There are a host of benefits from creating intelligent finance functions through digital transformation. While financial experts may be apprehensive about the time and resources it takes to introduce intelligent technologies to their businesses, the following future state benefits are difficult to ignore.
Creating efficiencies. Through intelligent technologies, various financial functions can be processed, analysed, and reconciled quickly and accurately.
Agility. CFOs and accountants can rapidly make decisions supported by data analysis, which means their organisations can adapt to change quickly and confidently.
Enabling and facilitating automation. ERP platforms offer CFOs and accountants an invaluable resource for streamlining and automating various tasks that are often time consuming.
Reconciliation and compliance. Automation reduces the time and human error associated with financial functions to ensure accurate compliance and reconciliation.
Value add for CFOs. With many labour-intensive tasks automated, CFOs have more time and resources available to take a bigger role in the strategic direction of the company.
Predictive finance. Data analysis and automation means finance functions can forecast with greater accuracy and speed, so businesses can predict future spending and profitability.
Cybersecurity. Cloud computing puts all business-crucial data in a single secure place, which means all vital information is protected, backed up, and easily accessible. Furthermore, blockchain technology allows entities to exchange financial information safely without enlisting the security of a trusted third party.
Skill development. While people fear automation will eliminate jobs, in reality, it will reallocate roles and produce new skills necessary for the future of finance.
Collaboration. ERP platforms break down the traditional silos that exist in finance and business to facilitate greater sharing and cross-company collaboration.
Machine learning. As intelligent technologies collect and analyse data, machine learning means these functions grow and develop with the business, becoming more attuned to the needs of the company. Considering how these technologies become more valuable with increased usage, the time to introduce these solutions is now.
Reimagining Financial Functions
The dynamic digital environment in which we operate can be complex and tends to change rapidly. To ensure your business is future ready, you should be looking at intelligent technology solutions today.
Intelligent technologies are no longer just a ‘nice to have’ pipedream – they’re a business reality that is changing how organisations function. This isn’t just about achieving operational excellence, but reshaping the way we fundamentally work and engage with technology.
The process of migrating your financial functions and data has never been easier or more secure with innovative solutions like SAP S/4HANA. Intelligent technology is helping CFO’s and accountants work more efficiently and add greater value to their businesses.
Smartphones replaced the mobile phone, so why shouldn’t intelligent technologies reimagine how an organisation’s financial functions operate?
To quote SAP’s Regional CFO of APJ, Richard Mclean: “Think big… start small… act now!”
Read our Future of Finance blog series to learn more about how talent management, business partnering, data, and technology can create competitive advantage for your organization.