Using technology to achieve agility, speed and continuity
2020 was a watershed for finance and accounting organizations because it forced the traditionally technology laggard group to embrace technology to achieve continuity in operations.
Digital finance organizations utilize technologies, including advanced ones such as artificial intelligence and machine learning, robotic process automation and blockchain distributed ledgers to shift the balance of the department’s work from transactions processing and reporting to forward-looking operational and financial analysis.
50 percent of the companies with a Finance IT group report that they perform financial analysis very well compared to 29 percent that lack one.
Finance organizations must apply digital technology to reduce time spent on repetitive tasks to accelerate processes, improve data quality and shift focus to forward-looking analytical work.
To enable their companies to remain competitive in this environment, Finance departments must become fast followers in adopting new technology. A fast follower adopts technology as soon as practical. Finance IT is essential to enabling finance and accounting departments to be fast followers in applying innovative technology to achieve digital transformation objectives.