Technology and Data News and Events

Digital Transformation

Supporting digital transformation in finance

by Mike Jones in Data Analytics, Digital Technology 25/08/2021

The combination of digital technology with the rising demand for talent are two trends reshaping the finance industry. Businesses are facing challenges of transitioning to digital and the importance of the finance function in this transformation.

The challenges faced during 2020 created the impetus for many to adapt and integrate new digital services that appeal to their customers. The function of the CFO has been critical in driving this digital transition. IT, strategy and business leaders are vital in assessing business opportunities and ensuring the most efficient allocation of revenue and capital. The finance team consistently adapts processes to ensure the business remains focused on transforming rather than repetitive traditional tasks that hinder overall performance.

The function of the CFO has also had to embrace its digital transformation. By reshaping particular areas of the role with a digital-focused approach, businesses can leverage the potential growth of an organisation.

The pandemic also showed the importance of real-time data and the speed and agility of analytics. During Covid, many businesses responded quickly to technology investments, allowing employees the right tools to perform vital functions. Companies had to show resilience and have a mindset that focuses on innovation and technology. CFOs are encouraged to leverage creative and innovative digital communications to enhance connectivity and engagement, generating new opportunities and increasing dialogue within the business.

Data and technology progression will remain important in delivering continued progress in finance, enabling businesses to attract and retain the best talent, support decision-making and provide greater financial transparency. Businesses need to maintain a check on changes through their culture, talent leadership and innovation in technology. By creating clear expectations, strong talent leadership, and continuously evolving through technology, the function of the CFO will become even more critical, and a business will experience accelerated growth.