Coming to the 4.0 era, digitization is changing the way every firm operates. The notion behind financial transformation rises from the need of renovation for business to face the future.
According to a Gartner report, less than one-third of CFOs are confident that their technologies are aligned with their requirements for ensuring the future success of the organization. The reason lies in the fact that outdated technologies are still present inside the finance process in several companies. Obviously, challenges coming from process, performance and people are the priority that CFOs have to deal with in the early stage of taking transformation into action.
As a CFO, they are responsible to make the right decision at the right time. With a huge amount of data needing analysing, precision is the key to financial management. Technologies such as robotics process automation (RPA), data analytics and machine learning, artificial intelligence (AI) make this possible and quickly modernise the entire financial operational systems.
After all, in the case of finance transformation, the topic surrounding reengineering people, processes and systems to reduce costs, reduce cycle time, and make finance more strategic is often mentioned a lot because these are criteria that CFOs headed. They can then locate and invest in the technologies and capabilities required to improve these areas.