Digital transformation of the finance function : where do you stand?

Why is digital transformation essential for the finance function?

Digital transformation is an essential step for companies that want to pursue dynamic growth over the long term. The finance function is truly supported by the digitalization of processes. Let’s remember that for more than a decade, CFOs have been aware that they must optimize their support functions in order to be more efficient and facilitate their decision-making.

The digital transformation of the finance function contributes to improving results and margins. It also relieves the workload of employees and leaves them more time to focus on more global issues.

Better productivity of support functions, thanks to new technologies

Since the Macron law of August 6, 2015 concerning the obligation to accept electronic invoices, dematerialization tools, coupled with the cloud and robotization, have been strongly favored by the finance function.

Indeed, beyond this law, CFOs already considered the implementation of process digitization as a matter of course. This not only improves productivity, but also makes the execution of process control easier and faster. The digital transformation of the finance function has made it possible to automate the manual review process of accounting entries, to streamline the workload and to standardize the year-end closing procedures.

Furthermore, digitalization has proven to facilitate the administration of the repository, orders and disputes with customers, as well as the control of interfaces and the recording of accounting entries. In other words, big data processing has become smoother and has resulted in more relevant data consolidation.

As a result, the quality of the data allows the finance department to be more precise and accurate in its participation in the company’s development strategy.

Digital transformation of the finance function: resources to improve

Although the finance function is succeeding in creating value and gaining competitiveness and productivity, CFOs lament the lack of necessary skills and knowledge of candidates and employees. They insist on the essential need to train and adapt the tools to the capacity of each person to adapt to new technologies.

Moreover, the automation of certain repetitive tasks related to the administrative management of invoices can allocate more time to analysis and even to management control. In this sense, CFOs need to update the capabilities of their employees and, at the same time, assess the real needs for new skills.

Also read in our " ERP Finance project " file:

• What are the key challenges facing finance managers today?
• What are the key regulatory issues for CFOs in 2019?
• Digital transformation of the finance function : where do you stand?
• Digitization of the finance function: what should we expect in the future?
• What changes does dematerialisation bring to the finance function?
• Finance management: what technological tools are available to CFOs?
• ERP software definition: what is an ERP?
• What is the use of an ERP solution for the finance function?
• ERP finance: what do you need to know as a finance manager?
• CFO: what are the advantages of an ERP for the finance function?
• Finance software: which ERP to choose for your company?
• Postmodern ERP: the right choice for your company?
• Should you consider a Postmodern ERP solution?
• The challenges of a post modern ERP
• Post-modern ERP: the checklist
• Help in choosing ERP finance: why use a firm?