Finance Alliance launched in 2022 with a mission to connect a global network of finance leaders to enable and empower each other to thrive in their existing roles and beyond. Once you’ve set goals, targets, and steps – the digital transformation process becomes as simple as following the plan. Any digital transformation will be a resource-intensive, hard, and relatively slow process – so why do companies undergo it at an increasing rate? Well, companies tend to invest in digital transformation for more than a few reasons.

Delays also result in cost escalations and losing momentum which may necessitate a bigger effort to counter the inertia of not doing anything. Going too fast often results in a change management nightmare, where changes happen too fast for an organization to successfully realize the value and get a great user experience. Learn how the finance function can leverage technology to deliver faster and more accurate enterprise-wide reporting, deeper business insights, and a superior strategic direction for the business.

Prasanth Nair – AVP – Technology (Analytics Practice)

ScienceSoft’s C++ developers created the desktop version of Viber and an award-winning imaging application for a global leader in image processing. ScienceSoft leverages code reusability Angular is notable for to create large-scale apps. ScienceSoft’s developers leverage JavaScript to build richly interactive web and mobile applications with accelerated loading time. Brought together the functions of 21 existing invoice-related tools in one solution, optimizing the number of scripts and the code quality. Delivers the server-side code of financial software , establishes the required integrations, and fixes the defects reported by QA engineers. Delivers the UI of financial software and fixes the defects reported by QA engineers.

With the increasing adoption of FinTech disrupting the sector and attracting the interest of regulators and prompting tighter regulatory standards. In this digital age, availability of data and unlocking its value has taken the centre stage. Digital tools can provide agility, flexibility, and responsiveness required to handle this new reality. Finance teams work with plethora of data coming across sources and is actually a function that transforms data into information which further stimulates the business. With process automation, organizations can now streamline the finance-accounting lifecycle by collecting, processing, automatically and directing information into workflows for approvals and making it available for future records. AI algorithms and machine learning can bring objective and predictive models to support CFOs to unleash considerable financial significance from all the activities.

Why choose Nitro as your Financial Digital Transformation Partner?

It’s the belief and/or realization that technology will play a central role in your firm’s future success. Such advantages of data visualization provide businesses a true competitive edge. Graphical representation of data through visual elements like graphs, charts and maps is termed data visualization. Tools for data visualization like Tableau and Power BI provide an accessible way to observe and understand data patterns, trends and outliers. The number and complexity of integrations between the financial software and the required systems.

• In short, your organization is likely being pulled toward digital transformation whether you planned to head there or not.
• As we all know, introducing new technology can cause a tremendous amount of pushback from employees and other stakeholders.
• Nick Jackson, finance transformation lead at Oracle, says his company’s digital overhaul began before the pandemic but has since gone into overdrive.
• We have watched other PDF and eSign vendors charge too much and designed fairer licensing structures and support.
• It provides advantages like scaling operations, cutting down expenses, saving time, smooth integration with the existing infrastructure, reduction of human errors, and more.

What you do with the data once you have it is just as important as collecting the data itself. Data analytics have been the go-to decision-making tool for a while now, and they’ve become simpler to operate and more powerful than ever. With advanced algorithms, AI, and a range of software solutions, a digital transformation will have an enormous impact on your data and business analysis alike. As a true strategic leader, this IIT-Kanpur & London Business School alumnus gets under the skin of every project, reaching beyond the obvious to garner accurate insights for customers. Under his belt, Saumil has close to 20 years of diversified global experience of incubating and scaling businesses from infancy to drive maximum value for customers. Digital transformation in financial services is necessary for businesses in today’s fast-paced and ever-evolving digital landscape.

Shortcutting the Technology Evaluation Process? Beware of the Risks!

For example, KAS Bank, wanting to solve the recurring problem of high operational costs, utilized RPA. It implemented five RPA bots and automated 20 financial business processes, including internal invoicing, treasure operations, calculating and booking, and obligation payments. The use cases of RPA in finance include Customer onboarding, Compliance, Loan processing, Customer service, Accounts payable, Credit card processing, Fraud detection, Know your customer, Account closure, and General ledger. It provides advantages like scaling operations, cutting down expenses, saving time, smooth integration with the existing infrastructure, reduction of human errors, and more. While overcoming these challenges in initial stages demands considerable time and effort, digital transformation opens the gateway to stabilise and secure an enterprise’s position in the market. Unlike fintechs and other new financial players, banks and traditional FIs are subject to high security risks due to voluminous personal data and transaction records, which make it harder to execute changes while meeting compliance requirements.

Undergoing such a fundamental change is going to be slow, resource-demanding, and laborious – which means that based on the prioritization of objectives, all companies are going to have a different approach to the entire process. A digital transformation in the finance industry is https://globalcloudteam.com/ the same as a digital transaction in any industry – it’s a process of digitizing as many elements of your business as possible. Integrating as many innovative digital solutions into your current business dealings is truly transformational and can take years to fully implement.

How finance digital transformation helps you excel within your role

His strong desire to create value & care for customers through ethical and transparent means is imprinted in the DNA of every business verticals he has spearheaded. Towards this, he has been felicitated with awards, like “Gujarat’s IT Torch Bearer by GESIA” and “ITPV Business Leader of the year”. Mr. Shah is actively mentoring some local industry digital financial transformation bodies like GESIA & NASSCOM and also serving as the Chairperson of NASSCOM’s Regional Council – West . EY Digital survey reveals that finance leaders are focussing on transforming their functions and have started their journeys towards Finance 4.0. Technology and digital transformation are at the core of this futuristic design of finance.

I expect us to continue to learn, improve and evolve as we emerge from the pandemic. For example, as we transition back to the office, we are launching focus groups to ensure we “retain the good” from our remote experiences. GettyDigital transformation coupled with a fierce war for talent are two macro trends reshaping finance. That makes speaking with Jennifer LaClair, CFO of Ally Financial, an industry leader in digitalization, especially relevant right now. I asked LaClair about how Ally has applied its digitally focused consumer practices to its internal operations in finance.

Typical Roles on ScienceSoft’s Finance Digitalization Teams

Another impediment is many finance leaders don’t have the necessary skills to use technology or don’t understand how technology can be deployed and the power of AI and machine learning. These efforts will work with a more concentrated plan for aggressively collecting customer data to keep data private and safe while also pledging to keep that data safe from breaches. This, along with standard industry expectations such as easy ordering, fast shipping, and increased product choices can help businesses find and retain customers for the long haul while increasing revenue. For example, banks and call centers have been utilizing increasingly sophisticated digital technology in recent years. This technology includes voice recognition, mobile check deposit, and the use of bots to help navigate customers to the correct location.