In just a short period, the COVID-19 pandemic has brought a profound change in organizations, forcing them to quickly implement new technologies.

Organizations that lack in digital basics hobble quick response to the real-time business changes and fall behind their forward-looking peers. Embracing this digital transformation is crucial for them to survive at present and improve for the better future.

The benefits of focusing on digital transformation are attracting many CFO’s to an unprecedented level of investment. CFO’s with a strong digital foundation get the ability to transform their finance functions and achieve excellent planning and effective decision making features. Their process can be automated by allowing them to focus on deeper insights and create value for the organization.

Strength of Digital Technologies

Digital technologies support the entire finance process from foundation to dashboards. Using these technologies, CFO does not only focus on reducing costs but also on planning, control, and governance of their organization. AI (Artificial Intelligence), Machine Learning, and RPA can transform their business operations to a whole new level. They can build agile finance operations with higher performance cloud-based technologies to analyze and manage processes. All these technologies help them to focus on the most important tasks, identify opportunities, and capitalize on them.

According to Ernst & Young’s report, 69% of CFOs and finance leaders report, that they are already seeing their role change from passive advisers to proactive strategic partners as traditional finance tasks become more automated in shared service centers.

Key Technologies in detail:

RPA (Robotic Process Automation)

RPA enables organizations to improve productivity, reduce operational costs by replacing the human workforce in repeatable and high-frequency tasks. This helps their employees to proactively focus on the strategic work and add more value to their organizations.

Big Data and Advanced Analytics

CFOs get access to a large set of data at their fingertips where they have to embrace cognitive capabilities to draw meaningful insights to support business decisions. For forecasting future trends and events, advanced data analytics is worth its weight in gold.

AI (Artificial Intelligence)

AI (Artificial Intelligence) is more efficient in providing a massive amount of data that is beneficial for companies to understand their target audience. It provides accurate results by extracting meaningful insights from the raw set of data. This data is used to solve complex problems which enhances efficiency and improves profitability.

Conclusion

The COVID-19 pandemic has alarmed organizations to shift to a digital world. This shift represents an absolute mandate for companies to survive. CFO’s who are not planning to change are at a higher risk of failure. They should polish their digital leadership and analytical skills to transform as a new visionary.

The right financial systems and processes provide a clear and accurate view of the organization. Oracle Fusion financials delivers best-in-class functionalities with integrated analytics. It offers access to all these emerging technologies and real-time financial data to maintain consistency in growth.

Aspire’s implementation capabilities and advisories on Oracle applications enable value-driven strategies for successful finance in organizations. Learn more about Oracle ERP applications.

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