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What Is The Role of Finance in The Digital Era?

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Every position and duty inside an organization, as well as everyday life in general, have an influence on the digitalization juggernaut. Finance in the digital era plays a far more strategic role than just being basic bean counters and fund managers.

Formerly considered “support” roles inside the firm, such as HR and Finance, are increasingly taking center stage and bringing the necessary professionalism to build a competitive advantage.

However, yesterday, somebody asked me for my opinion on the two following questions.

#1: Question

What is the finance role in the digital era because of any change in the environment?

My answer: Finance should be one of the leaders of digital change as it has access to many points of data and is involved in many processes. Moreover, it should use to lower the function costs.

What they can do:
Digitize and automate processes with high transactions but low value added (like accounts payable). Make better use of the data by improving data collection and consolidation for reporting and forecasting using new collaboration, planning, and BI tools.

#2: Question

Do you know the top 3 finance issues in a digital transformation company?

My answer:

Issue number one: Change management (make sure people are on the boat and understand + implement the change).

Problem number two: Skills make sure that you have the right skills in your people to lead and implement the change (could be done by a combination of training, external hiring, and help from third parties).

Issue number three: Take the opportunity of digitalization to challenge the status quo to streamline and standardize processes. Leadership must be an example of the culture shift.

What would you have answered?

The Bottom Line – Finance in the Digital Era Is The Future

The focus is more on the finance of the future than the financial future. To be able to add value to the bigger business, today’s financial professionals need to develop this approach.

Finance is ready to act as a global nodal agency for transformation and decision-making in all business areas. The leaders only need to give themselves an extra boost internally and wisely and extensively utilize the existing technology.

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