Unveiling the Secrets of Successful Digital Transformation in Finance

In our rapidly digitizing world, the financial sector’s survival is becoming increasingly dependent on automation and digital transformation. While many organizations understand the necessity of this shift, the path to successful digital transformation in finance is often fraught with obstacles. 

A recent survey conducted by Tradeshift and sharedserviceslink reveals that over the past five years, two-thirds of businesses have embarked on finance transformation projects, with a further 29% at the preliminary stages of automation or digital transformation. Despite these developments, desired outcomes often remain elusive, making it vital to identify common hurdles and successful project traits to streamline the transformation journey.

Survey results show a varied landscape of satisfaction levels, with 32% of finance leaders unhappy with the outcomes of their digital transformation projects. In contrast, 51% considered their initiatives predominantly successful. Interestingly, those deemed successful were not only focused on cost reduction but also worked towards value-adding activities, with 49% citing cost savings and scalability as primary objectives. Most noteworthy is that 60% of top-performing projects acknowledged the pivotal role leadership support plays in securing broad buy-in for transformation efforts.

The crux of successful digital transformation in finance lies in syncing strategy, people, and culture. Common stumbling blocks such as fragmented processes, resistance to change, isolated functions, and data quality issues are prevalent. Overcoming these obstacles requires cross-functional collaboration, robust leadership, and diligent data management. Adopting a digital-first approach and utilizing tech solutions like e-invoicing can further amplify the success of your transformation projects.

For a more in-depth understanding of the tactical approach to high-performing finance transformations, we invite you to download our comprehensive ebook, How Top-Performers Tackle Digital Transformation in Finance. This ebook examines the survey findings with a fine-tooth comb, providing valuable industry insights to provide additional context.