Finance transformation is the strategy that businesses implement to reimagine and better align the finance function with a company’s overall goals. The process includes restructuring everything from processes, operations, and systems through the use of new technology and cultural change which, in turn, enables greater efficiency, effectiveness and autonomy across the board.
A finance transformation strategy should be driven by digital innovation. The majority of businesses have already – or are well on their way to – developed and installed digital transformation strategies. For those that haven’t, recent research found that the global pandemic has propelled 87% of the UK workforce into new ways of working underpinned by digital technology, and 86% of those surveyed appreciated the advantages digital initiatives bring to work processes.
It’s critical that digital innovation underpins every finance transformation project – without it, organisations simply won’t reap the intended benefits or have the ability to keep pace with changing business requirements. Innovative technologies such as AI, ML, OCR and RPA are all helping businesses to bring their finance transformation strategies to life through greater autonomy, improved data reporting and increased cash flows.
Why do businesses need finance transformation?
Every year, organisations ask their CFOs to provide better results with less budget and resources than the year before – this is an ongoing issue for every finance team. The objective of a finance transformation strategy is to enable CFOs to achieve more with less by slashing costs and reducing headcount.
However, many businesses still fail to see the many advantages of aligning finance with business strategy through the implementation of finance transformation. Some of the reasons for slow adoption include the associated price tag, businesses not sensing the urgency for change, and a stubborn C-suite. But those that don’t adopt the initiative, stand to lose out drastically.
For businesses that want to optimise processes, improve data management and reporting, upgrade mailbox handling and move away from outdated legacy systems, a well-planned finance transformation strategy with the right technology is the ideal combination to get the job done. You can learn more about the challenges that finance transformation can alleviate by reading our latest white paper, here.
What challenges can organisations expect to face?
Before jumping in headfirst, it’s important to take careful consideration over some of the challenges businesses face on their journey to finance transformation success…
There are many hurdles to navigate along the finance transformation journey, but expecting the unexpected, and devising a plan that pre-empts these challenges is one way in which organisations can encourage greater success rates.
Having the right technology in place at the back office is critical to giving finance transformation a fighting chance. An intelligent automation platform that combines RPA, AI, OCR and ML technology is ideal for providing organisations with the tools they need to optimise finance processes and improve data handling and reporting.
Niico enables organisations to free up employee time and resources, alongside budget, by automating manual processes such as email filing and accounts handling. The solution can transform the finance department without undergoing any major changes to existing programs or systems, and the platform can be up and running within just 30 days – so any investors that are concerned about price and time constraints, needn’t be.
For organisations that are struggling to attract and retain talent, Niico can be brought in as a digital workforce, available to both support businesses during busy periods, and easily scaled back when required.
CFOs can learn more about the Niico platform and book a free demo, here.
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