The need for finance to deploy more efficient, dynamic ways of working predates the global pandemic, yet the events of 2020 are proving to be a significant catalyst for technology transformation. For finance, that means embracing digital technologies, such as machine learning, that can be applied to core processes.
CFOs have long been looking to reduce the time spent on processes such as close, consolidations, reporting, and payroll, and the COVID-19 pandemic and changes to where and how businesses operate have made this shift an imperative.
Thomas Willman, principal, finance advisory global practice leader at The Hackett Group, shares, “Finance has had to transform in so many ways in 2020. What hasn’t changed is that all of this work still has to be done; what has changed is that it has to be done away from the office. Finance professionals are exploring ways to increase automation and apply machine learning to identify patterns and make recommendations that previously would have required manual intervention.”
What Intelligent Automation Means for Finance Day-to-Day
In the right hands, digital technologies and greater automation can be a fantastic combination for CFOs to transform the finance function. However, success will depend on identifying and prioritizing tasks that
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