What is driving Digital Transformation?
Digital transformation is not just a matter of updating and upgrading information technology systems, but rather making the best use of technology to establish how, when and where your organisation does business.
The COVID-19 pandemic forced businesses around the world to transform overnight. Businesses have had to become more agile, as often unexpectedly, and due to government guidelines, resources have had to work from home during lockdowns. Businesses who failed to innovate quickly and did not transform, have not survived the pandemic. Disruption and volatility are the hallmarks of today’s global business
and economic landscape, and no organisation is immune. To survive and thrive in this “new normal”, organisations must think and act differently in all areas of the business. And that includes finance.
Finance must become much more agile to help the enterprise respond to new demands on the organisation — quickly, efficiently, and with deep, relevant, and timely insights. Answering that call will require fresh thinking, new approaches and more powerful technologies — in other words, a complete transformation of the finance function as we know it today.
Challenges of sustainability are driving tremendous opportunities in digital transformation.
Accountants and finance teams have embraced digital transformation, both strategically and conceptually, addressing the unique needs of their firms or organisation’s. It is the perfect time to re-think how we conduct all aspects of business. Whatever solutions you may implement, they will most likely require digital transformation.
Why Digital Transformation Matters?
Businesses, clients, and resources have already adapted to new technologies and approaches due to COVID. The world is more open to innovation as businesses, firms and clients are on a drive to generate creative business solutions. Virtual environments are not limited to larger companies, small businesses can also benefit from them.
COVID has created a demand for more up-to-date, real-time data, due to the uncertainty associated around COVID and the faster pace in which organisation’s have had to operate.
Cyber risk is reduced if the digital infrastructure is robust ensuring data privacy and new technologies reduce cyber risk and enable stringent data privacy controls.
Waheeda Shah is Financial Controller with QBE and a Member in
Practice with CIMA. She has over 20 years’ experience in Finance across
diverse sectors and has predominantly worked in the city of London.