How Finance Transformation as a Service can impact modern businesses?

The prequel of finance transformation saw the role of Chief Financial Officer (CFO) confined to charting every company’s journey with traditional finance function strategy in place. Every CFO digital transformation processes have been handled well. They need an ERP system to look beyond the shores of financial planning and analysis.

With disruption overtaking traditional industry practices, riding out of automation and innovation would lead to disaster in the future. Hence a modern CFO has to move away from accounting to propogating strategic leadership practices to accelerate their shareholder value with the help of digital financial reporting and digital transformation in accounting and finance.

There is a recent study stating that a CFO has all the capabilities to lead the changing business atmosphere. They should look beyond their narrow options and create an agile, business centric finance decisions.

You also have the responsibility to ensure data security from phishing, hacking and outside breaches by inculcating digital transformation in financial services.

With technologies such as robotic process automation (RPA) in the domain of intelligent automation has led to an undeniable finance organization impact. You can reduce costs, cut redundant tasks and free your employees to perform more strategic tasks with the right finance digital transformation roadmap.

As a CFO, finance transformation in your company can happen if you follow these 6 steps:

• Be innovative: Every company has to look for ways to innovate their business practices, no matter what the circumstance would be. Organizations non-contagious to change would wither with the passing times. Every CFO has the responsibility to ensure that there is more accurate and clear process in progress with respect to finance planning & analysis (FP&A).
• Leverage data efficiently with digital finance technology: Enable technologies such as predictive analytics to drive better decision-making insights. This can help you keep yourself informed about revenue projections on the basis of current demands rather than depending upon the past turnover and performance.
• Give first preference to your customer engagement: Your customer should be your biggest priority. This era has been defined by customer and their ever-changing needs. Ensure their privacy and keep bringing high-end value to all the customers with digital transformation in accounting and finance, finance transformation strategy and digital financial management.
• Work with your internal Shared Services Center outsourcer: This can help you out in finding outcome-oriented approaches while you price the service. This can bring about long-term improvement with digital financial reporting.
• Know what you want to achieve: Chart out all those critical business outcomes which you would love to see in action. Set, align and report your progress.
• Get insights on supply and demand: Assess the overall demand within your organization along with the current analytics supply. It’s time for you to focus all your efforts to bridge the gap between them with an effective finance digital transformation roadmap.
  
  

Kelly Battles, CFO of Quora, believes that the future of IT lies in the hands of the CFOs. She states that the CEOs would live in the future while focusing on the product growth, strategy and vision. The COO would be focusing on the daily tactics to get the job done. The CFO would balance these roles while carrying out his responsibilities efficiently.

Every CFO should focus on taking up cross-functional roles without any hesitation. They should make the best out of the data available to them, in the way taking care of the privacy needs of a business.