How technologies are creating financially transformed workplaces

New and transformative technologies were rapidly entering the workplace even before the pandemic, enabling businesses to innovate and thrive in an increasingly digital world. But, Covid-19 has made things faster w.r.t technology. What was supposed to take years, happened in only a few months or less! Digital transformation has been a key in responding to the disruption of work and business ecosystems, and most businesses ramped up their efforts to meet this sudden change.

It’s evident that in this new world, technology is not a choice, but a fundamental business strategy that must be interwoven into every part of an organisation. Transformation can enable better collaboration within and between organisations, more personalised ways of customer engagement, higher employee innovation and productivity, and more accurate insights from data, all of which help a business grow and give it a better chance of thriving post-pandemic. 

Digital transformation can be achieved with the help of technology, people and finance transformation. It is an efficient and automated process, that helps in better cost control in the right area for the right impact. Here are a few technologies that help upgrade and transform financial practices:

  • Blockchain: The technological solution helps in making transactions secure and data reliable through distributed ledgers. It is enabling digital, real-time contracts, faster operations, and reduced costs of maintaining a central database. Blockchain is transforming the finance and accounting process with better integration and governance. 
  • Real-time data visualisation: The technology uses cloud-based data and software to allow the sharing of data and trends in real-time between key decision-makers. This enables critical decisions and eliminates guesswork without having to worry about the relevance of the information.
  • Robotic process automation (RPA) in finance: This system will help mundane and repetitive tasks with present variables to be executed by software robots instead of depending on people. Activities such as data entry can be converted to RPA, which allows the team members to utilise their talent in more dynamic avenues that require human intelligence and flexibility.
  • AI-supported analytics for business and finance decisions: Strategies can only be effective if crucial and logical data can support them. Managing analytics based on data mining can be a tedious process with lots of room for error if artificial intelligence (AI) technologies do not aid it. AI can help in identifying gaps, measuring expenses, and making forecasts based on numbers to further optimise entire business processes.

Organizations increasingly need digital information and technology not only to run the day-to-day operations but also to grow and differentiate the business. This has also led to a transformation in the role of senior leadership, who now need to work closely with the finance leaders to develop digital-enabled business capabilities that generate revenue, improve profit margin or advance the mission, create employee experience and constituent satisfaction. 

Leaders need to challenge and pursue strategies to accelerate functional digitalisation:

Choosing the right partner for cloud acceleration

Finance leaders like the other department heads have successfully shifted key activities to the cloud but need to scale up the processes further to support business imperatives. Cloud service providers’ expertise in handling large volumes of data means they can ensure better data security than on-premises or private cloud solutions. The challenge for senior leaders is to find the right vendors, at the right time, at the right price, and deploy solutions in places that will improve the speed, trust, and predictive nature of insights. As per EY’s 2022 cloud study conducted in collaboration with NASSCOM, 80% of enterprises expect to increase their cloud spends over the next two years and 53% of enterprises have increased their cloud adoption over the last one year.

Deploy data and analytics insights securely and at scale

Finance is often challenged to generate insights that business leaders can use to make decisions without the help of professional data scientists. To unlock data and insights for the business at scale, these data scientists can provide a radically simplified data and analytics experience to finance teams. 

A specialized team can help augment data with artificial intelligence and facilitate data generation and preparation, without building models or writing algorithms.

Invest in value-driving finance technology

Many organizations continue to run unwieldy finance processes using outdated technology. Senior leadership must focus on finance AI as it is the critical next step to enable automation of process orchestration. By using additional technologies to automate complex finance processes, senior leaders can focus on identifying new value-adding services, such as automatically forecasting long-term real estate value or predicting pricing based on consumer behaviour.

Financial transformation can help in uplifting the employee experience in a unified process that is controlled, and scalable. The solutions will help to create positive change at the workplace and act as a core enabler of employee engagement and organisational performance leading to better business outcomes.



Views expressed above are the author’s own.


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