Workday Adaptive Planning’s CFO Indicator Survey 2020: Finance Digital Transformation defines digital transformation as “the implementation and use of digital technologies such as the cloud, machine learning and augmented analytics, for finance processes to improve efficacy, insight and agility.”
The Case for Finance Transformation
What are the benefits of financial transformation? According to the report, there is a “direct link between finance digital transformation and agile business practices, swift decision-making and more efficient reporting, planning and financial close.” In other words, finance transformation makes it easier and faster to make more informed strategic decisions. It automates manual processes while reducing human error. Interestingly, the survey found that:
- 54% of CFOs that have implemented many or some finance digital transformation initiatives consistently perform better in efficacy, confidence and agility
- 34% of CFOs plan to prioritize finance digital transformation within one year
- Lack of budget and proving ROI are rarely significant issues.
Challenges for Finance Transformation
The two significant challenges CFO face when embarking a finance transformation are a technology skills gap and internal resistance to change. The report states, “It is within the CFO’s power to directly address these challenges.” The question is how?
Here are four steps CFOs can take to reduce or eliminate the technology skills gap:
- Determine the technology skills they need for today and for the future
- Understand how those new technology work and the knowledge they require
- Work with HR to develop a plan to acquire these skills
- Plan for a balance between recruitment and reskilling
Download Workday Adaptive Planning’s CFO Indicator Survey 2020 to learn more on addressing the second challenge: internal resistance to change.
Wherever you – or your CFO – are in your organization’s finance transformation, the CFO Indicator Survey 2020 has a vast amount of helpful data to inform your process.