TECHNOLOGY
As organisations adapt to dramatic changes in working practices, the need for digital transformation has increased dramatically. Many organisations have been forced to move quickly to virtualise and digitise, as 2020 has seen huge changes in how (and which) businesses operate in an increasingly uncertain economic landscape. The current crisis presents many challenges but it also presents unique opportunities for business transformation. As Nobel prize winning economist Paul Romer once stated, “A crisis is a terrible thing to waste.”
Desire to adapt to new ways of working As companies respond to new challenges, the way teams approach problems and the way they work together to provide business value can change for the better. Formerly disparate teams are now coming together to work on collaborative solutions to resolve current problems. Today’s business climate presents an opportune time for finance teams to use digitisation to reduce the amount of time and effort they expend on manual processes, so that they can increase their focus on managing core business issues and making more strategic decisions. In a time of such dramatic, forced change, many of the usual constraints to business evolution have been removed. Concerns about breaking out of comfort zones or making changes too quickly are gone as companies look to solve the clear and immediate challenges they are facing. Similarly, structural inhibitors – like teams working in silos, general inertia and inflexible processes – are being replaced with
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a renewed energy and a common desire to adapt quickly to new ways of working. This year is proving to be a catalyst for important organisational changes. As savings become more crucial to company survival, the misalignment of resources across the financial function can no longer be ignored. Most businesses can benefit from digital transformation to help finance teams modernise and become more efficient, effective and resilient. Finance is a business function that can be dramatically improved through automation and the use of intelligent software in decision making. It’s arguable that the finance function of the future is being born out of the current necessity.
Focus on fundamental shifts As they adapt to new ways of working, finance teams should focus their transformation efforts in areas where they can make fundamental, long-term changes. This
