41% of business leaders believe that increasing their revenue and taking out costs is their number one priority. Regardless of your operating industry, this fact remains universal that digital transformation is today’s ultimate gamechanger.
If you’re the Chief Financial Officer (CFO) at an enterprise or a bank, what’s the first thing you will suggest for transforming the quality and structure of financial services at your company?
An agile operational model? A data-driven infrastructure? Maybe both.
But the fact remains that you need to redefine the meaning of finance and establish its role as a business partner to turn retrenchment into growth.
While 90% of finance professionals stress that business operations need to align with their company’s financial strategy, it is imperative for organizations to adapt financial processes as per their rapidly emerging business models.
Let’s look further into how financial transformation can support your enterprise structure, optimize costs, and automate core financials in today’s age of high market volatility.
Simply put, digital finance transformation is a set of all those tools, technologies, and strategies that enable finance experts at your company to manage, innovate, and optimize their financial strategy to enhance the overall infrastructure of the organization. It also helps adopt operational agility and digital finance with automation.
Digital transformation is the ‘popular’ necessity in most industries, and finance is no exception. But how is this popularity driving the digital makeover? What finance transformation trends are driving banking, FinTech, insurance, and other relevant industries?
We’ve answered these questions below to make your life easy, compiling top three ways digital technologies are shaping the future of finance in 2022.
RPA is the use of automated software tools and robots to perform repetitive tasks without the need for human intervention. RPA plays its role in finance transformation by helping out with automating payment processes, extracting data from expense reports, and creating financial documents that your company will use to carry out critical operations. This adds value to your organization since you are now focusing on essential tasks rather than the mundane ones.
Here are some use cases of how robotic process automation is bringing innovation.
Finance transformation is all about how you change the way your organization delivers value to customers. Businesses no longer prefer legacy architectures; but rather cloud-based frameworks.
With digital tools in place, you can have real-time access to all the data you need from a data lake, a repository where all your data is stored in its purest form. Rather than guessing what to do for your customer, you are now focusing on maximizing value for them by enabling effective information flow within the organization.
Your financial strategy will only be as effective as the data which supports it. Since finance transformation is about creating bridges and burning barriers, you need to rely on trendy technologies like artificial intelligence and data mining. They help you identify innovation gaps, effortlessly manage your expenses, and forecast business change based on numbers.
Top financial leaders agree that speed and flexibility in managing financial expenses help their company progress better. That being said, there is mounting pressure on organizations to constantly co-innovate their financial practices and create synergy between their teams and the technology they use.
Digital finance transformation systems can work effectively for your organization if you pair them with the right process and strategy as a whole. In 2022 and beyond, finance transformation will depend on the right mix of digital financial technology and companies adopting a growth mindset on a wider scale.
Make financial procedures at your organization look like a breeze with end-to-end enterprise integration, data-driven analytics, and robotic process automation. Connect with our technical experts today!