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Digital Technologies That Reshape Finance

Introduction to the digital technologies that reshape finance on an orange and white background with an illustration.

Despite the fact that CFOs control and manage a large portion of the important business data that fuels such initiatives, the notion of the digital finance organization is still in its infancy in many businesses, and they remain distant from the core of digital technologies transformation efforts.

Moreover, today’s CEOs and boards state they expect CFOs and the finance department to deliver real-time, data-enabled decision assistance, giving them a clear mandate to take the lead.

Additionally, CFOs themselves stated that they wanted to spend more time on digital projects. Also, on the integration of digital technologies into financial duties in the most recent poll of finance executives.

The Four Digital Technologies

Here are the four digital technologies that reshape the finance function.

  1. Automation and robotics – To improve processes
  2. Data visualization – To give users real-time financial information
  3. Advanced analytics for finance – To accelerate decision support
  4. Advanced analytics for business – To uncover hidden shareholder value and growth opportunities

Source for the image McKinsey & Company

A table of the four digital technologies and how they affect the processes.

The Digital Agenda

By assessing the primary use cases and where they stand with each of the digital technologies, CFOs and their teams may jump-start the digitalization process.

First, they need to undertake a value scan. Value scan is the process of asking questions about the possible benefits of digitizing financial processes as well as the degree to which doing so is feasible. Second, they should have talks with business-unit executives about the problems with various financial procedures.

For example, delayed reporting and inaccurate data. Finally, together with employees of the IT department, they should conduct a thorough assessment of technological capabilities to determine system needs and financial commitments.

Conclusion

Access to financial services can be facilitated by new financial technology, which will increase the effectiveness of the financial system. By implementing these four digital technologies in finance you can speed up and improve the processes.

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Infographic by McKinsey & Company (original article)

 

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