Ensuring the initiative has a lasting impact on business outcomes
Modern financial executives understand the value of digital transformation to put their finance teams and their organizations in a position for growth. A recent CFO Research survey confirms that senior finance executives are making investments in technology to reshape the finance function, with 60% of respondents reporting that they will devote at least 20% of their current finance budget to digital transformation initiatives.
The commitment to digital transformation is expected to get even stronger in the coming years. Among the CFO Research survey respondents, 59% plan to increase their total spending on digital transformation initiatives by at least 5% next year. Naturally, the goal of automating current processes is to get work done more efficiently and at lower cost. “If you simply automate existing processes, you are going to see some efficiency gains, but you’re not going to change business outcomes,” said Terrence McCrossan, Chief Executive Officer at Oversight, a leading provider of AI-powered spend management solutions. Progressive leaders take a more forward-looking view, examining how emerging technologies can improve decision-making and strategic planning. In the area of spend risk, for example, the goal should be less time and effort expended on identifying individual instances of waste, fraud and misuse, enabling organizations to dedicate more resources to broader risk coverage.
This eBook will outline some of the current challenges, benefits, and best practices for maximizing your investment in digital transformation to improve processes and minimize risk in the long term.
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