systems may not be as beneficial in today’s rapidly changing and real-time environment.
Consider Finance Digital Transformation.
Not sure how you can transform finance in a digital world?
Well, the journey towards financial transformation can be both painful and spectacular!
Digitalization in finance can be excruciating because it can disrupt everything and may replace many jobs. However, it may create jobs that require new skills and a digital way of thinking about business.
Yet, you can accelerate the digital transformation of the finance process in your company smoothly by investing in new technologies, talent, and practices and creating technological literacy in your employees.
But first, let us understand what financial transformation is and why it is imperative for your company’s growth.
What Is Digital Finance Transformation?
Digital transformation in finance processes simply means using digital tools, solutions, and technologies to automate your finance and accounting functions. It is one of the strategic steps to realign, revise, and redefine the finance and accounting functions for better efficiency, productivity, faster results, and accurate data.
Implement the latest tools and technologies to automate repetitive tasks, get real-time data, reduce/ eliminate errors, and obtain correct data for accurate decision making.
If financial transformation is implemented effectively, it can:
- Simplify processes
- Reduce errors
- Increase productivity
- Cut costs
- Enhance revenue
- Improve agility
CFOs are clearly making a note of these substantial benefits and agreeing to the digitalization of the finance process.
Since the digital transformation of financial functioning involves modernizing the processes, practices, and methodologies, it can be challenging to any enterprise. Therefore, it is essential to affiliate with a reliable and experienced service partner like Forsys for a seamless finance transformation in the digital age.
How to Achieve Digital Transformation in Finance and Accounting
Achieve digital transformation in Finance and Accounting by establishing a clear framework. Develop a strategy that outlines how digitization will generate, deliver, and obtain valuable insights for accurate planning and better decision making.
Define and focus on those business capabilities that can help you gain a competitive advantage. Use these capabilities to drive value and set up a network that can seamlessly execute the finance transformation.
Digital Transformation in Financial Services
You need certain tools and technologies to perform financial services in the digital environment and maximize productivity. They are:
- Use Technology to Get Real-time Data for Decision Making
Use cloud-based technologies such as data lake and software architecture to access real-time data. Real-time data eliminates guesswork enabling you to share accurate data with all the key stakeholders for the critical decision-making process.
- Robotic Process Automation (RPA) for Repetitive Tasks
Free your staff from mundane activities and engage them in high-yielding assignments. Use RPA to perform repetitive tasks with fixed values using digital systems. Implement RPA into your finance process to automate monotonous tasks such as data entry.
Benefits of Finance Digital Transformation
Some of the benefits of adopting transforming your finance function are:
- Dashboards for real-time data display: Use digital dashboards to get real-time data and identify the impact of your business performance week-on-week or day-by-day and get a clear picture of the stock availability.
- Automation for error-free data: Use technologies like RPA to completely digitize your mundane tasks, get error-free results at a quicker pace, and free your staff from repetitive tasks like the onboarding process and data entry.
- Analytics for accurate estimations: Use analytics to capture any change in the international currency patterns and plan your budget accordingly. Estimate your financials based on these currency fluctuations and restructure your business assessment against any volatile exchange rate.
- Digital tools for regulatory compliance: Employ digital tools to comply with the strictest regulations and avoid penalties. Eliminate any accounting error by reducing human intervention. Use digital tools with strong algorithms to not only process but also validate the data. Comply with the policies in a quicker time frame.
Conclusion
Let your finance teams acquire the massive data and apply analytical skills to get valuable input for decision making, business performance review, or forecasts and budgets. Grow confidently and globally with cloud capabilities. Get accurate financial data insights for effective business outcomes and timely transactions.
Choose Oracle Cloud applications to stay connected, improve everyday work productivity, increase speed and agility, and get the best innovations. Connect with Forsys for the implementation of Oracle Cloud services. We are a leading implementation partner of Oracle products.
Migrate your data with our pre-built accelerators and follow the best practices of the finance industry. Expand your business and increase your revenue with our cloud services.
For more, connect with us now!