One of the main reasons being the elimination of bottlenecks in the financial process and the acceleration of the order-to-cash cycle. In today’s fast-paced business landscape, companies must continually evolve to stay competitive. And, as finance professionals, we must adapt to this new reality by embracing financial transformation. ScienceSoft has helped one of the top market research companies migrate its big data solution for advertising channel analysis to Apache Hive. Our Microsoft SQL Server-based projects include a BI solution for 200 healthcare centers, the world’s largest PLM software, and an automated underwriting system for the global commercial insurance carrier.

Finance digital transformation key rules

According to research by EY teams, more than half of consumers are willing to pay more for sustainable products in Europe. In the US, where the majority of consumers are millennials, two-thirds say they are willing to spend money on a brand that is certified for sustainability. Three-quarters of them think that businesses need to bring value to the community instead of just chasing after profitability. To maximize process efficiency, reporting tools should be integrated with processes and able to handle the massive amounts of data that express the details of days, weeks, and years of activity.

Humans and technology

In Vietnam, the government has implemented institutional and policy reforms, including the development of a national strategy on climate change mitigation and adaptation, green growth, low carbon economy, environmental protection, and social responsibility. With the same mindset, the State Security Commission of Vietnam issued Circular No.155/TT-BTC, requiring listed companies to disclose information on sustainable development goals and report on impacts related to social environment. Meanwhile, comprehensive digital transformation not only allows a business to function faster and more efficiently, but it can also change the perception of how businesses solve problems.

Finance digital transformation key rules

As businesses formulate their own digital transformation strategies, there is much to be learned from your IT leadership peers. Use this collection of digital transformation articles and case studies to explore further. Episode 132 of FRT provides an update on digital transformation in the public sector with Sopnendu Mohanty, Chief Fintech Officer at the Monetary Auth…

A feasibility study and a proof of concept development

These efforts will work with a more concentrated plan for aggressively collecting customer data to keep data private and safe while also pledging to keep that data safe from breaches. Digital transformation also allows businesses to offer customer conveniences such as user portals, easy online payment options, and a more personalized sales experience. CFOs told us that they have already achieved several key benefits through their transformation drive, justifying the amount of time and effort they have invested. Establish performance metrics and monitor the performance of the transformation initiatives against those metrics. This stage is also a good time to review your progress and celebrate your successes. By understanding the challenges and taking steps to address them, organizations can increase their chances of a successful transformation.

The possibility to reuse the existing financial software and infrastructure components. ScienceSoft achieves at least 20% increase in sales and 30% improvement in case resolution with well-thought-out and business-tailored Salesforce solutions. A certified Microsoft partner, ScienceSoft creates CRM and ERP solutions powered by Dynamics 365 and optimizes most effectively a range of business operations. We leverage Apache ZooKeeper to coordinate services in large-scale distributed systems and avoid server crashes, performance and partitioning issues. By request of a leading market research company, we have built a Hadoop-based big data solution for monitoring and analyzing advertising channels in 10+ countries. We use Google Cloud Datastore to set up a highly scalable and cost-effective solution for storing and managing NoSQL data structures.

What Does Digital Transformation Mean?

See how the Nitro Productivity Platform optimizes and secures digital workflows for Financial Services organizations. “Nitro’s expertise enabled us to seamlessly integrate eSignatures within our digital platform. It has helped us save time for our clients and employees, enhance our digital offering and offer digital financial transformation a superior user experience.” Create electronic signatures and securely sign digital documents that remain legally binding and in compliance with industry regulations. When outside of work, he continues to stay on top of the latest technology trends, enjoys traveling with a balance of sports and yoga.

The second track, People & Culture, emphasizes the importance of creating a digital-first culture, embedding digital skills in all job profiles, and implementing an end-to-end paperless back office. PTIs include the percentage of paper consumption, internal survey on satisfaction, and the percentage of adaptation of new ways by staff. The third track, Technology & Innovation, focuses on implementing next-generation technical capabilities, such as artificial intelligence and machine learning, robotic process automation, and blockchain management of contracts and transactions. PTIs include the metrics on applied systems, lean process redesign, and the percentage reduction cost to serve.

A connected world calls for connected services

This intersection between CFO and CIO priorities is driving more unity in terms of strategy and execution. Rising labor costs and shifting expectations are contributing to unprecedented change in the labor market and altering the way companies and their executives think about talent management. Our solutions complement SAP software as part of an end-to-end offering for Finance & Accounting.

  • “A good example of this is how we’ve been able to apply the experience of our KURVE app project manager to our latest digital transformation projects.
  • In the finance function, that means working now to get the right people and technology in place to take advantage of the inevitable disruption ahead.
  • Over the course of nearly two decades, ESG has evolved from a specialised reporting system for financial investors to a generic term for how businesses or brands weigh the impact of these factors on their products and staff.
  • High-value companies know that they are not just delivering products, they are delivering experiences.

We also asked respondents how finance compares to two other departments in the organization in regard to digital strategy. Our roundtable discussions suggested that other departments are currently more involved as they’re closer to the value-adding activities of the company. Data harmonization helps to remove ambiguity, link records and establish standards that give a foundational stone for further improvements in terms of data analytics in accounting. Adopting robo-advisory in the field of wealth management is a good trend across the industry. They seem to be a great option that can lower costs and provide fully automated investments based on self-learning algorithms.

The Top Value Drivers of Finance Digital Transformation

The rise of FinTech companies and solutions like PayPal, Square, Venmo and countless others over the past five years has led to a completely new and transformed financial services landscape. Changing customer expectations, cutthroat competition, increasing regulatory, privacy and security complexity, the pressure to streamline operations, and other factors are driving the push for reinvention and innovation. A new era of open banking has enabled systems to integrate with new platforms and applications quickly and seamlessly. Physical banks and paper systems are quickly being replaced by robust networked digital ecosystems.

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