CFOs and finance teams always need to be ready for disruptions. And during this time of economic uncertainty, they need a clear vision for how to move forward to ensure financial success in 2023 and beyond. As a result, digital transformation in finance is more important than ever.
The modern CFO is expected to lead their organization and teams toward digital transformation, increased client satisfaction, and retention, and boosted revenue streams through in-depth insights and data analysis. That’s why they are looking at methods to increase efficiency through technological advancements and automation, decrease costs and resource overheads, and reduce the impact of uncertainties on the business.
To help CFOs and finance leaders prepare, we have noted our top 4 focal points for the year ahead:
1. Cloud Integration & Digital Transformation in Finance
CFOs should plan to maintain or increase their investments in digital transformation for finance teams. As ERPs and other enterprise systems continue to integrate with cloud technologies, this progress has significantly simplified business operations and freed up resources across teams. As economic uncertainty becomes more plausible, finance leaders will be expected to direct more budget toward planning and forecasting measures, so it’s important to be prepared with the right technologies in place.
2. Timely Financial and Business Insights
Finance teams will be expected to provide crucial business insights in a timelier fashion. As many organizations work within multiple ERPs and data sources, many lack a single integrated source to house and process key information. Without a comprehensive and unified finance and budgeting solution, teams will struggle to provide the quick and insightful analyses needed to navigate the business in times of volatility.
3. Demand for Real-Time Reporting
With digital transformation in finance comes improved analytics capabilities. Periodic reporting schedules have been the norm within industry practices, but as cloud technology has made real-time reporting more feasible, it has become the preferred reporting method. Modern technology has enabled organizations to cut reporting times and deliver faster results, given this, CFOs and finance teams are expected to produce forecasts and actuals on-demand, and shift away from outdated solutions and processes in favor of real-time financial reporting.
4. Increased Agility
With the rising impact of inflation and a recession becoming more probable. Businesses must have plans and resources well in place to respond to the potential economic downturn. By adopting agile solutions and xP&A, organizations can leverage scenario-based planning and forecasting and be better prepared for the best- and worst-case economic scenarios.
Digital transformation and innovation have empowered finance teams to be more agile, provide fast and accurate reporting and make better use of vital resources, in our time of economic uncertainty and the looming potential of a recession soon approaching, budgeting and planning have become more important than ever before. Having the right technology and tools in place will ensure that your organization is prepared for whatever comes next.
Ready to Transform Your Budgeting & Planning? We Can Help
Quisitive can help with digital transformation for finance. With over 30 years of experience helping companies implement and optimize corporate performance management software, our team of experts is here to help analyze your existing processes and recommend the right solution to meet your needs.