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Digital Transformation Blueprint
for the Office of the CFO

How does this ebook help me?
In this report, Dion Hinchcliffe, Vice President and Principal Analyst at Constellation Research outlines a guide to develop an effective digital transformation (DX) plan for the office of the mid-market CFO. Discover how intelligent automation tools build a strong finance growth engine, powered by data analytics to accelerate decision-making and aid revenue growth.
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Key Takeaways

DX maturity model helps identify tech gaps and improvement areas in finance functions
Data visualization tools provide real-time financial information and forecasts
Advanced automation tools can be customized as per business needs and are easy to deploy
Tips for CFO’s office to adopt and achieve DX plans to improve working capital

Table of Contents

01.
The Digital Transformation Of Finance
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02.
The Road To Economic Recovery Through Increased Digitization
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03.
Getting Ahead: Benchmarking Finance and AR With Best-In-Class Businesses
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04.
The Unmet Imperative Of Midsize Businesses: Digital Transformation Of Finance
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05.
The Enablers Of Digital Transformation: Cloud, Automation, And Integration
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06.
How Advanced Automation Can Help CFO Priorities
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07.
Comparison Approach
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08.
Recommendations To The Office Of The CFO
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09.
Constellation’s Research Advisory Board
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10.
Endnotes
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11.
Analyst Bio
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12.
About Constellation Research
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Executive Summary

 
This report explores the capabilities and technologies required to fully rethink, digitize, and automate the finance function more effectively than is possible with piecemeal or incremental approaches, yet largely without the risks of big-bang IT projects that have attempted this before.
 

Chapter 01

The Digital Transformation Of Finance


Proactive chief financial officers (CFOs) today must give serious consideration and devote appropriate resources to proper digital transformation of their operating model within the finance organization. The overwhelming majority of CFOs today—86% 1—now view the digitization of financial processes such as accounts receivable/accounts payable systems as central to improving customer satisfaction, customer retention, and revenue generation.

As a result of this need to rethink business operations, it’s clear that adopting automation and digitization is not only the new normal, but is essential. In other words, it’s a must-have to build companywide resiliency and long-term sustainability. This accelerated path to digital transformation also helps to better connect the Office of the CFO with the overall organization to not just thrive effectively but also to guide the organization into the future. For these reasons, CFOs must now play a more strategic role by guiding critical business decisions.

One of the main challenges the Office of the CFO faces is that finance data typically is relegated to traditional systems such as accounting and budgeting systems and spreadsheets. Even when there is no future-looking financial transformation plan in place, manual processes create major roadblocks around the order-to-cash (O2C) and record-to-report (R2R) process. This leaves data that’s not accessible to members of the wider organization who may need visibility into that data to make strategic decisions effectively. However, with digital O2C processes in place, the process of turning orders into cash typically costs 56% less,2 a figure that rises the smaller a business is, due to fixed minimum overhead of accounts receivable.

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