By Tom Jones, Aston Carter Director of Business Development and Joe DiBernardo, Aston Carter Director of Market Operations, Accounting and Finance
In this series, we’ll be covering all things finance transformation and offering valuable insights from various Aston Carter subject matter experts to help your organization execute and navigate these initiatives.
What is Finance Transformation and What’s Fueling it?
Automated processes mean cost savings, but what do they mean for the future of finance teams?
With the rise of digital acceleration initiatives, many organizations are adopting new financial systems and processes that leverage automation, artificial intelligence (AI) and analytics — a trend that is part of a broader initiative, known as finance transformation, which can be described as the integration of people, processes and technology to better streamline operational workflow, leverage data to make informed business decisions and optimize accounting and finance team performance.
These new systems are causing both excitement and concern in terms of what it means for corporate America. Because technology can extend human capabilities, finance transformations affect not only how work gets done, but also how the workforce looks.
While certain technologies are still in their early stages, it is in a company’s best interest to be prepared for changes if they don’t want to get left behind. At times, embarking on this sort of uncharted transformation can feel like flying a plane as it’s being built, so to speak. Although change can seem disruptive at first, this transformation can be used in both employers’ and employees’ favor, creating new opportunities and ultimately streamlining workflow.
Success is only possible, however, if organizations take the time to understand their unique business needs and assess which finance processes do or don’t need human intervention. From there, they can determine how to best leverage these new technologies as they navigate the inevitable and necessary finance transformation.
A Shift to Cloud-Based Systems
The push toward tech implementation came as large software companies began phasing out non cloud-based systems, forcing organizations to prioritize an overarching digital transformation. Cloud-based finance systems are becoming more popular, as they offer greater scalability, flexibility and cost-effectiveness than on-premise systems. These trends are expected to continue as more organizations seek to move their finance functions to the cloud.
Ultimately, companies are motivated to use these new systems and AI because of their ability to drive more informed business decisions. For example, certain technologies enable teams to detect fraudulent activity, forecast and manage risk, contributing to an organization’s efforts to protect the business and remain ahead of the competition. Aside from these benefits, labor-intensive processes could be scaled back with the help of technology, potentially easing high burnout rates seen among finance and accounting professionals — potentially helping to reduce turnover rates and boost retention efforts.
Investing in Technology to Fill in the Gaps
Successful finance transformation requires a solid foundation. In order for technologies to serve their purpose, it’s essential to understand the current state of your system, where potential gaps might be and then clearly define the problem you’re trying to solve. As many organizations look to finance transformation, they are experiencing cost fatigue — they want to optimize their systems but are overwhelmed by both the idea and the investment it will take to get things running.
An article released by Vantage Point notes, “True finance transformation comes from a combination of process, system and cultural change. It doesn’t make good financial sense to spend thousands on a technology overhaul if your finance team cannot then use that technology. Likewise, a change in your business doesn’t count as finance transformation if your team still feels overworked, stressed and pressured at month end.” While it’s important for organizations to invest in the right systems, efforts shouldn’t stop there. A shift in perspective and being open-minded to integrating technology are also essential to ensuring a successful transformation. Beyond this, there is also a need for in-depth training to ensure finance teams understand the systems and can unlock the true value in them.
Helping to streamline workflows serves to take a bit of the pressure off employees while also working towards overarching business objectives, and it starts with setting a strong foundation built on expertise.
A Cost-Conscious Approach to Finance Transformation
Aston Carter offers a cost-effective alternative to the large consulting firms to strategically guide you through your finance transformation initiatives. We leverage the right balance of people, processes and technology to ensure you are unlocking the trapped value within your organization — keeping your projects on time and on budget.
Partnering with a workforce solutions company with proven project management methodologies can help optimize your teams. Aston Carter is well-versed in not only finding you qualified talent to fulfill critical project needs, but also ensuring those teams are set up for success by offering project oversight capabilities, additional project resources and the ability to forecast future workforce needs — elements which are essential but often missing from other finance transformation offerings.
In the midst of an accounting and finance talent shortage, having access to a large network of qualified talent can be the differentiator between you and the competition. With access to the largest pool of qualified accounting, finance and consulting talent, Aston Carter can help your organization keep pace with your finance transformation initiatives.
Contact us to learn more about how Aston Carter can help you successfully navigate your finance transformation initiatives.
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