Yes, digital transformation is a buzzword that you may be tired of hearing, but it’s also a necessity for businesses today. In general terms, the “transformation” involves integrating digital technology into every area of your business, resulting in fundamental changes in how you operate and deliver value to your customers and clients.
The specifics of digital transformation—including how it is implemented, how quickly it is accomplished, and which technologies are involved—vary from one company to another. But for financial teams, the benefits of digital transformation are evident, and they’re worth exploring to identify which technologies and tools can help you be more efficient and productive.
Changing your processes and the technologies you use is hard and risky, so why bother? One answer is that failing to evolve is risky too—you risk falling behind the competition in the speed and accuracy of your work, the ease of customer and client engagement, and the level of analysis you can perform. More broadly, financial teams risk spending too much time on mundane tasks instead of becoming strategic leaders in the business.
Broadly speaking, the advantages of digital transformation include:
- Lower costs: By reducing capital and operating expenses, better technology often leads to lower ongoing costs.
- Greater efficiency: Get more done in less time by automating and streamlining processes.
- More productivity: Advanced technologies can help your team get more done in less time, and focus more hours of the day on strategic, business-critical tasks.
- Better customer service: Digital tools can help you serve customers and clients faster and in ways that are more convenient for them.
- Faster analyses: With real-time data and advanced data analysis tools, the business gains deeper visibility and can identify trends sooner to grow the business.
Which technologies do you need?
The technologies and tools that you’ll need to transform depend on the specifics of your business. One of the first and most common steps is to move to a more advanced ERP system like Sage Intacct, the industry-leading cloud financial solution. The best cloud-based ERP platforms provide real-time visibility, automate common processes, and offer easy integration with a host of other applications that can further enhance your business.
Get strategic support
The Sage Intacct experts at Michaud Accounting Solutions can help you through the digital transformation process, from evaluating your options to selecting and implementing the right solutions to grow your business.