As we start to look beyond COVID-19, Aptus Managing Director Joe Gentile looks at the increased urgency to adopt a digital strategy and automation within the finance function.
Guiding you on your digital transformation journey
Whilst there is an increased urgency to adopt a digital strategy to help drive recovery, it is equally important not to lose sight of your own organisation’s roadmap and objectives.
Technology is key to digital transformation but must go hand in hand with a shift in how you think about, manage, and operate your business. Having your business strategy at the heart of your digital roadmap will ensure that you implement the right technology to achieve your goals.
There isn’t a one size fits all approach to your digital strategy but there are key things to think about and make sure you’re on the right track.
- Think about what’s happening in your business environment. What’s happening with your customers, your competitors? How are revenue and profits trending? Are you successfully attracting and retaining employees? Are you looking at introducing new product and service offerings?
Identifying and dealing with specific successes and challenges allows you to set sustainable goals and grow in your market.
- Working and communicating together is key. Ensure relevant stakeholder input from the outset so that nothing is left out of your plan. Executive level buy-in is critical as is including team members who will need to adopt new business processes and technology solutions. Don’t forget input from partners and customers either. They are the best people to tell you what you are doing right, and how you can improve to deliver an exceptional customer experience.
- Determine your technology needs. Look for future proof technology solutions that will keep moving your business forward. Solutions that will automate labour intensive and repetitive workloads, and provide business critical insights to give you visibility of your business and allow for better informed decision making. Consult with trusted technology partners that offer clarity and transparency on how different solutions can meet your business goals within your budget, resource capabilities and timeframes for implementation.
- Your path to innovation via the cloud. Cloud-based, software-as-a-service (SaaS) solutions provide access to innovative technology without the need for organisations to own, deploy and manage the infrastructure and applications, making it straightforward for businesses to adopt new solutions quickly and with ease. Such solutions are built on open and flexible platforms, providing real time and consistent information with access to new capabilities such as AI, machine learning and internet of things (IoT) included in the applications they already use.
- Engage with companies similar to yours that are successfully executing on digital transformation. Get in touch with your peers through industry associations, networks, and communities, and ask potential technology providers to share customer references that you can talk to. Understand how they determined company goals, their criteria to choose the best solutions, what they did well and what to watch out for.
- Take a holistic approach. Whatever your priorities and business goals, it is important to see them within the bigger picture so that you don’t ultimately deliver a modern but disconnected technology solution for your organisation. Look for solutions that employ open and flexible technologies that evolve and grow at the same time as your business. Aim to integrate workflows to give you visibility and insights into the whole of your operation, and how decisions and processes within one area impact another.
Here to help
There is so much to think about when an organisation embarks on its digital transformation journey without the added challenge of a global pandemic doing its utmost to throw plans off course.
We are pro-actively contacting our customers to support them on the road to business recovery and navigating the challenges ahead without losing sight of the key focus – implementing digital innovation that will deliver against your company’s goals and objectives.
If you would like any advice on how to tackle the next phase of your digital transformation journey and how to successfully invest in a finance solution that sits across the business and all its processes, providing greater insights, efficiencies and informed decision making, get in touch or call us on 1300 998 594.