Eighty percent of finance leaders agree finance must significantly accelerate its implementation of digital finance technology to effectively support the business by 2025. If they don’t succeed, they anticipate a range of adverse effects, including the losses of their standing with decision makers, finance’s business foresight and finance’s operational efficiency.
However, accelerating digital technology implementation within finance is easier said than done. In fact, only 37% of finance leaders agree their functions have a clearly defined, two-to-three-year digital technology investment strategy functionwide.
It’s imperative that finance executives deploy, pilot and explore cutting-edge technologies, such as digital twins, Internet of Things (IoT) and blockchain. These technologies are more frequently associated with revenue generation than the technologies we categorize under advanced data and analytics.
Keep in mind, the number and type of technologies being used to drive efficiency, agility and productivity are expanding. Finance leaders are starting to understand that there are other types of decision, process and task automation tools that enable hyperautomation alongside robotic process automation (RPA), machine learning (ML), workflow automation and intelligent document processing (IDP).
Advanced data and analytics (including AI) is the category where most technologies are delivering high value and where finance executives expect to increase investments. These technologies include self-service data analytics, automated ML and ML, cloud analytics, big data analytics and predictive analytics.
Inform finance’s digital technology strategy, investment and execution decisions, and consider three main components:
Finance technology strategy: Champion and develop a technology roadmap that enables finance to measure progress and gain visibility into the total cost of ownership (TCO) of technology investments over time.
Finance technology selection: Understand the solutions in the market, as well as what capabilities vendors are offering and how the market is expected to evolve, to ensure you select the right partner to accelerate your finance ambitions.
Finance technology optimization: Maximize and extract value from existing technology investments while exploring tools beyond RPA to enable productivity and scale automation.