Digital Finance: 5 Key and Actionable Ways to Unlock New Value

To explore our first phase of transformation, we’ll look at the journey of a leading multinational clothing retailer. They originally began their finance transformation journey in order to enable more robust financial reporting with an initial goal of simply digitalizing their current manual, paper-based processes. Big vendors like Oracle and SAP need to be nimble to avoid becoming roadkill on the highway of change. ERP vendors have already adopted digital technologies like automation, blockchain, and cognitive tools into their products—but that won’t stop competitors from competing. As new players enter the ERP space with specialized applications and microservices that sit on top of—and integrate with—ERP platforms, anticipate a change in the landscape.

With Next.js, ScienceSoft creates SEO-friendly apps and achieves the fastest performance for apps with decoupled architecture. ScienceSoft uses Meteor for rapid full-stack development of web, mobile and desktop apps. ScienceSoft’s developers leverage JavaScript to build richly interactive web and mobile applications with accelerated loading time. Our .NET developers can build sustainable and high-performing apps up to 2x faster due to outstanding .NET proficiency and high productivity. Brought together the functions of 21 existing invoice-related tools in one solution, optimizing the number of scripts and the code quality. Turn to ScienceSoft to quickly fill your team’s skill gaps with experienced IT talents.

Workforce skill change – focus on the future skills needed

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• Many also have integrated chat functions that allow fintech organizations to stay in touch with their clients constantly.
• Eighty percent of finance leaders agree finance must significantly accelerate its implementation of digital finance technology to effectively support the business by 2025.
• Such apps help them label and structure all the information, which is laborious when done manually.
• Using apps for fraud prevention measures is another analytics solution encouraging organizations to invest in digital transformation.
• Successful digital transformation requires a structured and integrated approach — and people are central.
• 78% respondents wish to prioritize the enhancement of existing capabilities of their ERPs, Data Analytics using visualization tools and Robotic Process Automation as deployment of emerging technologies.

Even though some companies from the financial services industry avoid expensive innovations, fintech apps are very likely to pay off in the short term. For example, companies with higher digital maturity reported 45% revenue growth compared to 15% for lower maturity companies. By improving business efficiency and quality of services, Fintech solutions can take the organization to a new level with IT transformation. Financial institutions are increasingly adopting Artificial Intelligence and Machine Learning technologies to improve customer experiences, automate processes, and reduce risks. The applications include fraud prevention systems, trading algorithms in wealth management , risk assessment, prediction and management, chatbots, compliance with rules and regulations, advisory, process automation, and more.

What does digital transformation in finance really mean?

Accelerate your procurement transformation from source to pay, using greater access to powerful data, insights and emerging technologies to empower your teams. Personally effective CFOs are customer-oriented, build constructive tension with the CEO and the board, are more involved with the business and allocate time — like capital — with rigor. A digital transformation requires organizational focus, a skilled and talented workforce, and a long-term commitment for execution.

More efficient reporting, planning, and financial close.Of those organizations that have at least started their finance digital transformation journey, or digital accelerators, 79% say their teams are proficient in several key finance roles. This is twice the percentage of digital novices (at 38%) that claim proficiency in these tasks. For many businesses, this has meant a reworking of the tools and processes that drive finance today. The result is a holistic view of the business, with actuals automatically imported from core enterprise systems and individual functional plans that feed into the overall corporate plan. Finance transformation strategy helps organizations identify the weaknesses in their finance organization, prioritize the changes that need to be made, and define an operating model to support the business and better manage key finance activities.

The main financial services sectors for digital transformation

By using a lightweight Vue framework, ScienceSoft creates high-performant apps with real-time rendering. Lower invoicing software maintenance costs, significant increase in debtor management capacity. Digitalize digital financial transformation finance end-to-end and provide knowledge transfer to the client’s in-house IT team. Turn to ScienceSoft for a fully managed team of professionals to ensure smooth digitalization of your finance.

Prasanth Nair is known for driving business transformation initiatives by leveraging analytics & data science to help solve real-world business problems. With 16+ years of experience, Prasanth assists global businesses https://globalcloudteam.com/ to reinvent their approach through digital and cutting-edge technologies. A serial entrepreneur and visionary, Mr. Shah has four decades of impeccable experience in setting the strategic direction for Rishabh.

Is it time to redesign your current operational model?

We’ve also delivered MongoDB-based operations management software for a pharma manufacturer. ScienceSoft has helped one of the top market research companies migrate its big data solution for advertising channel analysis to Apache Hive. Together with other improvements, this led tо 100x faster data processing.

We’ve also delivered Oracle-based SCM platform for Auchan, a retail chain with 1,700 stores. Our Microsoft SQL Server-based projects include a BI solution for 200 healthcare centers, the world’s largest PLM software, and an automated underwriting system for the global commercial insurance carrier. With Ionic, ScienceSoft creates a single app codebase for web and mobile platforms and thus expands the audience of created apps to billions of users at the best cost.

DevOps in Financial Services: All You Need to Know

These technologies drive new problem-solving techniques which improve productivity and open up new ideas. Don’t pay attention to historical spend, industry benchmarks and traditional frameworks. Instead, focus on your unique corporate strategy and the right level of finance resources to help the business succeed. Keep finance transformation projects on schedule, on budget and sustainable.