Technology provides finance functions with many opportunities to do things better. However, delivering digital transformation in practice is challenging. The Tech Faculty’s latest research report draws on interviews with CFOs and digital transformation leads to share real-world experience of change in finance functions and highlight common lessons and pitfalls.
A long journey
The digital transformation of finance focuses on two elements – improving the efficiency and accuracy of standard accounting and finance processes through automation, and spending more time supporting businesses with better information and insights.
However, transformation doesn’t happen overnight – it takes a long time. Most finance functions have evolved over many years, and often have a range of systems and processes in place, supplemented by spreadsheets. Therefore, a lot of groundwork is required to standardise processes and improve the integration of data in order to make the most of new technologies.
Small steps matter
This led to a consistent lesson from our research – the importance of taking an iterative approach to transformation and emphasising small and continuous improvements over ‘big bang’ style change.