The CFO’s guide to
digital transformation

Transform your departments into profit centres by optimising business processes


The digital transformation journey: a guide to success

80%* of finance workers can’t keep up with digitisation goals, find out how to plan realistic transformation

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A guide to digital transformation for finance

The finance department is traditionally reliant on manual processes. In fact, a recent survey of financial professionals revealed that 80 percent admit that they struggle to keep up with the business’ digital goals, and 66 percent* say they are more paper reliant than any other business function.

Coupled with an ongoing battle for budget, the finance department’s reputation as a cost centre leaves many chief financial officers with the burden of achieving efficiencies, boosting business performance and balancing risk with shrinking balance sheets.

Digital technologies represent the most effective means for modern finance chiefs to tackle these challenges head on. What is the future of finance in digital transformation? And drawing on digital tools, how can CFOs transform the finance function in to a profit centre that drives business performance?

The finance transformation framework

There are a host of technologies available to those charged with transforming the way finance operates today. Equipped with a digital roadmap for deploying these solutions, finance departments can start their digital evolution. The key is to develop a comprehensive strategy that ensures these tools deliver the most impact for the businesses in the short-term while helping it progress on its long-term transformation journey.

Process automation

Forward-looking CFOs will examine automated and digital technologies that introduce savings and streamline processes holistically throughout their business to give them room and opportunity to grow. The introduction and digital solutions for example can immediately reduce the time, money and admin wasted on unproductive and outdated workflows that limit growth potential and hamper profitability.

Where next for the CFO?

Whatever the mix of technologies, businesses should not expect everything to change overnight. The future digital transformation for finance will be incremental and might not include the entire department at first. Some back-office work might still be best handled in a traditional budgeting fashion in the short-term while more pressing digital solutions are implemented and integrated with the wider organisation.

Business transformation

What’s clear though is that CFOs are positioned to play key roles in the digital transformation of their businesses. The automation and digitisation of processes steeped in legacy processes such as budgeting, resource, supplier payment and invoice processing can all set a tone of digital leadership and progression.

By adopting this approach, finance will also achieve the indirect benefits of creating ongoing value to the organisation. Introducing streamlined and effective internal finance processes, supported by a clear finance transformation framework, can go a long way to supporting business growth.

The benefits are there for all CFOs to see. Reduced costs, improved efficiency, tighter regulatory compliance and more effective communication with suppliers and creditors can all be achieved if digital finance is embraced. Benefits that not only improve the operational performance of the finance function, but that actually contribute to the businesses ongoing and long-term growth plans.

Read Canon’s guide to find out how to make your digital transformation a success

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