Many view the finance department as the lone wolf of the company. While the finance department has to collaborate with other departments to determine the future investment and analyze the past mistakes on it, not many companies understand the importance of flawless communication.
Lack of financial tools and depending more on manual processes to deal with the invoice creation, general ledger, analyze accounts payable and accounts receivables and other financial processes can lead to distractions.
Attending the annual budgeting event isn’t a simple task. Many teams come up with high budget and vice versa. Sorting out that perfect number isn’t a small deal. Many teams forget what happened in the event, since it happens once in a year. This is still the sad state of finance in a digital world across many organizations.
When you begin hunting for ways to address all these threats, you can’t ignore the advantage posed by a modern ERP system to propagate digital transformation in financial services.
Many businesses have tasted success, thanks to their organic acquisitions and investments via multiple digital technologies. The major expectation of any executives to utilize these technologies would be to deliver the right customer service, reduce costs as well as increase their revenue with finance transformation strategy.
It is crucial for industries such as EC&O to involve the best finance transformation strategy in the market. Lack of transparency on financial operations can even pull EC&O industry down.
A few businesses have history of failed endeavours owing to their poor strategy of mistaking digital as another incremental innovation whereas it is an architectural innovation, that is applicable when a product would modify the way various system components would link to each other with regards to finance strategy and transformation.
A study by Gartner states that 85% of finance teams are currently moving on with their plans to involve finance transformation. But 70% of those finance transformation initiatives are not delivering the desired results.
To drift apart from this doom, it’s time for businesses to involve finance transformation as a service with proper digital finance technology, digital financial management and finance function strategy with the right ERP partner.e