{"id":8690,"date":"2022-04-05T06:30:49","date_gmt":"2022-04-05T04:30:49","guid":{"rendered":"https:\/\/www.sqorus.com\/5-obstacles-to-the-digital-transformation-of-finance-functions\/"},"modified":"2024-07-24T17:37:37","modified_gmt":"2024-07-24T15:37:37","slug":"5-obstacles-to-the-digital-transformation-of-finance-functions","status":"publish","type":"post","link":"https:\/\/www.sqorus.com\/en\/5-obstacles-to-the-digital-transformation-of-finance-functions\/","title":{"rendered":"5 obstacles to the digital transformation of finance functions"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”0px|0px|0px|0px” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ custom_padding=”0px|||||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.27.0″ header_2_font=”|700|||on|||RGBA(255,255,255,0)|” global_colors_info=”{}”]<\/p>\n

The digitalization of companies impacts the finance function. As they embark on the digital transformation of their finance functions, company directors need to bear in mind that this project will revolutionize the entire organization of their company. Only then will this transformation be a powerful lever for performance. It’s not just a matter of training employees to use a new solution or making a few minor adjustments, but of challenging a large part of the internal procedures. To meet this challenge, five major obstacles will need to be addressed and overcome.<\/p>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.0″ text_text_color=”#2029A0″ global_colors_info=”{}”]<\/p>\n

Obstacle to digital transformation #1 – Having a tool vision rather than an organizational one<\/h2>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.0″ header_2_font=”|700|||on|||RGBA(255,255,255,0)|” global_colors_info=”{}”]<\/p>\n

Digitalization has entered the age of artificial intelligence. The latter is able to process very large volumes of invoices and other accounting documents, automate data entry and reconcile certain information.<\/p>\n

The software used is therefore no longer limited to being simple accounting tools. If they are intended to limit costs and relieve professionals of low-value-added tasks, they can be used as a tool to improve the quality of their work. However, the most advanced technologies can only be effective if they meet real business needs.<\/p>\n

Finance department employees are at the heart of this challenge and are the most likely to participate in the development of the specifications for a digital transformation project for finance functions<\/strong>. It is therefore necessary to start from their needs in order to choose the appropriate solution and not to start from the solution in order to adapt it to their daily challenges. S&H’s Help & Choose offer can help finance departments choose the right ERP solution.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.sqorus.com\/conseil-en-strategie-evolution\/” button_text=”Learn more about our CHOICE HELP offer” button_alignment=”center” module_class=”Bouton fond_orange” _builder_version=”4.27.0″ button_icon=”5||divi||400″ button_icon_color=”#ffffff” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_button][et_pb_text _builder_version=”4.27.0″ text_text_color=”#2029A0″ global_colors_info=”{}”]<\/p>\n

Obstacle to digital transformation #2 – Project management: failing to identify a clear governance structure for digitizing processes<\/h2>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.0″ header_2_font=”|700|||on|||RGBA(255,255,255,0)|” global_colors_info=”{}”]<\/p>\n

<\/strong>To ensure the success of a digital transformation<\/strong> project, it’s essential to appoint a project team made up of key users from different departments and a project manager who can be identified by all.<\/p>\n

This manager, who may be internalized or entrusted to a consulting firm, will be responsible for drawing up an analysis of the existing situation. It will take stock of the dematerialization projects to be implemented as well as the internal tasks and procedures already automated. It will also identify the most sensitive data, in order to map risks and identify cybersecurity needs.<\/p>\n

Once this initial work is completed, he will be able to define a schedule, a budget and a methodology for the actions to be taken, which he will share with all the operational actors.<\/p>\n

If you do not have the internal resources to manage your projects, SQORUS offers you the expertise of our project managers.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.sqorus.com\/accompagnement-au-pilotage-de-projet\/” button_text=”Want to know more about our PROJECT MANAGEMENT offer” button_alignment=”center” module_class=”Bouton fond_orange” _builder_version=”4.27.0″ button_icon=”5||divi||400″ button_icon_color=”#ffffff” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_button][et_pb_text _builder_version=”4.27.0″ text_text_color=”#2029A0″ global_colors_info=”{}”]<\/p>\n

