Digital Transformation in Finance
With the dynamic change in the current environment, the business needs to revamp its finance function. Is finance team prepared with the rapid and upcoming changes? In reality, the finance functions are more structured, detailed, rule-based and very conservative. If we think ahead, it needs much effort to transform it into a new model that needs innovative thinking.
In future, the finance needs to change the way they operate in its function. The stakeholders expect them to serve as a true business partner rather than just processing the transactional data in the back end and generating the reports. It is time to think big and recommend that finance be open to feedback from customers to better understand and meet new demands.
It is time for Finance Head's in deriving specific benefits for their companies by focusing on key areas like Innovation and investment, extreme automation, insights and analysis, organization and talent, service delivery model, risks and controls.
There is no doubt that technological disruption is affecting all corners of the business, and finance is no exception. Extreme automation is expected to create an all-new operating model. It is also expected to empower finance to deliver more value with less effort, respond quickly to current business needs and shift from traditional processing to strategic partnering.
Finance will be part of end-to-end, automated processes with real-time, cross-functional data for dynamic reporting and analysis. Products released from here on should be enabled in a combination of Artificial Intelligence, Machine Learning and massive data gathering to sustain in the market. Robots started competing with humans right from remote surgery to autonomous aircraft navigation.
Technology disruption is accelerating. A new operating model will be emerging with the combination of cloud applications, advanced analytics, robotics, blockchain and more. To stay ahead, Finance Department must start truly shifting from traditional processing to strategic partnering.
How A:GUSTH can help you - We support in growing agenda and increased responsibilities of the Finance Head. We work with our clients with passion and purpose, integrating innovative approaches and deep knowledge to deliver real results. A:GUSTH, a team of professionals helps clients align their finance organisations with the strategies and needs of their businesses to realise and sustain value over the long term.