Increasing pressure on the capital market, new customer requirements, stricter legal regulations and changes in corporate structures are just some of the factors forcing the finance sector to change. But the pressure to change also brings something positive: the transformation of the finance department has massive potential for increasing efficiency and effectiveness.
With the Finance Transformation, i.e. digitization of finance and accounting, a higher degree of automation is achieved, and forward-looking transparency is made possible. The aim is to develop a powerful operating model, improve core processes, lower costs, save time, increase data quality and, as a result, significantly improve the possibilities for controlling and financial reporting.
In the future, the finance department will have to ask itself which value contribution it can contribute as a business unit in a digital future and how it can sensibly exploit the new opportunities. Because one thing is certain: Finance must react in order to remain influential.
How does progress in the digital landscape affect the finance and accounting function?
The field of tasks in finance will be less and less characterized by repetitive and transnational activities in the future and will transfer to more analyses and intelligent evaluations of internal and external data sources (Business Intelligence and Advanced Analytics).
The corresponding technology creates complete transparency, robust digital security, and undeniable trust. Cognitive networks and AI solve complex problems faster and more accurately than any human being. Finance can process data from any source in unlimited quantities and reliably predict the most effective business results.
In addition to the demands on technology, business requirements change in ever shorter cycles. Both the organization and the skills of the employees must be adapted and assisted in their further development.
With our cross-functional experience in digital transformation and special expertise in finance and accounting, we work with you to develop a strategy for your finance transformation as a disruptive process. Since we have no obligations to technology providers, we select the most suitable solutions together with you as a neutral consultant, based on existing architectures, and accompany you during implementation. And not only with advice, but also with action.
We achieve this together with you - and even more:
- Development of an agile financial operating model and a roadmap including evaluation and prioritization of relevant changes
- Evaluation, definition, and creation of the conditions for the introduction of new technologies
- Drafting a vision for finance teams and adapting the operational and organizational structure in accordance with the objectives
We bring your financial organization into a best-in-class form that efficiently and effectively supports business and accelerates decision-making and profitability.