Digital Transformation in Finance

Digital transformation in the world of business has impacted every aspect of an organization. Business models are changing with respect to changing digital needs in the market. Companies in every vertical are now in a race to better their digital operations in order to gain an edge over others. With the advent of artificial intelligence, business operations have become smoother and efficient. Evidently, this digitization is apparent in the finance operations. The leaders of finance are working hard to harness the potential of digital finance to drive a significant business outcome.   Here are 3 trends that define the relationship between digital transformation and finance:   The Modern CFO With innovation driving business models, CFOs of companies can play a crucial role in determining the best model from economical perspective. Their job is not just limited to crunching numbers for the company but also to lead digitalization. The modern CFOs are now at the forefront of the digital transformation of their company. A recent webinar by Sage, business software maker, showed that 98% of CFOs claimed their job has significantly changed in the past five years, with around 75% claiming that they now play a critical role in driving digital transformation across their organizations. It is a matter of fact that CFOs have access to the real time data of their organizations and can generate valuable insights by digital adoption. A successful modern CFO can generate sales estimates by the right use of technology, hence increasing revenue of the company.   Automation in Finance The finance industry is now functioning with most of its operations being automated. Basic tasks like accounts reconciliation, journal entries, and preparing financial statements have been with minimal human intervention. This has reduced human error and saved operational costs for companies. Data has become more accessible and transparent within an organization with automated ERP and CRM systems. The must-have tools for finance automation range from automated payroll solutions to automated invoicing solutions.   Power of Analytics The digital transformation has increased automation in financial analytics. The story of analytics has changed from back-office reporting to forecasting and artificial intelligent based analysis. New tools in analytics can now provide predictive forecasting by harnessing the power of artificial intelligent, which can then be used to drive more revenue and reduce operational costs. New cloud computing tools are now available to provide real-time reporting and analysis. They can be structured in a way to derive customer-driven insights for better sales of the company.     A company’s determination in adopting new technologies, especially in finance section, will define its evolution with respect to artificial intelligence. This digital transformation is crucial to a company’s development as it will replace various mechanical functions involved in accounting and bookkeeping with AI technology. Moreover, as discussed above, an innovative CFO will play an important role in decision-making process of the company by using predictive finance. Digital transformation is the future of finance and is expected to bring new opportunities for the growth of a business. How you can get started  At The Storytelling BeanCounter, we help your business in a smooth digital transformation by offering technology consulting and business advisory services. We are experts in multiple accounting software platforms and are certified partners of Zoho Books, Quickbooks and Xero. We have several packages to fit the needs of most businesses. Click here for complete details including pricing. So, book a free consultation with us today!