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.
These are the core transformation themes in which Ocey partners with clients in the Finance function.
Focus on digitalization and integration of finance operations
The majority of efficiently run financial organizations already use financial systems like Oracle, SAP, Infor, etc. Processes that are highly specialized and exist outside of these systems, on the other hand, must be digitalized and integrated with front-line operations.
Pay attention to financial analytics
Finance businesses must rapidly transition to a predictive organization and make financial reporting a routine task. This is only possible if you have complete control over your financial data, have integrated it, and have built what-if analytics and visualization capabilities across financial KPIs.
Encourage a Data-Driven, Predictive Culture
According to our analysis, roughly 40% of firms won't make it through this decade because their products won't be relevant to customers. In order to support CEOs in taking quick action, finance must become the hub of enterprise analytics, concentrating in particular on customers, product/service, geographies, and performance performance.
