Every CFO faces a separate set of challenges in this digital age. They give life to every organisation’s strategy when they had to deliver real-time value for all their internal customers. They are presented with plenty of opportunities in the form of AI, automation and bots. To make this happen, they should be able to access data through mobile and real-time.
Finance technology is developing to support a digital business. The new Digital Finance function must respond to front-end, through real-time data accessibility, greater insight through robust reporting and performance dashboards, intelligent automation, mobile and Cloud. Our experts in the SAP capability and across the Capgemini group can help resolve these challenges and identify opportunities for your organisation, in line of business finance across any industry sector.
Businesses have to adopt forward-thinking approach, especially during these times when a pandemic is dominating the lives of every decision-maker. As of 2021, every business is forced to remain flexible and support their business. To deliver real-time insights from the data you receive, you need to depend on finance resources to boost your business value. It is high time for businesses to invest thoroughly in finance transformation to map your financial activities and reduce unnecessary costs.
Every CFO has to look deeper into the company’s transformation journey. While it can act as a proven way to handle customer demands to get real-time insights and support acquisitions and revenue streams, it is not an easy deal. Without a single source of truth, businesses are going to struggle with messed up data management. The financial resources wouldn’t suffice to reduce repetitive tasks while not effectively reducing cost-to-serve. It can act as an hurdle for business agility and response times. It isn’t easy to reduce application costs when you deliver digital capabilities. Moreover, lack of right technology consultants can hinder the growth of small and medium businesses.
SMEs can avail plenty of business advantages with finance transformation, with the CFO acting as the captain of the ship.
In these modern days, every agile team has to remain confident and competent to face the heat of competition. Improving time-to-value is an achievable feat with the right ERP tools in hand. Why depend on an ERP? Get actionable data to strategize your business amicably. With dashboards and data access, you can enable predictive analytics and self-service. Automate key processes, reduce cost, improve the quality of your data while managing risks. Go ahead with stronger business ecosystems and partnerships with more accurate forecast.
Replan all your reporting activities. Accelerate more M&A projects. Plan and prioritize your work with effective planning and strategy.
The business scenario is changing rapidly every day. It is essential for businesses to deliver insight, efficiency, and value. Since there are plenty of new technologies introduced in recent days, you have access to the huge volume of data abiding by regulatory changes. CFOs should perpetually look for strategies to make the most out of this data.
Every finance function should divert itself from transaction processing and move forward to reporting strategic business processes.
Many businesses have slowly taken steps to handle their back-office enabled by the agile operating model supporting automation and data strategy.
These are the questions every CFOs should focus on:
The most common struggle of every midsize finance leader is not knowing the right way to gain speed, visibility and proper insights. Right from sourcing skilled resources to executing financial reconciliation, you need to establish the right financial controls. This is the area where you utilise the power of technology to remain competent. There is a report by ICD stating that businesses prioritize over core tasks such as performance modelling, liquidity basis, compliance, auditing, invoice processing and spend management. These are the top priorities stated by businesses in finance transformation:
With a unified and well-driven data intelligence options, your finance organizations can act as the focal point of every operation. This can bridge the gap between customer-facing and back-office functions. Every finance organization has to involve functions to improve governance via:
Data silos eradication: Get instant data-driven decision-making opportunities with real-time insights.
Reduce workflow errors and cycle time: Predict trends in advance, remain policy compliant and detect fraudulent business activities.
Improve customer service: Drive cash flow, increase working capital and reduce time to customer value.
All these capabilities are here to help businesses achieve what they need to accelerate their growth. Enable right infrastructure and applications to get the most out of finance transformation.
SAP technology has proven itself as a pioneer in digital finance transformation in the form of Cloud, S/4HANA, analytics, Central Finance, consolidation and planning. iQuantM, with our team of SAP experts, has been able to decode all the customer issues and serve them better. With our strong knowledge, we can help you out in the best ways possible.
Contact us if you are looking for the right partner to start your finance transformation journey.
Finance transformation is the combo of system, process, and cultural change across the different businesses handled via new technologies, analysis, and training.
You should know that FP&A and accounting belong to the same category but different segments. When accounting would focus on “what”, the focus of FP&A would be on “why”.
Ensure that you set better goals, measure your results and make sure that everything is up and running in your team.
The finance function would deliver value with respect to evolve technology with consumer behaviour and opportunities to grow.
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