The process of digitalization to catch up with this development has led to sea changes in the traditional role of the finance function.
FREMONT, CA: By redefining its value contribution, the finance function can seize the opportunities that digitalization offers to develop into a digital driver that revamps the digital landscape of the entire organization. Today, with intelligent tools at their fingertips, businesses can easily access, share, and analyze critical organizational financial data. CFOs are the gatekeepers for the data required to generate forecasts and support strategic business plans and decisions. Here is how.
Instead of depending on slow and complicated centralized accounting and management, modern finance leaders can oversee a unified and optimized distributed network. Aided by applied intelligence and tech-savvy workflow, they can optimize working capital and manage revenue, expenses, and cash flow. An AI-based engine simplifies this process, rendering every step more accurate and efficient. AI algorithms that get smarter as they are used automatically to sort invoices based on past payment patterns and history.
[vendor_logo_first]If finance functions, experiments with automation is mostly about optimizing processes; their experiments with data visualization are about enhancing broader organizational performance. To make good resource-allocation decisions, finance teams need real-time information. But they often lack access to such data because data sets are in different parts of a company, data is not comparable, or data is not available at all. The CFO and other leaders will have to collaborate with the CEO, chief information officer, and IT department to integrate data-visualization tools with the company’s established systems.The CFO will need to establish rules around data usage that reflect the specific information requirements of decision-makers across the enterprise. CFO will also need to ensure that team is using the highest-quality data.
The modern workforce also seeks to take ownership and demands to feel empowered by their employers. In the finance function, creating new solutions is a creative, agile process which requires headspace to be creative to maneuver innovative ideas into an organization. This is only possible with management buy-in and a degree of patience and willingness to accept new working methods.
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