CFOs, finance leaders, and finance teams are playing an increasingly large role in business operations that encompass people, technology, and digital transformation. To overcome looming obstacles that disruption and market uncertainty brings to organisations, the digital era pressures leaders in finance to meet the challenge through innovation and the implementation of technology. Finance will help drive this change, enabling businesses to successfully navigate new challenges through digital transformation. The ability to identify key problem areas hindering productivity and growth, and sourcing appropriate digital solutions, ensure flexibility and profitability for businesses.
Optimising Data in the Intelligent Enterprise
Data is the new currency. It allows leaders to access information and make strategic decisions based on tangible predictions. Intelligent Cloud ERP enables finance leaders to minimise manual processes, take advantage of AI capabilities, and ensures rapid access to data via machine learning. This produces a holistic perspective on business operations and allows organisations the foresight to identify strategic data-driven solutions to overcome impending challenges.
Legacy systems, however, slow down or inhibit teams across departments to access crucial data or complete daily processes due to performance issues, outages, and security concerns. It’s critical that leaders in finance address contemporary concerns by upgrading the capabilities of technologies in place to optimise data extraction. Secure and accessible data in the Intelligent Enterprise allow business leaders a range of information otherwise un-tapped in legacy systems. Utilising Big Data, IoT, and technology like blockchain, enable finance to lead their teams into the future.
Next-Gen Technology Equals Next-Gen Expectations
Leaders in finance are searching for alternative solutions to key business problems. Addressing complex business operations, antiquated departmental applications and legacy systems, tedious manual processes, and customer expectation, lead to surmounting operational costs, downtime, and revenue loss. For CFOs and finance leaders seeking to address these realities, the focus on upskilling professional teams and transforming the role of finance means implementing scalable technology in meaningful and relevant ways.
Not only have these drastic changes in technology elevated expectations of leaders to perform, it has also placed the onus of stakeholder relations on digital transformation. Technology has revolutionised business and stakeholders expect to know and understand the scope of how technology will influence their investment. Engaging stakeholders through clear and immediate communication allows benefactors of digital transformation to acknowledge the foreseeable growth that technology provides to business.
Enable Change by Embracing and Implementing Technology
Implementing technology needs to be at pace of your people. Finance teams aiming to drive digital transformation will see value in collaboration across departments. IT and Finance will play a significant role in creating an Intelligent Enterprise. Strategies which are business-led and empowered by IT allow organisations the pathway to digital transformation.
Technology is fundamental for businesses seeking to meet the challenge of digital disruptions and relentless change. CFOs, finance leaders, and finance teams are expected to address these issues and drive progress by transforming traditional business models. To understand the scope of the challenges businesses face in the digital world today, access the latest Finance Report for 2018 from the Eventful Group, who will be expanding on these findings at Finance Innovation & Tech Fest which SAP are the key sponsors of.
About the Author
Aidan Brecknell is Senior Account Executive ANZ – Cloud ERP at SAP. He is an experienced SAP executive with a reputation for delivering real business outcomes for organisations across Australia & NZ through the use of Cloud technology. Aidan specialises in working with organisations undertaking Digital Transformation Programs, enabling them to not just survive, but actually thrive in todays digital economy. Aidan is an avid fan of all things sports and currently calling Sydney home.