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When you actually look forward to seeking comfort while trying to plan your company’s journey for Finance transformation, find below three practical tips to get the process underway.
It would be pertinent to mention here that you should consult the best company. They should have adequate knowledge about the financial close process to suit your specific needs.
Tip #1: Creating a common Goal
It would be imperative that you begin digital transformation with a clear goal statement. You should rest assured that the vision statement should outline the objective of the organization. It should range from shedding analog processes to creating highly efficient workflows. They would also be required to shift human resources to relatively higher-value activities.
In addition, the vision statement should be expansive and associated with core business visions. They should create a finance assessment that should be an integral aspect of the broader plan. It should be done to make use of intelligence for transforming the culture of the organization.
It would also be imperative that a vision statement should enable the leaders to communicate how digitalization would contribute to gaining profitability and revenues. It would ensure that the investments made are both essential and desirable.
Tip #2: The need for complete Digital Backbone
Finance automation would need complete digital backbone with big data, analytics, intelligent cloud, the blockchain, machine learning, and internet of things along with enterprise mobility. Bringing these technologies together would be a complex and huge commitment. It implies that some decision-makers may look forward to adopting a slow approach.
At times, several companies would err on the side of inaction when they do not understand something. The advice would be to act in a bold manner.
An integral part of that boldness would be inclusive of introducing a culture that has been relatively more tolerant of risk. You should rest assured that risk has been an integral aspect of digital transformation. Only a successful organization would enable workers to pursue the latest methods of applying intelligent technologies even when project outcomes have been uncertain.
Tip #3: The need for applying Intelligence to everything
Digital transformation has been all about your ability to take new services and products ranging from concept to critical mass in a matter of weeks. Organizations need to be more flexible, agile, and intelligent.
The robotic process automation would produce financial statements in the least possible time. It enables the CFO to understand the process of doing business along with any adjustments to be made to different initiatives or projects. On the other hand, several middle market companies would take three weeks to produce financial statements leaving management with inadequate time to make informed decisions.
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