Digital transformation has been underway for years now, and continues to impact the finance department as rote tasks and manual work are partially or fully automated. Finance and accounting departments experience significant changes through automation, digital tools, and real-time data access. Digital transformation streamlines financial processes, improves data accuracy, enables real-time reporting and analysis, and supports financial planning, budgeting, and compliance efforts.
In a study conducted by Censuswide and BlackLine, 31% of respondents believed that improved efficiency in financial management was the most underrated part of their business. Automating large scale financial management processes within a company is a large initiative which can require significant resourcing, time, buy-in from multiple stakeholders, and involves complexity. Many of the financial management automation wins are coming from automating tasks within the finance department. Addressing this low hanging fruit helps companies maximize the efficiency they gain from automation as they hedge their bets with both large scale initiatives and smaller ones with more immediate returns. How is your organization addressing the increased need for financial management efficiency?