Five keys to fuel your future with digital finance 

Revitalizing finance 

Craft a transformation roadmap that drives maximum value.

Finance organizations need to be more disruptive and pragmatic on the road to digital transformation. This calls for a more holistic approach, driven by re-imagination and digital enablement of functional and underlying processes backed by domain and contextual know-how. 

Let’s look at five keys that finance leaders need to embrace for a successful digital transformation:

• Focus on business outcomes: Tie technology innovation to a purpose and link it to specific business challenges or outcomes. Work backward from CFO imperatives, such as improving cash flow and driving cost savings, and tie them back to right-fit technology solutions. Stay on course with the vision that is locked in on outcomes and govern and correct these outcomes with data-driven insights. For instance, a command center solution that provides a holistic view of account payables and receivables, along with cash flow forecast prediction, helps manage the cash situation better.

• Drive agility in transformation: Speed is key to technology adoption. Deploy pre-configured, contextualized solutions to shorten implementation timelines and avoid cost overruns while creating bespoke solutions. Consider a CFO dashboard based on standard accounting principles such as IFRS, and curated to industry-specific needs and specific personas. It can be easily and rapidly customized and integrated within enterprises

• Orchestrate the digital ecosystem: Improve results by avoiding piecemeal adoption of technologies that result in suboptimal business outcomes. Instead, leverage a digital orchestration platform that blends these harmoniously and cohesively to deliver better outcomes. Take the case of a smart controller solution with automated controls for actions, which provides a single view of month-end close activities. Combined with automation, AI, and visualization technologies, it helps enhance controllership and equips business stakeholders with relevant insights for strategic decision-making.  

• Build a systematic and customized transformation roadmap: There is no ‘one-size-fits-all’ solution. Customize your journey based on current digital maturity levels to get to the desired future state faster, and in a more effective and optimized manner. Sophisticated maturity assessment tools infused with market insights can provide clear recommendations to navigate your journey without frictions.

• Drive perpetual innovation: Adopting a lean startup approach to innovation can help test the waters before embarking on a full-scale transformation. An ecosystem of pre-configured, plug-and-play digital solutions aligned to business outcomes paves the way for such experimentative transformation. Also, measure and benchmark performance through data-driven intelligent governance models that allow for course correction and help steer toward the desired state.