The digital transformation used to be a long-term development goal for companies, but in 2020 the COVID-19 changed everything and no industry was immune to the effects that the pandemic had. Consumer goods industry had to immediately pivot to digital commerce, there was a big shift to a remote workspace, global supply chains were disrupted, sales started to plummet and costs started increasing. Even before the pandemic many organizations already had certain IT challenges, but COVID-19 forced everyone to a new digital reality that highlighted the lack of digital abilities organizations had. Since then digitalization is no longer a buzzword but a necessary investment on which the future of a company stands, which means the management is faced with overwhelming challenges to navigate through the impacts of the COVID-19 pandemics.
In October 2020 a survey conducted by Gartner showed that the priorities of organizations have switched, with the implementation of advanced data analytics and robotic process automation (RPA) technologies high on the priority list of 173 CFO's that were interviewed. And although digitalization is high on the priority list, so is the expectation of difficulties for completing the set goals.
Alexander Bant, chief research in the Gartner Finance practice recommends starting with reviewing the RPA technology. With short implementation time, low starting costs, and fast return on investment it's no surprise that software robots are the next big thing in the industry and most notably – they are completely global pandemic-proof. At the end of the day, software robots are computers and they require minimum maintenance and human intervention. The ideal candidates for starting your pilot project are simple processes based on clear rules with high repetition rate.
Another priority that is high on the priority list is accelerating digital skills in finance. Cash flow is one of the primary concerns as business survival and continuity rest largely on this. That is why leaders (especially CFO's) must have the tools that will support them in making appropriate long-term financial decisions.
Top 3 budgeting and planning tools that are a must for any CFO to make the right decision at the right time are:
In these turbulent times it is more vital than ever that the leaders act quickly, are driven by
data, and powered by technology and at CRMT we always provide our partners the most innovative, reliable, and consistent results on every project.
We are a leading consulting and system integration company working with state-of-the-art solutions that can accelerate your digital transformation. We specialize in data management, regulatory reporting, corporate performance management, and robotic process automation and provide end-to-end services from data architecture, implementation, project management, long term support, and training. We have an enviable track record of client success due to its unique ability to deliver solutions on time and within budget.
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