How to harness the three unstoppable forces driving financial change (guide)
Posted: Sat Dec 21, 2024 4:37 am
As an experienced CFO or financial director in this sector, you are probably already aware that your world is in flux. The cause is a perfect storm in which various technological and social fronts are changing the rules of the business game in this digital age.
So how can we survive and thrive in this new landscape? The first step you can take is to understand the forces that enable your finance department to thrive today.
Let's take a closer look at these three aspects through practical advice that will help you take advantage of these trends.
CFO 3.0. Digital transformation beyond financial management
According to a recent study of senior financial decision-makers, 93% of industry professionals surveyed say the role of CFOs has changed over the past five years, with 56% attributing this change to the digitalisation of the industry.
One of the biggest challenges facing CFOs and senior finance professionals is improving business processes within finance departments to keep up with these changes. This germany email list can be achieved by taking advantage of the opportunities offered by digitalisation to adapt to customer expectations and remain relevant in an era where everything is constantly changing.
Start of marked textShare the data! 93% of industry professionals say the role of CFOs has changed over the past five years.End of marked text
As a CFO, CFO, or senior finance professional , you'll be constantly looking for ideas to improve the efficiency of your department, and data insights and automation are great ways to achieve this goal.
Automation is a reliable method for improving the quality of financial data that can increase the productivity of your finance and accounting staff.
The benefits of automation include:
Reduction of manual intervention in financial operations and other accounting-related tasks such as reconciliation and accounting recording
Automatic filling using data from an ERP and other systems
Reduction of possible human errors
Faster delivery times
Improved use of staff time through a reduction in manual processes
Now, thanks to automation , vast amounts of data can be collected to access insights. Through such data-generated insights, CFOs and senior professionals in this sector will have more resources to become strategic advisors to the business and focus on generating value for their companies.
It's also worth identifying which metrics you could track in real time to improve data quality and make it more visible to the business. Uploading data in real time rather than in batches reduces the time needed to complete reports and avoids potential gaps in financial information.
Establishing a culture of automation can boost your productivity by requiring fewer manual processes, reducing errors, and speeding up processing times. Automation encourages faster decision making across the business, as well as improving regulatory compliance and ensuring accurate financial reporting.
So how can we survive and thrive in this new landscape? The first step you can take is to understand the forces that enable your finance department to thrive today.
Let's take a closer look at these three aspects through practical advice that will help you take advantage of these trends.
CFO 3.0. Digital transformation beyond financial management
According to a recent study of senior financial decision-makers, 93% of industry professionals surveyed say the role of CFOs has changed over the past five years, with 56% attributing this change to the digitalisation of the industry.
One of the biggest challenges facing CFOs and senior finance professionals is improving business processes within finance departments to keep up with these changes. This germany email list can be achieved by taking advantage of the opportunities offered by digitalisation to adapt to customer expectations and remain relevant in an era where everything is constantly changing.
Start of marked textShare the data! 93% of industry professionals say the role of CFOs has changed over the past five years.End of marked text
As a CFO, CFO, or senior finance professional , you'll be constantly looking for ideas to improve the efficiency of your department, and data insights and automation are great ways to achieve this goal.
Automation is a reliable method for improving the quality of financial data that can increase the productivity of your finance and accounting staff.
The benefits of automation include:
Reduction of manual intervention in financial operations and other accounting-related tasks such as reconciliation and accounting recording
Automatic filling using data from an ERP and other systems
Reduction of possible human errors
Faster delivery times
Improved use of staff time through a reduction in manual processes
Now, thanks to automation , vast amounts of data can be collected to access insights. Through such data-generated insights, CFOs and senior professionals in this sector will have more resources to become strategic advisors to the business and focus on generating value for their companies.
It's also worth identifying which metrics you could track in real time to improve data quality and make it more visible to the business. Uploading data in real time rather than in batches reduces the time needed to complete reports and avoids potential gaps in financial information.
Establishing a culture of automation can boost your productivity by requiring fewer manual processes, reducing errors, and speeding up processing times. Automation encourages faster decision making across the business, as well as improving regulatory compliance and ensuring accurate financial reporting.