Having a plan to modernize the finance function is good under normal growth cycles until it disrupts the existing processes.
FREMONT, CA: Digital transformation is influencing the way that work is done across various departments and segments within the enterprise. In such cases, corporate finance departments are often under pressure to adopt new technologies such as automation, AI, and blockchain to streamline and enhance current processes. Some companies find the concept of digital transformation scary while others are hesitant to integrate certain technologies that could disrupt mission-critical financial programs.
How the finance sector is involved with digital transformation
Finance sectors should strengthen their people to be more involved in digital transformation efforts from the ground up rather than just teaching employees how to use new technologies. Financial professionals also need the ability to manage their resources like data more tactically. As per the report of Financial Education & Research Foundation (FERF)’s Benchmarking Accounting & Finance Functions 2019, today’s financial executives are increasingly needing a blend of professional expertise that includes both commercial and data management skills. This will enable to make informed decisions around their digital transformation initiatives (FEI). By selecting the right technology can offer corporate finance departments with an opportunity to circumvent the perceived complexities of digital transformation.
How low-code process automation can advance digital transformation
By enabling users to design and build their custom business applications without leaning too heavily on specialist software programmers, Low-code development platforms take a user-centric approach to process automation. Departments can also create automated workflows that reduce the need for manual work; and generate electronic forms with an intuitive, flexible entry point for collecting information into automated processes. Here finance departments can utilize low-code software development to integrate AI and machine learning with human-based tasks in an intuitive way. By automating all these tasks existing finance representatives can get work done more efficiently while still obtaining the benefits and insights of AI technologies.
Planning for the future
CFOs and their teams can take advantage of all the advantages of a digital transformation journey with a user-friendly enterprise software solution in place. Digital transformation is like an investment in technology. It also provides benefits to the whole company by increasing collaboration, visibility, and communication between departments. They have the power to meet present needs while being confident that they have the capabilities to continue innovating processes in order to satisfy evolving business goals and customer demands in the future.
