BACKGROUND IMAGE: Ayvengo/stock.adobe.com

Digital finance technologies at epicenter of CFO transformations

Last updated:July 2019

Editor's note

Digital transformation might possibly be the decade's most overhyped yet least understood buzzword. It's nonetheless a compelling rallying cry for an organization's ambitious strategies to use IT to fundamentally change how the company conducts business.

The office of the CFO is undergoing its own digital transformation as companies seek ways to take advantage of digital finance technologies to automate this core function. Finance departments have already gained efficiencies from financial close and corporate performance management software and now have their eye on emerging technologies such as AI-driven chatbots and advanced analytics.

This guide covers the key technologies and ways they help the finance department add value as a strategic business partner.

1Understanding digital finance technologies

While digital transformation of finance remains more concept than reality for most businesses, advocates say the ultimate goal is to use financial processes to transform the entire organization. Automating internal processes such as budgeting and financial reporting is a big step forward, but the real transformation emanates from using advanced data analytics to spot business opportunities, avoid risks and make better decisions.

2How AI automates finance processes and analytics

AI is at or near the center of any serious effort toward digital finance transformation. It plays a dual role -- boosting automation of repetitive business processes and supercharging financial analytics and forecasting. But deployments are fledgling, and the technology introduces serious new risks to the finance department.

3Implementation advice, case studies and lessons learned

Almost every digital finance transformation begins with moving key parts of accounting and finance to the cloud, especially SaaS -- the home of most advanced digital finance technologies like AI, predictive analytics, chatbots, big data and blockchain. Companies that have begun the transition provide useful lessons for peers.

4The language of digital transformation

As the CFO's office undergoes a digital transformation makeover, the financial software industry's terminology and its relevance to transformation is undergoing a makeover of its own.

-ADS BY GOOGLE

SearchOracle

SearchDataManagement

SearchSAP

SearchBusinessAnalytics

SearchSQLServer

SearchContentManagement

SearchHRSoftware

Close