CFO’s Role in Digital Transformation
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How can CFOs kick-start digital transformation?
All over the world, companies are at various stages of their digital transformation journeys. Within a company, the CFO is usually the driver as they are in charge of many of the processes that are digitised.
Recent research from global consultancy McKinsey & Company shows that 40 per cent of finance activities can be fully automated, with another 17 per cent mostly automated, as per the chart below.
While stats like these are impressive, they can also be intimidating for companies as the most common question we hear from clients looking to start their digital transformation is “Where do we start?”
Furthermore, many CFOs tell us that they want to spend more time on digital initiatives.
But the fact is, CFOs still spend more time on traditional finance activities than researching the latest digital trends, which is fair enough as they still have their jobs to do.
The risk is that by failing to start on that journey, the CFOs – and their companies – will get left behind.
As a company that facilitates the digital transformations of companies across Asia Pacific, Docuworx believes that the best way to start that journey is for CFOs to work with the leadership team to identify the tasks and processes that can be streamlined via digitisation.
Yet that meeting can be hard to organise for CFOs of small to medium businesses that are focused on the day-to-day running of things.
To help overcome this, we visit companies, documenting their processes and workflows to can help CFOs see the areas that can be digitised first.
The chart above is a reminder of the vast potential of digitisation and once CFOs realise what it can do to improve the bottom line, the case for digital transformation becomes a no-brainer.
At Docuworx, we know every company is different, so we tailor the best solutions for each of our clients.
For the proactive CFOs out there that want to kick-start the process, consider the following five tips:
- Assess your current business and establish the new processes that could be implemented. These could be big or small, depending on your requirements and ambitions.
- Identify the key solutions you will need to commence your digital transformation and choose a vendor.
- Engage with your employees to describe the new processes and discuss how they will impact operations.
- Create a roadmap including finalization of vendors, the phased introduction of the solutions and employee training.
- Determine how you will measure the success of your initiative – what are the key performance indicators?
Looking to embark on your digital transformation?
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