The digital journey of finance
THE DIGITAL JOURNEY OF FINANCE
Although digitalisation was the main theme of our previous Future of Finance report: ‘Re-inventing finance for a digital world’, many organisations agreed that they aren’t as far along on their journey today as they originally predicted. The COVID-19 pandemic did not initiate the digital transformation, but it has accelerated or altered its adoption.
Organisations are leveraging technology to be more effective and efficient in their ways of operating, delivering services, communicating, innovating, accessing, and leveraging data. It enables organisations to operate more efficiently, make data-driven decisions, and gain a competitive advantage in the digital marketplace. Digitisation has a profound impact on the business model, often requiring businesses to rethink and adapt their strategies.
Across the different organisations we spoke to, they all recognised the growing need to use technology to create opportunities, reduce risks, and drive value as evidenced by our preceding participant quotes. Across business functions, technology is enabling finance to drive organisational impact. Processes are being automated and robotic solutions are being implemented, with automation also changing the scope of services offered by the shared service centre. Finance can not only support but also drive business transformation.
Data is scattered all over the organisation with limited control or governance (there are various sources of the truth), which makes analysing, storytelling, and influencing very difficult. Technology is enabling finance to take a leading role in data across the organisation. Finance is leveraging data through analytics to provide actionable insights that create value to the organisation. As basic data gathering is aided by technology, finance can lead on data strategy, management, quality, and governance.
Although there are many known benefits to having the right technology infrastructure and automating processes, our conversations highlighted the many challenges and the barriers that organisations face on their digitalisation journey. This emerging themes report explores those challenges and considers the role of finance alongside the implementation of technology infrastructure, the automation of processes, and the relationship with data, as well as the skills required to drive digital transformation.
Director, Professional Services, Europe
Head of Controlling & Risk Management, Food Processing, Europe
Assistant Auditor General, Government & Public Services, South Asia