Digital transformation is more than just a software implementation. This article defines it as the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers. It’s meant to allow a company’s greatest asset—its people—to become more strategic about how they approach their work.
Successfully transforming often requires a culture change, where organizations encourage new approaches and become more comfortable with failure.
During a recent webinar, BlackLine’s Molly Boyle and Thyra Williams talked about how purpose-built technology has helped accounting teams dedicate up to 70% of their key resources to strategic initiatives.
Here are a few of the highlights from their conversation.
A Partnership, Not Just Another Platform
Companies aren’t just looking for good software or good vendors—they’re trying to transform the way they work. They want to move toward best practices and away from complicated and customized systems and processes.
And many companies aren’t just looking for a new technology platform: they’re looking for a partner.
Your People Are Critical to Your Success
No matter how much technology you implement, there’s no replacement for strategic thinkers. They can get the most out of systems or use data to inform better business decisions.
With that in mind, the skillset needed in Accounting and Finance is changing. Teams can move away from administrative work and toward delivering insight. To enable this, organizations must prioritize digital transformation, which often calls for the upgrade of an aging ERP system.
Here are the four biggest roadblocks that finance transformation can help you overcome:
- Manual effort—the number one bottleneck in the financial close process
- Retaining talent, which is key to improving finance
- Security risk
- Current systems—a barrier to improving finance effectiveness
The First Step: Quick Wins
By focusing on the financial close as first step in a larger transformation journey, you can achieve early and quick wins, free up expertise for the rest of the business, and provide additional visibility.
These creates valuable momentum for enterprise-wide change.
It means less time spent on repetitive tasks, increased confidence and accountability, better alignment, and more engaged employees, which can lead to higher job satisfaction and lower turnover.
With all these benefits, it’s still important to remember that any transformation project is a marathon. By involving the right people, understanding your goals, and getting some quick wins along the way, you can make it a success.
Watch this webinar on-demand to learn more about how you can maximize accounting and finance resources for your finance transformation projects.