… Opportunities abound. The focus of this survey was on the digital transformation of the finance function. Digital transformation: The CFO’s role With their role sitting at the center of the strategic-planning process and financial disciplines, CFOs are well positioned to become critical drivers of digital transformation. As PWC said in a recent article, “Today, entire departments, including more than a few financial planning and analysis (FP&A) groups, are made up of spreadsheet jockeys… We’ve all done it. Equally important, CFOs are increasingly bringing data-driven risk management awareness to strategic planning at the CEO and board levels to inform decisions ranging from entering new markets to planning new facilities. The impact of COVID-19 will continue to be felt for months to come, so it’s important to rethink processes and invest in finance digital transformation to enable your business to respond to challenges in the best way possible. “Out-of-the-box solutions are key to enhancing finance transformation. Finance Automater and Analyzer. The Mood Is Good In Europe For Restructuring - But A Crisis May Come Unexpectedly, The Dawn of a New Era in Corporate Restructuring, New Alliances to Turn Around Non-Performing Loans. New research sheds light on the key pillars of finance digital transformation, including cloud planning platforms , automation, data optimization, predictive analysis, and modern planning processes. Drawing on digital tools and their many benefits, CFOs can transform the finance function and add more value to the business, all while balancing performance, efficiency, and risk. Source: IFS World However, in this new age of digital transformation and the role of the CFO (or outsourced CFO) needs to be understood with greater depth, as they now act as a key driver of digital transformation.The finance function … Digital transformation is necessary. The concept is so intriguing because it promises unprecedented levels of visibility and control by digitizing everything from operations to customer services. Million-row reports are possible today, so there’s more danger than ever in shipping data to a separate reporting application, and back again to analyze the results. How BlackLine Enhances SAP With Balance Sheet Substantiation, Read our latest issue of BlackLine Quarterly. “Indeed,” says McKinsey, “Every CFO should explicitly define the leadership role he or she wants to play in translating burning business questions into use cases for advanced analytics: whether to optimize pricing, identify customer churn, prevent fraud, manage talent, or explore a host of other applications.”. In our view the key is to communicate this vision clearly, empower your agile teams, harness the opportunities of big data and AI, and start small and grow fast. Explore other reports and guides in our Finance in a Digital World TM “Crunch time” series, and read case studies about digital transformation in the finance function. Digital transformation in finance can be of great value to a business, because it offers the ability to automate back-office functions like payables and receivables, thus allowing finance leaders to focus on business strategy and how the data can be used to drive customer experience and profitability. “To be successful, business transformations Digital transformation has assisted in automating monotonous tasks, management of compliance and accounting & operations functions which include accounts, reports & analysis. Under the latter scenario, the finance function combines operational and financial data (big data) and uses advanced analytics and AI to enhance business decisions … Global Digital Transformation in Banking and Finance Market Research Report 2020 . The first two sections focus on the big picture and how the digital transformation of finance functions … As FSN Publishing CEO Gary Simon says, “The current vogue for customer-centricity and the demands of social media marketing have fostered a more data-driven marketing approach in which vast amounts of information are gathered about every social and customer interaction, in order to drive a more customer-centric approach.”, One example of data-driven marketing is in consumer goods, according to a recent article by McKinsey: “Rather than wait for reports, sales staff can use visual dashboards… to get the data they need when they need it—by region, business unit, function, or other parameters as required. Digital – the buzzword used or over-used for quite some time now, brings in a huge impact on the financial & banking industry. Responses were reviewed from telecommunications, technology, financial services, the public sector, manufacturing, retail, energy, chemical, and oil and gas industries. This is critically important today because of the new technology investments demanded by digital transformation. As organizations seek to upgrade their workforces in all areas, they are placing a premium on people with the relationship and analytical skills, … The question is no longer if, but how, to automate. The key is … Every accountant, auditor, controller, and CFO knows that the key to finance transformation lies in process automation. The Report 2020-2026 Global Digital Transformation in Banking and Finance Market Report Industry analyses the important factors of this market based on present industry situations, market demands, business strategies utilized by Digital Transformation in Banking and Finance … A finance function that is strong in business partnering, so that it supports the consolidation and growth phase, while carrying on compliance and control functions 3. The digital finance organization remains an emerging concept in many organizations, and CFOs are still at one remove from the center of digital-transformation efforts, even though they own and manage … Oliver Wyman Ideas offers our most recent insights on issues of importance to senior business leaders. Talent essentials for digital transformation. The digital finance framework brings together operations, insights and analytics, systems and ... “Digital transformation in Finance … Designing “best-in-class” processes that call for efficient business functioning 4. Finance—and the rest of the company—is operating in the real world of profit, loss, and global competition. BearingPoint conducted a study to understand where European companies stand in the digital transformation of the CFO function. All rights reserved. • should align all support functions around Big data and data analytics; • Outsourcing and offshoring; • Compliance. But we have to get over it.”. Per Juul Poulsen: "Money has become digital and with it, all functions managing funds are expected to know more about digital … Designing “best-in-class” processes that call for efficient business functioning 4. However, we rarely discuss why Accounting and Finance is the most appropriate group to lead an organization’s transformation initiatives. In 2020, the pandemic crisis and the digitisation are spearheading a transformation of the CFO role at a pace never quite seen before, together with a shift in mindset that finance is solely a business support function. Right now, it’s all about the new digital technologies that businesses are adopting to improve productivity and quality in their work, such as AI and machine learning. Accounting professionals wrestle with this every day, and the daily influx of new solutions populating the automation landscape isn’t helping. A finance function that is strong in business partnering, so that it supports the consolidation and growth phase, while carrying on compliance and control functions 3. Tags appeared-first better-inform climate demanding finance finance-teams find-out-how forefront leaders-ensure technology these-critical. Software as a service (Saas), for example, is carrying many hopes with its quick set-up and scalable cost. 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