The Value and Impact of Digital Transformation in Finance Teams

JUNE 01, 2021 08:10 AM

5 Key Changes in Financial Digital Transformation

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Digital transformation technology in the finance industry has become part of a successful business strategy and positively impacted business operations. The transition 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 a 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, sitting in one room to have a meeting was standard. However, 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. Accessing data on your mobile phone, desktop, laptop, or any device through the corporate OneDrive is beneficial.

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

FAQs

What is the impact of digital transformation on financial organizations?
Digital transformation enables faster, more cost-effective operations and improves employee and customer experience. Furthermore, it aids organizations in meeting regulatory deadlines and remaining competitive in the market. Emerging technologies like AI and Machine Learning are particularly impactful, offering finance leaders better insights into their business, even remotely.
What are some common challenges faced by B2B companies that Oracle Eloqua helps to overcome?
Oracle Eloqua is designed to address several common pain points in B2B marketing. These include a fragmented customer experience, a lack of alignment between sales and marketing teams, difficulties in integrating various marketing technologies, struggles to increase conversion rates and improve return on investment (ROI), issues with the quality of leads, limited budgets, challenges in creating relevant content for conversations, concerns about legislation and data privacy, and the presence of disparate data silos.
How does Oracle Eloqua contribute to improved lead management and nurturing?
Oracle Eloqua enhances lead management and nurturing by facilitating better segmentation, targeting, connection, and engagement with prospects, leads, and customers. It helps identify Marketing-Qualified Leads (MQLs) and Sales-Qualified Leads (SQLs), enabling marketing and sales teams to focus on the most promising opportunities. The platform improves the coordination between multiple channels, such as email, web, display, and social media, to deliver a consistent and personalized nurturing experience.
How does Oracle Eloqua facilitate a more substantial alignment between sales and marketing?
Oracle Eloqua strengthens the alignment between sales and marketing by providing unified intelligence and insight into buyer behaviors and preferences. Pairing up sales tools with content marketing enables sales teams to connect with relevant communications at the appropriate time and identify key buying signals faster. This coordinated approach ensures that both teams work towards the same goals and use the same data, leading to more effective collaboration.
What kind of marketing opportunities does Oracle Eloqua provide?
Companies can see increased marketing and sales opportunities and marketing-qualified and sales-qualified leads using Oracle Eloqua. They are also more likely to see customer retention and loyalty and more chances for upselling and cross-selling. The marketing automation offered by Eloqua can also lead to more conversions and sales.

Most banks and financial organizations are now transforming to the cloud with the right Oracle Cloud partner who can assess their process inefficiencies accurately and target 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 accelerate the path to digital transformation. Contact us today to get started!

About SMACT Works

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.