Obstacle to digital transformation #3 – Neglecting resistance to change in the digital transformation of finance functions<\/h2>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.0″ header_2_font=”|700|||on|||RGBA(255,255,255,0)|” global_colors_info=”{}”]<\/p>\n

The digitalization of the finance function<\/strong> relieves professionals of certain tasks. However, many professionals are likely to feel disempowered or resistant to change.<\/p>\n

Following the implementation of new tools, it will be necessary to propose new objectives and projects to the end-users. Accountants, for example, have already seen their profession evolve very significantly, in line with several regulatory changes. The aim is to encourage these professionals to use the time freed up by the reduction of data entry operations or to carry out more in-depth analyses.<\/p>\n

Digitization also produces a lot of accounting data that needs to be exploited and analyzed through financial dashboards. With the reduction in data reprocessing time, accounting departments will be able to spend more time tracking, reconciling and communicating their data to the appropriate teams.<\/p>\n

The digital transformation of finance functions<\/strong> also implies a new organization of skills and internal procedures. There is therefore a great risk that fear will set in, as well as a lack of motivation, which is detrimental to the use of the new tools. It therefore requires communication upstream and during the project, as well as regular team training to encourage the adoption of the technologies.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.sqorus.com\/conseil-en-change-management\/” button_text=”Discover our CHANGE MANAGEMENT offer” button_alignment=”center” module_class=”Bouton fond_orange” _builder_version=”4.27.0″ button_icon=”5||divi||400″ button_icon_color=”#ffffff” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_button][et_pb_text _builder_version=”4.27.0″ text_text_color=”#2029A0″ global_colors_info=”{}”]<\/p>\n

Obstacle to digital transformation #4 – Not involving all players in the digital transformation of finance functions<\/h2>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.0″ header_2_font=”|700|||on|||RGBA(255,255,255,0)|” global_colors_info=”{}”]<\/p>\n

The deployment of thefinance department’s digital strategy<\/strong> is a cross-functional activity that will involve all operational players. Since an ERP system affects all the processes of a company, the implementation of such an information system will involve several departments.<\/p>\n

The integration of new technologies is a project that closely blends business know-how and technical skills. Each link is important to ensure congruence and consistency of the project from start to finish.<\/p>\n

It is therefore essential to mobilize the managers of the various departments. The person in charge of steering the digital transformation will have to bring together the departments involved, in order to share the common issues and strengthen the collaboration between the technical teams and the operational players.<\/p>\n

In order to respect the agreed schedule and to convince as many people as possible of the relevance of the actions undertaken, it is necessary to have a solid aptitude for management and project management.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.sqorus.com\/expertise-fonctions-finance\/” button_text=”Discover our Finance experts” button_alignment=”center” module_class=”Bouton fond_orange” _builder_version=”4.27.0″ button_icon=”5||divi||400″ button_icon_color=”#ffffff” global_colors_info=”{}” button_text_size__hover_enabled=”off” button_one_text_size__hover_enabled=”off” button_two_text_size__hover_enabled=”off” button_text_color__hover_enabled=”off” button_one_text_color__hover_enabled=”off” button_two_text_color__hover_enabled=”off” button_border_width__hover_enabled=”off” button_one_border_width__hover_enabled=”off” button_two_border_width__hover_enabled=”off” button_border_color__hover_enabled=”off” button_one_border_color__hover_enabled=”off” button_two_border_color__hover_enabled=”off” button_border_radius__hover_enabled=”off” button_one_border_radius__hover_enabled=”off” button_two_border_radius__hover_enabled=”off” button_letter_spacing__hover_enabled=”off” button_one_letter_spacing__hover_enabled=”off” button_two_letter_spacing__hover_enabled=”off” button_bg_color__hover_enabled=”off” button_one_bg_color__hover_enabled=”off” button_two_bg_color__hover_enabled=”off”][\/et_pb_button][et_pb_text _builder_version=”4.27.0″ text_text_color=”#2029A0″ global_colors_info=”{}”]<\/p>\n

Obstacle to digital transformation #5 – Neglecting the gap between current skills and those needed to transform financial services<\/h2>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.0″ header_2_font=”|700|||on|||RGBA(255,255,255,0)|” global_colors_info=”{}”]<\/p>\n

