With productivity gains lagging for organizations worldwide, companies of all sizes are looking to digital transformation as an approach to gain efficiency and achieve a competitive edge.
There are four areas of focus that can help organizations jump start their digital transformation initiatives in order to lower costs, drive revenue growth and increase profitability.1. Focus on intelligence to drive strategy
In many organizations, finance is leading the digital transformation charge. Finance has the opportunity to truly transform their businesses by helping to design and implement effective systems to provide information and analysis to better inform decisions related to these key areas of risk and opportunity. With more timely access to accurate data, EVERY department in your organization can make better business decisions that are aligned with corporate strategic goals.2. Drive growth while cutting costs
Companies focused on Digital Transformation are prioritizing finance KPIs and reporting strategies to fuel data-driven decision-making. Digital transformation can support this effort by helping to transform both structured (e.g. data in your ERP) and unstructured data (e.g. documents, emails) into knowledge to provide better visibility to business performance.3. Lay the Groundwork for Ongoing Innovation
Finance executives strongly believe digital transformation will have a big impact on their function. They are starting their journey by putting their data house in order, laying the groundwork for future digital initiatives. Concurrently, they are moving to adopt advanced analytics and other new tools and technologies to capitalize on that data.4. Empower Existing Staff & Hire New Talent
According to the Hackett Group survey, only 35% of companies surveyed believed they had the right talent to execute a digital transformation strategy. To bridge the gap between vision and execution, finance leaders need to adopt a strategic approach to workforce planning and talent development.
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