Because of the need to transform business operations, it is clear that the adoption of automation and digitalization is not only the new normal, it is also essential. In other words, building company-wide flexibility is essential.
This accelerated path of digital transformation also helps to link the finance office with the entire organization to effectively grow and grow. Therefore, the Chief Financial Officer (CFO) needs to play a more strategic role by guiding key business decisions.
Use financial data to drive decision-making across the enterprise
One of the main challenges faced by finance offices is that their data is often isolated in spreadsheets. Even without proper financial transformation ingenuity, manual processes can create major barriers around the record-to-report (R2R) process. In addition, data that is not accessible to wider organizations that need to understand that data will make it difficult to effectively make strategic decisions.
Despite acknowledging that financial closure requires technological advancement, for most organizations, isolated manual financial offices are still a reality. According to a Forrester report entitled “Using advanced technology to succeed in a complex financial environment”, 90% of respondents admitted that they encountered challenges in the financial settlement process, partly due to human error. In addition, 73% of respondents also stated that their organization does not have any automated processes, so they regularly deal with inefficiencies.
Think about it: isolated data cannot provide companies with timely data-driven decisions. Isolated processes hinder the efficient work of the entire organization, especially when relevant data and status are exchanged throughout the enterprise.
The finance office needs to integrate its financial transformation strategy with the organization’s overall digital transformation strategy. This requires collaboration with the IT department to integrate technology solutions, prioritize and clearly communicate the benefits of automation through connected workflows and high visibility from organizational leadership.
Build strong relationships to drive digital transformation
To ensure that organizations are ready to drive digital transformation, CFOs and CIOs need to work together. The same Forrester report pointed out that these two types of leaders complement each other because the CFO makes decisions for the finance team to deliver value, and the CIO can support the team (including finance) by implementing relevant systems and technologies.
Considering that both of these roles are designed to promote longevity and success of the company, a strong collaboration between these leaders makes sense. Through cooperation, it can increase agility and efficiency-both of which are essential for long-term success.
Effective collaboration can also improve financial settlement processes and procedures.
By working together, both CIOs and CFOs can achieve their goals by eliminating the risk of continuing to use outdated legacy tools (such as error-prone spreadsheets) that have never been designed to account for multimillion-dollar organizations Check.
Establishing a successful relationship between the CIO and CFO ensures that employees become the backbone of the organization. Using digital workflow allows employees to collaborate and grow, and further create value for the organization.
How CFOs are driving digital transformation
Digital transformation is no longer “dispensable”-it is essential for an organization to succeed in today’s business environment. CFOs need to standardize and automate their processes, otherwise they may fall behind their competitors.
The ability to consolidate the organization’s financial and digital transformation plans requires solutions that work at the enterprise level to ensure that workflows and processes retain what the financial office needs most. These include risk management, supervision, control and audit traceability.
Organizations that implement overall logging to reporting software solutions will be able to provide relevant financial data to other departments of the organization in a more timely manner. Investing in solutions built for this purpose will also facilitate seamless integration into the broader organizational workflow. Therefore, leaders can work together more effectively.
To help achieve the goal of a fully connected organization, Trintech has partnered with ServiceNow® to provide CadencyDirect®, the only native Built On Now® application for the ServiceNow platform for financial settlement to initiate your digital transformation. Supported by Cadency, CadencyDirect is the most complete R2R solution for enterprise organizations and is used by most Fortune 100 companies.
“CadencyDirect complements and expands financial operations management so that CFOs and their teams can digitize the workflow of the entire financial settlement process, reduce complexity and risk, accelerate the entire process, and bring a better experience to the finance team,” Senior Finance Director Karel Van Der Poel said the Vice President of ServiceNow®.
Leveraging existing technology platforms, such as the ServiceNow platform, it has become part of a larger digital transformation plan, enabling the financial office to integrate more quickly across the organization. In other words, it is vital for organizations to succeed in today’s constantly changing business environment.
By automating and standardizing processes, the CFO will help ensure that the finance office takes its rightful place in the digital transformation so that key stakeholders can understand financial data in real time, which is essential for driving confident business decisions.
To learn more about CadencyDirect—whether you are a ServiceNow® user currently focused on the transformation of financial functions, or just starting your digital transformation journey— click here.
Automation, CFO, data, digital workflow, financial data, strategy
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