Maximising the Value of Finance Systems:
How People-First Transformation Unlocks Digital Success
Finance transformation is about more than technology. Despite the promise of automation and the undoubted power of data, finance systems operate at their full potential when they act as enablers of people - allowing them to extract the maximum value from their considerable expertise.
A people-focused digital transformation goes beyond implementing cutting-edge digital systems to focus on integrating people, processes, and technology to unlock unprecedented value.
"You're building on sand if you haven't got the right infrastructure in place. You'll often find that the teams are really busy with Business As Usual (BAU). So when you're trying to transform, there's no time, no one to help, accountants are viewed as blockers, and so nothing gets done."
But while technology can and should put people first, the digitisation of finance is only gathering pace. 83% of companies say the pressure to reinvent as a strategy for success has increased, while 86% of CFOs say the speed to deliver transformations is faster or significantly faster than in the past. The challenge for organisations is to keep pace with change while adhering to two crucial principles: First, that the purpose of technology is to be a magnifier of human expertise. Second, that without the right people in place, they’re unlikely to receive the maximum return on their investment in transformation.
This guide has been designed by industry experts and leading specialists to support finance leaders in maximising the technology they work with, and the teams they manage.
1
The objective of a people-focused digital transformation is to reach a state where people, processes, and digital systems are functioning cohesively. If this can be achieved, your investment in talent and technology can achieve its best possible return. But what does this optimised finance function look like?
81% of CFOs in 2024 plan to use automation and digital technologies to free people's talents for higher-value activities. This transformation enables accountants to interpret complex datasets, support strategic planning, and inform decision-making at senior levels. "Underperforming teams can reach the end of the reporting cycle before they have had a chance to show any insight from the data they are working with," says Ann-Marie Davies, Director of Finance Systems. "You can get to a point where the systems architecture can be overwhelming. There's too much data, and it turns into a negative cycle with no time to fix anything."
"Some organisations think the financial system will solve all of their problems for them, but the truth is it will address whatever the 'ask' is. So the only way to ensure you have a fully comprehensive result is to set those expectations early."
