In the ISCA Breakfast Talk session on June 15, a speaker from BlackLine explored practical insights on how finance organisations can manage and succeed in their finance transformation efforts to achieve optimised data analytics capabilities for business operations and strategic decisions.
Ceci Tai, Senior Solutions Consultant, BlackLine, highlighted that the finance and accounting world today relies heavily on data insights to make business decisions. Therefore, it is important to assess the challenges finance and accounting teams face so organisations can achieve successful digital transformation.
BlackLine and IDG Market Pulse research found that, in 2021, 82% of finance teams reported that the pandemic had intensified the need to modernise accounting processes. It was no longer sustainable to continue working the way they did before – with manual processes. Also, evolving business models are driving complex report requirements that only digital processes can handle.
Many finance and accounting organisations face challenges that negatively impact business costs, time, talent retention, and partnerships. There is a need to automate data across numerous sources, streamline complex processes, and address the lack of internal resources and expertise.
When it comes to digital transformation within finance organisations, the main objectives are to improve efficiency, effectiveness, and enterprise agility for a futureproof and sustainable model. The solution is a digital end-to-end finance and accounting model with optimised data. This type of model should include solutions in areas such as data consumption, data harmonisation, and data integrity. Within those areas are four key solutions to focus on:
- Analytics: For more optimised planning and agility and leveraged integrated data;
- Group reporting: To collect and validate data at a group level and use powerful consolidation tools;
- Close automation: For clear open items, match transactions, and to monitor variances;
- Intercompany management: In support of process governance, complex balancing and reconciliation, and advanced netting, clearing, and settlement.
By Nil (Singapore)