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The Value and Impact of Digital Transformation in Finance Teams

JUNE 01, 2021 08:10 AM

Digital transformation technology in the finance industry has become part of a successful business strategy and made a positive impact in business operations. This has led to the following opportunities: faster, cost-effective operations; improved employee and customer experience; meeting regulatory deadlines and remaining competitive.

As organizations transform, the role of finance is at the heart of company's digital transformation to eliminate a lot of human intervention in processes. Most digital transformation is driven from a customer-facing perspective, and often the role of the CFO is to enforce effective measures to ensure these revenue benefits are realized.

How is Digital Transformation Impacting Financial Organizations?

Just a few years ago it was standard to sit in one room to have a meeting, but now leveraging emerging technologies, such as AI and machine learning, has impacted us significantly while giving finance leaders better insights into the business remotely.

Access to information - Now you can access your data from anywhere. It is beneficial to access data on your mobile phone, desktop, laptop, or any device through the corporate OneDrive.

Access a complete picture of company finances and predict possible risk. A lot of manual work has gone away - business-to-business processes are automatically processed on the client system and purchase orders are automatically put into the system.

How to Choose the Right EPM?

Disruptive technologies and nimble start-ups are already investing in digital platforms to keep up with the "digital giants" and utilize digitization work. The platforms that let you make sense of an increasingly connected world also enable you to drive relentless innovation and build your business around customers.

Real-Time Data Visualization:

A cloud-based data lake and intuitive software architecture kind of technology allows you to share data and trends, in real-time, between key stakeholders of the company; so, guesswork is eliminated, and critical decisions are made without relying on historical data.

Robotic Process Automation (RPA):

A system in which reduces the mundane process by automating data intensive and repetitive tasks, improving the accuracy and efficiency of process execution by digital systems (rather than actual people).

AI-Supported Analytics:

Technology should accelerate the analytics process with unified machine learning and visualization. Empower effective future planning with crucial and logical data to uncover hidden opportunities; a better way to conduct analytics based on data mining all your business data with AI-driven guided insights.

5 Key Changes in Financial Digital Transformation: AI, Digital Currencies, Digital Banking, FinTech, Disruptive Innovation

Conclusion

Most banks and financial organizations are now transforming to cloud with the right Oracle Cloud partner who can assess their process inefficiencies accurately and target the automation intelligently to make today's banking digital transformation investments effective. Consult with SMACT Works, an Oracle Cloud partner for Financial Services, to understand where and how SMACT is helping banks and financial institutions to accelerate the path to digital transformation.

SMACT Works is a technology-focused systems integrator and IT/ERP consulting firm. We deliver end-to-end consulting, managed, and implementation services for Oracle Cloud Applications, IaaS & PaaS, On-Premise PeopleSoft & EBS Applications. Headquartered in Dublin, OH, we have a global presence with North America and Asia offices. We are an Oracle Gold Partner Cloud Standard, ISO 9001, and 27001 certified delivery organization serving customers with Excellence and Integrity.