Looking back at the time it took to make on-premise enterprise resource planning software accessible to and meaningful for small and midsize businesses, the transition to cloud technology for organizations in this category seems to be happening in nanoseconds. Secure, scalable computing, often aided by whip-smart algorithms and enhanced by integration of systems and data from across functions, is democratizing digital transformation.
Because the finance department owned the capital investment decision-making for servers and installed software as well as upgrades of hardware and solutions, digital transformation decisions and often solution selection falls to the CFO’s team. The explosion in digital tools for finance and accounting requires patience and a comprehensive understanding of:
- Current-state data capture and use in business processes
- Challenges in existing workflows — maybe inaccessible data, manual processes, stretched human resources, error creep, ad hoc workarounds, insufficient training or stagnancy around innovation
- All-in cost of the current state
- Prioritized technology needs
- Software and data interdependencies
- The impact of all these components on the business
From this informed perspective, the decision makers and influencers for business solution adoption can create a vision of an ideal solution — one that effectively manages today’s needs and is only one step in an iterative process of digital transformation.
“Financial leaders in particular need the ability to understand where the business currently stands and anticipate the spend needed to drive future success and remain in compliance,” Jason Child, CFO of Splunk, told Forbes. Milestones along the way should evaluate the impact of accounting and business solutions already adopted as a gut check for those that come next. Technology is a tool to enable a company’s continuous improvement and growth. Just as manual workflows are replaced with automated ones, today’s software selection may deliver greater value down the line with additional data source integrations, cross-functional user training and offline recommitment to a financial or business model.
If you need help understanding your business needs for digital solutions or knowledge of the accounting and business solutions to consider based on where your business stands and where it’s headed, get a complimentary assessment from LTD Global. Call us today at (925) 598-0056.