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From methods to business roles, digital transformation is reshaping the face of the Finance function.
The Finance function in the age of digitalization
No more manual entry of numbers and endless handling of financial flows. With the adoption of cloud, EPM solutions, business intelligence, and even connected devices, it has become easy to automate time-consuming tasks and convert transactions into data.
On the business side, accounting experts and controllers have developed new skills. Freed from repetitive tasks, they go beyond their traditional roles to become true performance pilots and trusted advisors in decision-making.
Digital transformation has turned Finance into a new business partner for the company
By turning mountains of data into performance or risk indicators (KPIs/KRIs), new performance‐management - EPM tools have broadened the scope of CFOs. Empowered by this decision-support knowledge, they now support all business functions and become preferred interlocutors for top management.
For companies, adopting new performance-control tools is also a means to boost competitiveness and ensure long-term viability in a tight market. Many advantages arise from a fully digital handling of data. And most of the economy follows the data trail (“trace data”) for every transaction.
Launching a transformation project means optimizing what the Finance function brings
The benefits of a transformation project
- Gain a 360° view through KPIs and reporting solutions.
- Anticipate risks and identify opportunities through predictive analysis, and enable EPM solutions to adapt automatically to fiscal and legal developments.
- Automate repetitive tasks and synchronize accounting and transactional processes by systematically generating accounting entries from all business actions.
- Elevate and explore company data as reliable expressions of relevant facts for business analysis and decision-making.
- Build new competencies within the finance department, becoming more autonomous and complementary to the IT department, thereby reducing the burden of bespoke application development and freeing up time for the provision of secure, higher-quality data more rapidly.
- Unite teams around a major transformation initiative and help them build new skills, contributing to a shared company vision.
