Are you a leader of change and innovation, or a number cruncher?

While many finance leaders have made great strides in innovating and improving their departments, they may still struggle to realize the real potential that a true digital transformation can offer. By harnessing digital technologies to enhance data-processing capabilities, the finance team could become its organization’s strategic center for analytics and advice.

According to Forbes, “Companies leading with digital transformation are seeing nearly twice the revenue growth of those not so digitally inclined. But it depends on what part of the company is involved.” A survey by Valoir states, “Those at the high end of profit-margin growth often take advantage of technology to launch completely new business models with dramatically different cost structures than they had previously operated.” For financial departments, success is tied to the ability to significantly automate manual internal processes to reduce costs, move to cloud technologies, and implement new service models, even self-service for certain areas, like payroll.

Captia states, “Only 18% of financial management systems are hosted in the cloud. Without cloud infrastructure, many organizations will continue to struggle to adopt a more efficient and agile operating model for the finance function.” Digital transformation for finance teams is important, but it’s also important for the entire company as it will help drive revenue across departments. Valoir reports, “Companies scoring 8 or higher on a 1-10 scale showed roughly twice the revenue growth compared to companies scoring 3 or less. Digital transformation drives both revenue and margin improvements by improving efficiency.”