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According to Forbes, 84% of digital transformation projects fail due to a unidirectional approach to driving such projects and not focusing on all three levers of digital transformation.
 
Join Kevin Permenter, Research Manager at IDC, as he shares a few best practices for overcoming challenges posed by digital transformation and creating a successful A/R transformation project to drive a working capital impact in the CFO’s office.

IDC’s Research Specialist on Why 84% A/R Automation Projects Fail

Session Summary

According to Forbes, 84% of digital transformation projects fail due to a unidirectional approach to driving such projects and not focusing on all three levers of digital transformation.
 
Join Kevin Permenter, Research Manager at IDC, as he shares a few best practices for overcoming challenges posed by digital transformation and creating a successful A/R transformation project to drive a working capital impact in the CFO’s office.

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Key Takeaways

Digital Transformation - It’s Significance & Impact on Operations
[02:50]
Highlights
  • Seasoned CFOs & controllers view digital transformation as a culmination of smaller projects.
  • The two primary factors leading to the need for driving digital transformation: Rising customer expectations & industry-wide disruptions.
  • CFOs need to develop a clear understanding of the impact these projects have on their internal teams.
  • A change management program needs to be in place to help reduce risk and ensure a successful implementation of the transformation.
Why 84% of Digital Transformation Projects Fail To Deliver Real Business Value
[07:50]
Highlights
  • Insufficient utilisation of experience and expertise of similar companies who have already been through such a journey.
  • Automated solutions are not flexible and difficult to change, causing inconsistencies in different workflows and departments.
  • Inability to handle expectations of senior management, teams adopting the tool, and the solution vendor.
Four proven strategies to manage change during a transformation journey
[13:05]
Highlights
  • Assessing the need for change & identifying the impact of digital transformation projects on internal people and processes.
  • Having a feedback loop in place to continuously fine-tune the transformation process.
  • Establishing benchmarks to gain visibility of the progress of a project and doubling down on areas where efforts may be needed to succeed.
  • Developing a relationship with the technology partner who provides ongoing technical & innovation support throughout the relationship.
Word of Advice for A/R Leaders Undergoing Digital Transformation for the First Time
[16:00]
Highlights
  • Having an open-ended dialogue between CFOs & internal teams addressing automation as an opportunity to elevate the role of the back-office function and create a significant working capital impact.
  • Having a deep and accessible set of analytics available at the point of execution.
  • Developing a clear understanding of end business results and moving away from lagging indicators like DSO.
  • Some key KPIs for benchmarking would be system-usage metrics like how often people are logging in, spending time on activities you want them to, team performance benchmarks, & customer insights.
Speaker

Kevin Permenter

Research Manager
IDC

Digital transformation is like a moving goal post - the idea would be different 10 years from now. Try to change the people's attitude and ensure the idea is absorbed by the folks who will use these tools.

Speaker

Sayid Shabeer

Chief Product Officer
HighRadius

(Digital transformation) is not just technology, but also reimagining the process and people's roles to higher value-added work. This thinking, planning, and alignment is critical and underinvested in.

Speaker

Natalie Freddie

VP of Customer Value
HighRadius

It's really important to know the impact these (Digital Transformation) projects have on your internal teams and have some kind of change management program to help reduce the risk and make sure you're successful.

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So now, you know how to avoid a digital transformation failure, watch this episode to learn the best practices IDC suggests to elevate your A/R into a strategic value driver.

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