Jan 25 2021
Step 3: Get Big Wins and Fast Returns
It is not uncommon for a finance team to feel restricted by the amount of manual work required to manage compliance and daily finance functions. Barriers to efficiency, such as manually maintained spreadsheets, siloed information, and a lack of real-time visibility into financial matters.
Data integration projects can bring change, but these are notoriously disruptive for the finance function. By the time projects are delivered, the business or environment has changed, and the benefits are lost.
A phased implementation rather than a ‘big bang’ approach is the way for CFOs to go. By delivering initiatives one at a time, you make incremental improvements that bring an immediate return on the investment.
Quick wins deliver early value to the business and help build the case for a more data-driven approach.
PROCESSES RIPE FOR CHANGE
The reduction of risks based on manual errors or misplaced documentation can be addressed by automated digital workflows - making sign-off streamlined and transparent, alerting reviewers at each stage of the process.
By automating the collection of data from multiple systems, you can easily monitor activity within a process and utilize predictive analytics to inform better management decision-making.
You do not have to replace systems or engage in any major integration projects to become data driven. A centralised data platform can process data at scale, with the agility to enhance and augment existing practices, in areas like;
- Cashflow Forecasting
- Accounts Payable Operations
- Supply Chain Optimization
A cloud-based platform will allow your projects to become seamless, non-disruptive and quick to deliver – bringing early value to the business and facilitating centralized access to data for all types of users.
More about this topic and the four steps to overcome new challenges and make the business more competitive is contained in this CFO Guide. Download the complete guide on transformation.