- Feb 25, 2019,
Digital Transformation is a term we’re all familiar with. It’s been around for years, and everyone is doing it. From an IT perspective, and at a high level, it’s all about becoming fully digital so that technology and automation can be used to help a company become more agile and customer-focused in order to reduce costs and accelerate growth. But beyond that, the specifics of what companies are actually doing to digitally transform is probably different for each one.
The Finance organization certainly plays a key part in many Digital Transformation initiatives due to their strategic importance to the business. Finance also has plenty of opportunities to remove operational inefficiencies that impede agility; from the removal of manual/paper-based processes, to the integration of systems to create more streamlined information flows, to the optimization of key processes.
So how are Finance and IT approaching Digital Transformation? When it comes to the perceived timeframes and deliverables for such initiatives, are they aligned? How do they balance the need for quick-wins versus longer-term strategy? And what are the challenges and opportunities in one very practical area of Digital Transformation: Financial Approvals?
To answer these questions, we commissioned Dimensional Research to conduct some primary market research. The research report is based on an online survey of over 400 IT and Finance decision-makers from enterprises with 2,500 employees or more. All respondents have responsibility for processes requiring approvals and/or applications used to manage approvals and they have active Digital Transformation initiatives for their Finance organizations.
Some of the findings reveal that Finance wants Digital Transformation to have immediate benefit:
- 68% of Finance teams think of Digital Transformation initiatives as taking a year or less, compared to only 26% of IT stakeholders
- 70% of Finance teams believe simple projects that can be done quickly would have more impact than big, transformative projects
And in terms of the key goals of Finance’s Digital Transformation, both Finance (80%) and IT (72%) agree that it should be about bringing efficiencies and optimizations to existing processes instead of reinventing them.
In the next blog, I’ll detail some of the key findings regarding Financial Approvals.
To get your complimentary report, click here.