Dear CFOs: It’s Time for Digital Finance

If you’re shopping for software, that often means shopping for an implementation partner as well. This can be difficult because, unlike the software, partners don’t often come with specifications, comparison guides, or lists of features.

Dear CFOs: It’s Time for Digital Finance

The relentless march of transformative technologies is creating an entirely new way of managing business finance. The tricky thing is, there aren’t yet many concrete examples of how organizations are successfully using these technologies to improve their finance. Many CFOs are not currently leading the charge towards digitization, because it’s not obvious how they should do things in order to be successful – they simply don’t know where to start.

A recent article by McKinsey & Company, “Memo to the CFO: Get in front of digital finance—or get left back” outlines this situation in detail. Here at Express Information Systems, we’re on the front lines of helping businesses adapt to this change, and we’ve seen first-hand why and how different organizations are working to digitize.

How does digital finance benefit CFOs?

The ability to gather and analyze large amounts of data can transform a business by revealing intricacies of failure and success that aren’t easily visible with more traditional finance technology. This allows you to stay ahead of your competitors and keep your margins from dwindling away.

The McKinsey article outlines a few major areas where digitization can benefit your organization:

  • Automate daily processes to free up time for more important activities
  • Use real-time data visuals to improve decision-making
  • Employ advanced analytics to operate proactively and uncover hidden growth opportunities

What is digital finance?

As we see it, the current trend towards digital finance involves three major developments in technology and innovation:

  1. Advances in data gathering and analytics
  2. Improvements in accessibility and connectivity
  3. Increased capabilities for robotic process automation

With these new capabilities, tech can now offer improvements in a variety of functional areas. Although there are also industry-specific functionalities that many of our customers seek out, there are a few areas of digitization that can benefit businesses in any industry. We currently see our clients looking for and benefiting from:

  • Automating consolidations and reporting
  • Real-time dashboards
  • Forecasting and advanced analytics

What should CFOs do?

It’s challenging to know where to invest time and money in order to effectively digitize your finance department and processes. Your digital transformation will not, and should not, happen all at once. It’s always good to start on the most practical level, not by worrying about technology, but by identifying what you need and then finding tech to meet those needs, as McKinsey states:

“A good start would be for CFOs to work with the CEO, the board, and others on the senior-leadership team to proactively and systematically identify tasks and processes within the finance function that would most benefit from digitization.”

Once you’ve figured out where you can benefit the most and then develop your vision, you can start looking for the right technology to enact your plan.

How can Express Information Systems help?

It’s hard to find people who are really knowledgeable about the latest innovations in digital finance. Express Information Systems can help you match up your needs to the best possible technology solutions. Given all the uncertainty that’s holding many CFOs back, we make it our mission to provide concrete knowledge of each solution and its benefits as it relates to your needs.

Contact Express Information Systems today to learn more about digital finance and how our experts can turn your vision into reality.

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