<\/strong>If there is a gap between the internal skills and those needed for the transformation of financial services, there are 2 possible solutions The employees concerned will have to be given training in the use of the new tools. Indeed, employees will have to develop skills related to new technologies that go beyond their know-how in the financial field.<\/p>\n

However, the company will certainly not have all the human resources in-house to support the digital transformation of the finance department. A recruitment policy must therefore be implemented or an external consulting firm must be called upon to provide expert profiles in the field of finance.<\/p>\n

Versatile profiles with a dual finance\/new technology background are particularly well suited. The rise of Data Management solutions is also creating new jobs: Chief Data Officer, Data Scientist…<\/p>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.0″ text_text_color=”#2029A0″ global_colors_info=”{}”]<\/p>\n

P.S.<\/h2>\n

[\/et_pb_text][et_pb_text _builder_version=”4.27.0″ global_colors_info=”{}”]<\/p>\n

SQORUS supports its key account customers in the digitalization of their finance functions. With a functional and technical expertise of the main solutions of the market dedicated to the finance business, we implement and accompany our customers in all phases of their projects. With consultants certified in solutions such as Oracle, Netsuite, PeopleSoft, Kyriba and Axway, Sqorus is the preferred integrator of financial solutions on the market.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row custom_padding_last_edited=”on|desktop” _builder_version=”4.27.0″ background_color=”#2029a0″ background_image=”https:\/\/www.sqorus.com\/wp-content\/uploads\/2023\/12\/Bandeau-LB-Transfo-Finance-Opportunites.png” background_size=”contain” background_position=”center_right” width=”100%” width_tablet=”90%” width_phone=”90%” width_last_edited=”on|phone” custom_margin=”5%||3%||false|true” custom_padding=”50px|400px|50px|55px|true|false” custom_padding_tablet=”50px|55px|50px|55px|true|true” custom_padding_phone=”40px|55px|40px|55px|true|true” background_last_edited=”on|phone” background_enable_image_tablet=”off” border_radii=”on|23px|23px|23px|23px” global_module=”25041″ global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text module_class=”Titre_40 Titre_blanc” _builder_version=”4.23.1″ _module_preset=”default” header_2_font_size=”30px” global_colors_info=”{}”]<\/p>\n

Digital transformation of the Finance function : how to identify growth opportunities?<\/h2>\n

[\/et_pb_text][et_pb_text module_class=”FondBleu” _builder_version=”4.23.1″ _module_preset=”default” text_font=”||||||||” text_text_color=”#d6d8f4″ text_line_height=”30px” global_colors_info=”{}”]<\/p>\n

Discover how Finance’s digital transformation can optimize your company’s performance, and effectively identify opportunities for growth.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”http:\/\/hs-cta-trigger-button%20hs-cta-trigger-button-87458311650″ url_new_window=”on” button_text=”Download” button_alignment=”left” button_alignment_tablet=”center” button_alignment_phone=”center” button_alignment_last_edited=”on|tablet” admin_label=”Bouton de t\u00e9l\u00e9chargement” module_class=”Bouton Fond_blanc” _builder_version=”4.27.0″ _module_preset=”default” custom_button=”on” button_text_size=”15px” button_text_color=”#f36145″ button_bg_color=”#FFFFFF” button_border_width=”1px” button_border_color=”#f36145″ button_border_radius=”50px” button_font=”||||||||” button_use_icon=”off” custom_margin=”20px||||false|false” custom_padding=”13px|25px|13px|25px|false|false” custom_css_free_form=”selector:hover{|| background-color: #FFF6F5 !important;||}” global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.19.1″ _module_preset=”default” global_module=”13401″ global_colors_info=”{}”][et_pb_row _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.1″ _module_preset=”default” global_colors_info=”{}”][et_pb_text admin_label=”A lire aussi dans notre dossier Projet SI Finance” module_class=”Titre_h3″ _builder_version=”4.27.0″ link_font=”||||||||” locked=”off” inline_fonts=”Roboto” global_colors_info=”{}”]<\/p>\n

Also read about the digital transformation of finance functions<\/span><\/h3>\n

<\/span><\/p>\n