There are a host of benefits from creating intelligent finance functions through digital transformation. While financial experts may be apprehensive about the time and resources it takes to introduce intelligent technologies to their businesses, the following future-state benefits are difficult to ignore.
Creating efficiencies. Through intelligent technologies, various financial functions can be processed, analyzed, and reconciled quickly and accurately.
Agility. CFOs and accountants can rapidly make decisions supported by data analysis, which means their organizations can adapt to change quickly and confidently.
Enabling and facilitating automation. ERP platforms offer CFOs and accountants an invaluable resource for streamlining and automating various, often time-consuming, tasks.
Reconciliation and compliance. Automation reduces the time and human error associated with financial functions to ensure accurate compliance and reconciliation.
Value-add for CFOs. With many labor-intensive tasks automated, CFOs have more time and resources available to take a bigger role in the strategic direction of the company.
Predictive finance. Data analysis and automation mean finance functions can forecast with greater accuracy and speed so businesses can predict future spending and profitability.
Cybersecurity. Cloud computing puts all business-crucial data in a single secure place, which means all vital information is protected, backed up, and easily accessible. Furthermore, blockchain technology allows entities to exchange financial information safely without enlisting the security of a trusted third party.
Skill development. While people fear that automation will eliminate jobs, in reality, it will reallocate roles and produce new skills necessary for the future of finance.
Collaboration. ERP platforms break down the traditional silos that exist in finance and business to facilitate greater sharing and cross-company collaboration.
Machine learning. As intelligent technologies collect and analyze data, machine learning means these functions grow and develop with the business, becoming more attuned to the needs of the company. Considering how these technologies become more valuable with increased usage, the time to introduce these solutions is now.
Reimagining financial functions
The dynamic digital environment in which we operate can be complex and tends to change rapidly. To ensure that your business is future-ready, you should be looking at intelligent technology solutions today.
Intelligent technologies are no longer just a “nice to have” pipe dream; they’re a business reality that is changing how organizations function. This isn’t just about achieving operational excellence, but reshaping the way we fundamentally work and engage with technology.
The process of migrating your financial functions and data has never been easier or more secure. Intelligent technology is helping CFOs and accountants work more efficiently and add greater value to their businesses.
Smartphones replaced the mobile phone, so why shouldn’t intelligent technologies reimagine how an organization’s financial functions operate?
To quote SAP’s regional CFO of Asia-Pacific and Japan Richard Mclean: “Think big… start small… act now!”
This article originally appeared on BlackLine.com and is republished by permission. BlackLine is an SAP partner.