search.noResults

search.searching

dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
HOW TO REIMAGINE YOUR FINANCE TEAM WITH DIGITAL TRANSFORMATION


10 questions every CFO should know the answers to It is an exciting time for finance teams and the way they operate in organisations.


Technology is transforming the role of the Chief Financial Officer (CFO) and giving them the opportunity to reimagine their role as an advisor to the board. The question is, are you capitalising on this opportunity and reshaping your finance department? By Andrew Hicks, Chief Financial Officer, Advanced


1


What exactly does digital transformation mean, and how can it help organisations


reshape their finance function? Digital transformation is the use of the latest technologies to transform the way organisations operate and service their customers. By using the Cloud, for example, businesses can benefit from real-time access to up-to-date financial data, forming ‘connected’ finance teams to create and analyse financial information across the business. In addition, it can help promote greater


transparency around budgeting


and forecasting, whilst providing the ability to spot trends more rapidly to help you to stay ahead of the competition. Technology applications such as artificial intelligence chatbots, on the other hand, can automate repetitive and mundane tasks, freeing staff to focus on value-added activities such as analysis around trends, forecasts and developing creative new solutions and services while driving productivity and efficiencies.


2


What are the benefits of embracing digital transformation?


The fast-paced nature of the digital age has already proven that disruptive technologies are changing the role of the CFO – freeing them from administrative tasks and giving them the opportunity to drive digital transformation, enabling organisations to reshape, become more efficient and gain more time to spend on critical thinking. New Cloud-based financial management systems provide the future CFO with a holistic 360-degree view of the


26 DIRECTOR OF FINANCE DOFONLINE.COM


business, and an increased understanding of the company and the markets it serves. This is invaluable insight for any organisation looking to grow and prosper.


3 Yes,


Do we really have to change the way we work? it


really


bottlenecks in processes and the breaking down siloes between different departments as just some examples of ways that businesses can be transformed by embracing a digital way of working.


is time for change. Archaic


manual, paper-based processes don’t allow for companies to be agile, productive or compliant with the latest regulations such as GDPR and Making Tax Digital, coming into force in 2019. Using digital processes help to drive efficiencies, with the prevention of


4


Why should we employ a ‘Cloud-first’ approach?


At its most fundamental level, Cloud technology helps businesses succeed. In addition to creating connected finance teams, it ensures decision-making is based on


up-to-date real-time information. Financial management systems operating


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36