What does the transformation of Finance Ops mean?
According to this group, Finance must be the first function to grasp the current state and future direction of the company. In order to prevent transactions handled by front-line operations from failing owing to a lack of connectivity with financial procedures like pricing, discounts, terms, approvals, etc., it thinks that Finance is now a “front-office” job. They are aware that they must reimagine the financial operating value chain in order to maintain this degree of agility and responsiveness to guarantee transaction velocity and a superior customer or partner experience. Finally, finance must push management to adopt a new, data-driven culture.
The digital transformation of Finance operations has three dimensions. First, Finance has to digitalize its own business processes to gain speed and efficiency.
Second, it has move from a back-office to a front office posture with real-time integration into all major transactional processes in Marketing, Sales, Service, Manufacturing, Supply Chain and Procurement.