Digital Finance: simpler, smarter and safer
How will the financial function change once the monthly closing process starts taking place virtually? How do we deal with a forecast that is constantly being updated? What happens if Excel become superfluous?
The world is changing faster than ever. Going digital entails numerous challenges for organizations when it comes to unlocking data, information requirements and financial decision making. It also offers opportunities in terms of efficiency, risk management and value creation, however. How do you contend with the challenges and cash in on the opportunities offered by digitization? What role does Finance hold in this new world? How do you organize this and using what competencies, is the question on the minds of CFOs these days.
The fact that the CFO will continue to be the organization’s financial conscience in the new digital world is certain. This role will change however. Digital Finance shows that we are growing towards a financial function that is ‘simpler, smarter and safer.’
Finance Operations vs. Insights
The focus on working digitally and online entails changes for the financial function. Organizations face a great many operational challenges. Legacy systems, new technologies that are not yet fully implemented and enormous quantities of unstructured data. Going digital enables operations to be set up smarter, but the transitional phase en route to being fully digital does put pressure on the organization. In addition to the operational component, the rise of digitization means that more and more is possible in the area of insights. Creating connections between the different data sources and obtaining new insights from this is becoming increasingly important. This shifts the attention to predictions and scenarios focused on value creation.
How do you deal with an internal organization that is anything but orderly? And how do you respond to the high expectations for value creation? The pressure on the CFO is growing. Capgemini helps organizations formulate answers to these kinds of questions and in doing so contributes to the digital transformation of the financial function.
How to make the transformation to digital?
Social Media, Mobile, Analytics & Cloud (SMAC) are the building blocks of the digital revolution. All digital transformations take place via these topics. What can CFOs contribute in this respect and how can CFOs even give the digital transformation a boost? One of the possibilities for this is Capgemini’s Digital Finance Maturity Assessment. In this assessment, an organization’s financial function is looked at with reference to nine separate Finance building blocks. Inspiring practical examples are used to decide an organization’s current and desired digital level for each building block. With the aid of interviews, an online survey, and various workshops, it is jointly decided how this ambition can be realized. In addition to an inspired and motivated Finance team, this process produces a ‘Digital Roadmap’ with concrete initiatives that contribute to a financial function that is ‘simpler, smarter and safer.’