Finance Transformation Needs Innovation

Finance Transformation

Years ago, innovation was viewed by most organizations as exclusive to R&D, and finance and accounting gurus could just focus on the numbers. In a world of constant innovation, however, this attitude no longer holds. To remain competitive, finance organizations need to partner with technical and operational partners to constantly bring innovative solutions to the table and evolve beyond repetitive or repeatable tasks. Problem solving should be iterative, and a fail-early-and-fast mentality needs to be prevalent.

There is some value in thinking like a child, seeing things with fresh eyes, and asking why, what, and how. Why do we manually process so many invoices? Why do we spend hours every month collating data for management reports that may be inaccurate, with information that’s already yesterday’s news? How can we automate our manual invoice processes? Should we leverage robotics? How can we be innovative and bring new ideas that drive value to the business? What are the benefits and costs? What are the risks?

Done well, finance transformation can make your business more efficient, effective, and profitable. Don’t jump right in. Be sure to take the time to plan and think through the best way to get where you want to go.

Should you think you need help on your finance transformation journey, please don’t hesitate to reach out to us at Midridge.

 

Related article “how small business owners can improve their financial literacy”

 

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