Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


By Nick Felton, Chief Sales Officer, MHR Analytics

The finance team is often accused of lagging behind the rest of the business when it comes to digital transformation. But, if the pandemic has taught finance anything, it’s the need to reconsider its approach to digitalisation so that it can respond more quickly when faced with a challenging business environment.

Identifying and quantifying the business case for any digital change is not always easy. This, alongside a reluctance by some finance professionals to adopt new ways of managing traditional, tried, and tested processes, is the reason why it is has been slow to embrace change. However, we recently researched the views of senior financial professionals on digital change, and the overriding opinion that came from our respondents is that they now recognise the need for transformation and that standing still is no longer an option.

The research showed that 85% of finance professionals is keen to drive forward with digital and data literacy to help successfully navigate business change with just over a quarter admitting they wouldn’t be able to respond quickly enough to a significant event. It also showed that processes such as budgeting, planning, forecasting, and accounts receivable were impacted the most during the pandemic for almost 70% of respondents – thereby shining a light on the need for agility and resilience when faced with a potential business crisis.

In addition, it highlighted the fact that finance wants to be in control of its own digital and data future, rather than being led by IT or external consultants – not just to boost response times to minimise business risk in a crisis, but to make the most of new opportunities too.

Finance also acknowledged that reluctance or delays to embracing digital change may have a negative impact on the wider team, with strategic insight and productivity levels hindered the most. The availability of real time and accurate data and the ability to analyse it effectively was identified as essential to inform future strategic business-decision making. Not being able to retain and attract new talent was also cited as an issue which will continue to cause problems for finance if it’s too slow to adapt and drive forward digital transformation initiatives.

Adopting a digital first approach and learning new data and tools skills all take time, but it’s crucial that finance continues to progress its adoption of digital technologies and ensures it’s leveraging the full functionality of the tools it already uses. This will help finance access better business insights and to support the case for wider transformative technology adoption in the future.

The research also revealed the technologies most widely adopted by finance to help them boost visibility on costs and business performance, including tools to support extended planning and analytics (xP&A) strategies and business intelligence/analytics software. Other growth areas include wider adoption of financial consolidation and close software as teams look to boost productivity. robotic process automation (RPA) also continues to grow in popularity with finance, and this technology trend looks set to continue.

With lots to gain from speeding up slow, laborious processes and the delivery of real-time business insights based on accurate data, finance has lots to gain from embracing their digital futures.

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts