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Digitising Finance to Relieve the Pressure on Modern CFOs

The world is changing rapidly. Businesses need to make accurate decisions faster. And the job of gathering the data to make these decisions usually lands at the feet of the CFO.

 

“54% of CFOs that have implemented digital finance transformation initiatives consistently perform much better than those who have not implemented any. Whilst One-third of them plans to prioritise digital finance transformation in one year.”

CFO Indicator 2020 Report

 

The only way to keep pace is to digitise and automate data gathering and reporting

However, most financial departments are slow on the uptake of digital technology. Gartner states that two-thirds of financial organisations must become significantly more digitised just to keep up to date with today’s demands. Let alone those demands of the future!

This lag is showing. A recent survey of 578 leaders found 67% believe their organisation needs to become ‘significantly more’ digitised and 77% of CFOs admit that major business decisions have been delayed by stakeholders not having prompt access to data[1].

Here’s the problem: without an accurate financial picture, decision-making, business development, and growth become difficult.

The obvious answer is to invest in digital technology, but leaders are cautious. Historically, they haven’t seen the return on investment that they were promised. Gartner reports that 76% of CFOs have experienced failed return on investment in the area of information technology[2].

What should be done?

How do you plan for a faster, more agile finance organisation that gives you a measurable return?

The first step is to find an experienced technology partner with a proven track record in digital transformation. If you are going to invest in transformative and intelligent technologies – such as machine learning and predictive analytics – then you want a technology partner that has a track record of delivering it. Any solution should be measured by how much of a financial professional’s time is freed up to do more strategic work. 

The digitisation of your financial processes should make all your financial, managerial, and operational data visible in one unified, in-memory system. You should receive the insights that you need in real-time, visible in a customised dashboard. Financial modelling should take much less time than it used to.

Through automating many manual tasks, cash flow reports can be generated securely and accurately, with little end-user time required. Budgeting should become easy and less time-consuming.

Through centralising data collection, you should spend far less time on report preparation and more time on forecasting and scenario analysis.

All this can be achieved quickly and reliably with the correct technology partner. Have a look at Decision Inc.’s financial case studies to get an idea of the businesses that have already benefited from financial digitisation. Each case study shows a measurable return on their initial technology investment:

Decision Inc. Empowers IRT Group Navigates Change with Increased Insight & Efficiency

“With more time and insight into the numbers, we can have better conversations with our divisional CFOs and identify what we need to do to hit our budget.”

 

Decision Inc. Improves Budgeting Capabilities for World Leader in Diversified Natural Resources

“This successful SAP BPC implementation means that the process of going through an entire budgeting cycle takes a month as opposed to a year. This is a significant time improvement and it has a long-reaching impact on our business planning and productivity.”

 

Wesizwe Platinum drives Seamless Operations with Decision Inc.’s SAP Budgeting Solution Implementation

“The system is working well, using familiar technology to reduce the barrier to entry. It is user-friendly and has allowed us to achieve more seamless budgeting and given us more control over our data in a central location.”

 

[1] Gartner Digital Enterprise Survey 2020, Gartner

[2] Enable and Optimize Digitalization in Finance, Gartner

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