Digital Transformation – A Boon for CFOs to build Agile and Resilient Business
The previous two years have had a significant impact on businesses across the globe. When looking forward, it’s clear that even more change is on the way. One thing has become evident in the financial world to handle these changes: digital transformation is no longer optional. Instead, it’s a crucial step for businesses to be more agile, reduce labour costs, and manage cash flow.
The crisis has made caution redundant. Entire communities have had to adjust to a new way of doing things almost overnight. Similarly, financial executives have realized that they must respond quicker than ever before. Building a more agile, resilient organization that can swiftly alter course in the face of unanticipated situations has never been more critical. Finance executives want to be prepared for the next disruption even as the world continues to heal.
Another area where companies may make considerable efficiency benefits is by automating the closing financial process. Despite the pandemic, Oracle managed to cut its monthly close time by 20% while working remotely, allowing the finance team to concentrate on more critical issues like the new COVID-19 requirements.
Digital transformation is changing the face of business.
Visibility and control are two factors that influence a company’s capacity to react swiftly to changes in the operational environment. A few years ago, finance leaders did not have access to the depth and breadth of data available today. Companies’ capacity to exploit the data to produce concrete results is still developing. Companies have learned from the pandemic that the gap between outstanding business knowledge and the ability to act on that insight is still more comprehensive than it should be — many organizations were unable to swiftly course-correct due to a lack of visibility and control during the crisis.
As a result, solutions that organize and connect contract data from around the company are increasingly becoming must-have intelligence platforms for CFOs. Finance and business teams may have fast access to the company’s complete spectrum of responsibilities with an organization-wide digital transformation. This transparency offers CFOs a lot of confidence in managing company risk and the bottom line.
The good news is that CFOs can build greater resilience into their companies while accessing real time financial data to make better choices by making prudent investments in digital transformation programmes and, more significantly, AP automation solutions. Simultaneously, they may employ technological advances in efficiency to offset some of their cost increases. When you add it all up, you’ll have a happier workforce, more satisfied customers, and a better bottom line.
CFOs who want to improve the resiliency of their finance departments and restore the company to growth need to bring digital transformation into their culture. Only then finance teams will be well-positioned to take advantage of new opportunities and restore the firm to grow with a resilient, agile organization. As CFOs take more responsibility for digital transformation, they should consider investing in high-value intelligence tools that provide them with the insight and control they need to promote agility, resilience, and results throughout the organization.
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