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What is the CFO's role in digital transformation?

Posted by Per Holmlund
on 7 nov. 2018

CFO-digital-transformation

The ultimate buzz in today’s business is digital transformation. It is on everyone’s agenda. Most organisations feel the pressure. Digitisation changes the business landscape in an accelerating speed, whether it’s how we bring customer value, compete or collaborate.

Future-proofed organisations place finance, accounts payable and receivables processes in the driver seat. They are at the core of the business, and here is why.

Beginning a digitisation journey

Despite huge promises for organisations of all sizes, it can be hard to know how to begin the digitisation journey. Where do new tools, processes, and even business models create most leverage: Team collaboration? Marketing? Production? Technology has the potential for tremendous efficiencies across the organisation.

We believe you should start from the beginning - ridiculously obvious perhaps, but in reality few organisations can turn ambitious slide deck strategies into practice. It is too overwhelming.

For small businesses, the opportunities are often as significant as for their larger peers - but often not equally overwhelming. They usually have an exceptional ability to adapt to changes. However, they are at the same time pressured by limited resources, making it hard for entrepreneurs to focus on what is essential without being stuck in internal processes.

Reaching financial process automation

The technology at hand, well it doesn’t seem to bring them all the way. Especially not for the enterprise. For example: ERPs tend to suck. The only thing that seems to be worse is to implement a new ERP.

Now to the good news. It is possible for every organisation to take fundamental steps in its digitisation journey. And initially, these steps hasn't much to do with the technologies in use. It is about data.

cfo-digitisation

What does is mean for CFOs in practice? Start with the one aspect that flows through all vital parts of the business – from sales to procurement, to cash flow and business development – your transactions.

With fully digitised transactions you’ll not only reduce errors but also unlock the potential of true automation, enabling your team to focus on the essentials. Accounting practices, sales, cash flow, and procurement are only the beginning.

So, what is the main carrier of transactions across the world? Invoices, of course.

They are the key to unlock the potential of financial process automation - and the dream of business on autopilot.

Read more in about digital transformation and business automation for CFOs in our new ebook. Follow the link and download it for free. 

Topics: business automation, digitisation, financial process automation

Written by Per Holmlund

Marketing at Qvalia.
Find me on:
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