It can also save time, create value, and provide a better quality of life. For successful finance transformation, map your processes and the programme journey, create a digital culture, and learn from others. The deployment of Board software has also allowed our business units to increase the efficiency of their planning processes significantly. For Sales Planning, the multidimensional planning and integration of products, markets, and production units has been substantially simplified and accelerated. The highlight was the support of a two-day planning campus with a real-time planning application.

• Finance Alliance launched in 2022 with a mission to connect a global network of finance leaders to enable and empower each other to thrive in their existing roles and beyond.
• Though finance departments have adopted digitization, customer-facing processes have been digitalized far more quickly than similar back-office updates.
• Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities.
• From there, CFOs and CIOs can also engage in more productive conversations on digital investments for the organisation.
• So, it utilizes data privacy solutions like financial data encryption, automated data compliance, role-based access control, network monitoring solutions, and biometric authentication.
• We take our clients from idea conception to execution with our consulting, strategy, engineering, people ops, and business delivery arms.

For example, in the purchase-to-pay process, it’s claimed that sourcing, procurement, and accounts payable have their own specific department, with each optimizing their functionality subjectively. Businesses can leverage process mining software to get a more accurate estimate of how long each purchase-to-pay cycle takes. 3, 78% of high-level executives exhibited preference to tamper with quarterly reporting in order to sooth stakeholders’ sentiment. Blockchain will eliminate that possibility because all adjustments are recorded and verified in real-time, not just at the end of quarters. Explore articles about finance and banking geared toward technical advancements, innovation, and the latest regulatory changes. The bulk of Gary Simon’s professional experience has been as a senior consulting partner with Deloitte, one of the largest professional services organisations in the world.

Understanding and driving finance transformation in 2023

33.3% said that accounting benefited the most, while 3.7% collectively reported seeing an improvement in processes such as risk assessment, scenario planning, and tax optimization. For successful digital transformation, executives need to collaborate and create a shared space where ideas can be incubated and findings from other industries and practices can be applied without reservations. Only https://globalcloudteam.com/ then will such initiatives come into its own and truly showcase its effectiveness. Digital dashboards with real-time data visualisations can identify the impact that the performance of an MVP in team sports like football or basketball has on jersey sales, week-on-week. This allows retail chains to alter stock availability of a specific player’s replica jersey, based on their performances.

This includes looking for ways to strengthen search tools within your database, automate task execution, and improve business processes. In short, digital transformation provides support to finance teams making their jobs easier and their operations more efficient. Migrate your platforms onto the cloud, or create cloud-native platforms with ease. Cloud technology supports remote access both for your users, and your internal team, ensuring employees don’t need to remain on-site to operate machines. The flexibility of the cloud also keeps your platforms scalable, meaning your digital finance transformation technology can adapt with your needs.

Key Benefits

None of us knows for certain what the future will hold, but we all have a responsibility to be thinking about what’s likely to happen, and to prepare for it. In the finance function, that means working now to get the right people and technology in place to take advantage of the inevitable disruption ahead. That’s not likely to happen without a clear vision and strategy for finance in a digital world. Now is the time to step back and make sure your roadmap to that future is clear.

From exclusive content by industry experts and an ever-increasing bank of templates, to 100s of hours’ worth of presentations and mentors, our membership plans are packed with awesome sales enablement resources. The good news is that FP&A has come out on top as the main process or activity that has benefited the most from automation and digitalization, with over half (55.6%) of respondents in agreement. When the C-Suite have questions, they look to the FP&A team for answers, which usually means that anyone responsible for FP&A within a company probably has a lot on their plate. Finance professionals were able to choose multiple answers to this one, as we wanted to see just how collaborative they were able to be by implementing certain technologies to assist them within their roles.

The Benefits: Greater efficiency, flexibility, and visibility in financial planning

The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

A number of resources were involved in the collection, coordination, and evaluation and this lengthy process meant that there was little scope for control options until the discussion of content and clarification. Digitization and the workplace of the future are today’s shape-shifters for every sector and division. They come with some extreme challenges and risks, but they also offer enormous opportunities for companies and employees. KPMG is a corporate network with a headcount of more than 207,000 across 154 countries. It is one of the leading audit and consultancy companies in Germany, with around 10,700 employees based at over 20 locations. KPMG’s services include the divisions of Audit, Tax, Law, Consulting, and Deal Advisory.

DIGITAL FINANCE TRANSFORMATION

From there, CFOs and CIOs can also engage in more productive conversations on digital investments for the organisation. There are countless factors to consider regarding digital finance transformation and recent financial forecasting. That’s why we’ve assembled a guide to help CFOs prepare for the future of finance. Our team developed a Xamarin-powered mobile-based money transaction platform to simplify the global currency distribution process and facilitate instant fund transfers. It was with a .NET-based centrally hosted transaction platform that manages secure fund transfer transactions. It includes multi-layer user verification, comprehensive support for 1000+ credit unions and bank accounts, international transfer and currency exchange, and real-time updates on exchange rates and currency trends.