Finance and Digital Transformation
Have you ever wondered why the Finance area, compared to any company department, is much more complex and demanding to manage?
The role of Finance in general, and more specifically of the CFO, is certainly not easy: in fact, their objective is precisely to create strategies and planning that are based on the trends of the organization by anticipating future ones.
Nowadays CFOs make more and more investments in technologies capable of making these tasks as organized and efficient as possible and to have all the information and tools available that can allow them to anticipate the moves compared to the competition.
Digital transformation in the Finance sector generally encounters greater difficulties in keeping up with business objectives, thus finding itself facing issues related to lower productivity and efficiency and at the same time generating higher operating costs.
Furthermore, the majority of financial professionals declare that they find it very difficult to detach themselves from traditional tools: in fact, as many as 66% of them still claim to depend on pen and paper.
This gap derives from the fact that often the adoption of new digital technologies can lead to a temporary interruption of the workflow, for this reason, the transition to a digital work process should be considered and integrated within the respective manual process without imply abrupt and immediate interruptions.
The best solution to ensure proper integration is to create a hybrid approach where analog and digital processes coexist in relation to each other.
The introduction of digital processes, compared to analog ones, not only reduces the risk of compromising the regulatory compliance of processes, but helps companies build more transparent and responsible workflows, significantly reducing the margin of human error (in terms of processing of bureaucratic procedures, but also for the execution of internal procedures, continuously respecting the regulations and standards in force).
One of the most important advantages that artificial intelligence can offer in terms of finance can be the use and provision of data to provide valuable predictions about the company’s future. In fact, artificial intelligence is able to analyze the performance of data from previous years, identifying significant patterns that can escape the human eye, with the aim of monitoring performance in real time by automatically reporting problems to interested stakeholders.
A further advantage, but not the least important for this, is precisely the question of time: a management of company flows integrated with invoicing and accounting activities can save a lot of management time and significantly reduce possible errors.
So what are you waiting for to improve?
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