The key role of the CFO in the era of digital transformation 🤝🚀
Digital transformation is unfolding in financial companies of almost every size, and one thing is becoming clear: the CFO must play a key role in the strategy to automate and standardize key processes across the organization.
Research shows that as many as 87% of surveyed CFOs cite standardization, centralization and automation of processes as a major goal of digital transformation. However, integrating digital tools is still a challenge, as 42% of finance leaders lack digital finance transformation 💼⏰.
How to effectively automate accounting and finance processes?
CFOs need to approach this with a holistic approach. It is important to integrate different technologies and use artificial intelligence for forecasting and simulation 🤖. In addition, the use of cloud capabilities allows for standardization and continuous innovation in the organization’s operations ☁️.
Implementing these changes enables CFOs to succeed in a dynamic and demanding business environment. But how to reap the benefits of automating accounting and finance functions?
Here are some tips:
1️⃣ Employee opposition – automation should not be seen as a threat, and employees and managers must be convinced of the rationale for automation and its benefits.
2️⃣ Connect every step of the process – automation runs along the relevant process chains. Tasks at the end of the process can only be automated if the right initial task is done at the beginning 🔄.
3️⃣ Holistic approach to technology – a comprehensive and integrated approach to the development, implementation and management of technology in an organization.
Automation of financial processes is not just a trend, but the future that will bring greater efficiency and competitiveness to organizations. The CFO must lead the organization into digital transformation by focusing on automation, standardization and integration of technology, while keeping employees engaged.
This forward-thinking approach will bring efficiency and competitive advantage in a dynamic business world💪📈.
Contact by website or Tomáš Bucha to discuss how we can help you automate your company’s accounting and financial processes 💬
