Digitization of the financial area is essential for sustainable business growth
The finance department handles key information about the company's situation and is also the link between different areas of the business. In this sense, financiers are increasingly involved in business decision making and, consequently, the digitization of the financial area is fundamental in the digital transformation of the business.
We must understand digital transformation as a process that goes far beyond the adoption of a technology. Digitalization implies a paradigm shift both at the technological level and in terms of attitude and business culture. Employees must adopt new habits and become involved in the use of technology to take advantage of the business opportunities it offers.
The main axes of the digitization of the financial sector are as follows:
- Data analysis and agile reporting capabilities.
- The ability to create and redirect appropriate strategies based on reliable predictions.
- Automation of business processes.
Digitization of financial processes
The digital transformation of the financial area strengthens the department's processes and achieves greater control and perspective on the business situation:
- Achieve greater strategic positioning to make better decisions. The information with which the financial department works is essential to know the state of the business. Taking advantage of this information and being able to transform it into actions that drive the company's growth is one of the objectives of digitization.
- The information is stored in a common database that is updated in real time. Therefore, it is possible to consult data at any time and obtain the real situation of the business. It is no longer necessary to cross-reference different data, digital solutions save the whole process and offer real-time information at the click of a button.
- In addition, the common database makes this information centralized and connected to other areas of the business. This quickly provides a totally new perspective and enables agile decision making and reaction to different events.
- Digital tools allow us to create dashboards that cross-reference data and present it in a very visual way. In this way we obtain a global vision of the business quickly and in real time. More information here.
- On the other hand, the set of apps and tools for the financial department help to save time in the processes and to obtain more accurate results.
