Software development

Finance Transformation Digital Summit 2023

A certified Microsoft partner, ScienceSoft creates CRM and ERP solutions powered by Dynamics 365 and optimizes most effectively a range of business operations. We leverage Azure Cosmos DB to implement a multi-model, globally distributed, elastic NoSQL database on the cloud. Our team used Cosmos DB in a connected car solution for one of the world’s technology leaders. ScienceSoft has helped one of the top market research companies migrate its big data solution for advertising channel analysis to Apache Hive.

  • Together with other improvements, this led tо 100x faster data processing.
  • A logistics and transportation firm with international dealings can use powerful analytics to identify changes in foreign currency patterns and budget these changes in for the entire year at the beginning.
  • Get real-time view of all operational, investment, and financing activities.
  • It’s nearly impossible to ensure top-notch safety of finance software without implementing tech innovations.
  • Digital transformation in banking and financial services significantly enhance both staff and customer experience, redesigning ineffective working practices and upgrading to a more dependable and effective tech stack.
  • Such apps help them label and structure all the information, which is laborious when done manually.

According to our survey, 96.3% of finance professionals said that thanks to finance digital transformation, they’ve been able to work with other departments within their organization. Technology can help the finance function collaborate with other departments in several ways. For example, by providing real-time access to financial data and insights, better-informed decision-making is practiced across multiple departments.

Finance Transformation in the Digital Age Resources

Storage management platforms allow tracking such resources’ location and control of their usage. This gives financial organizations better control over their businesses and prepares them for further digitization. Whether you need to provide your clients with complex financial calculations or just want to research user preferences, analytics is a must. Digital solutions help you make analytics much more efficient, accurate, and convenient. The functional complexity of new financial software, including the implementation of advanced features (e.g., AI-powered financial analytics, blockchain-based bookkeeping).

Digital Finance Transformation

This is why technology’s potential to transform finance functions has become one of the most exciting parts of a CFO’s job. However, the use of cloud computing is just one method financial directors have taken to streamline their approach to data. In addition to Covid-19, today’s financial leaders are still coming to terms with GDPR, with both obstacles requiring a smarter, more rigorous approach to overcome. First, it wasn’t always clear to management whether all accounts had been reconciled.

Cloud computing

When a digital transformation in the financial sector, leaders must assist employees in adjusting to new procedures, tools, and infrastructures. Establish an internal champion network to assist maintain momentum by providing regular support. ScienceSoft used MongoDB-based warehouse for an IoT solution that processed 30K+ events/per second from 1M devices. We’ve also delivered MongoDB-based operations management software for a pharma manufacturer. We have delivered WPF-based solutions for a leading market research company and a global leader in image processing. Co-implement the finance digital transformation with the client’s in-house and/or engaged IT team.

Digital Finance Transformation

The EY Assurance and Consulting teams worked together on this project to help create the conditions that allowed the client to have these conversations – bringing our own different perspectives to bear on the project. Some interesting findings turned up as a result, with over half (55.6%) of respondents stating that they strongly agreed that technology has improved the speed of their processes. Finance has also been able to work closely with marketing and sales with 66.7% of respondents stating that they’ve been able to collaborate with them closely. If you’re in finance, you’ve surely heard all sorts about how technology, AI, and automation are impacting finance functions around the world.

A Roadmap to the Successful Digital Transformation of Finance

We design a finance digitalization strategy and roadmap, modernize your existing financial tools, implement the new corporate finance techs you need, and conduct user training to take the finance innovation burden off your shoulders. Due to being complex and long-running, finance digitalization projects demand flexibility. For example, it may turn out that the digitalization strategy requires some tuning at the implementation stage due to the altering business situation. digital financial transformation When this happens, we help our clients promptly tune the strategy and the implementation plan without causing any negative impact on the project flow and the outcomes. In our projects, we employ proven frameworks, ready-to-use app components (e.g., authentication services, messaging services) and integration components where possible. This helps us streamline financial software development, ensure high quality of the solution, and optimize the project budget.

Cloud-based data management platforms help store and structure all the essential information and share it between finance teams. Cloud computing is also a great basis to scale and adopt new solutions in the future. Fintech analytics solutions also include AI-driven risk assessment tools that provide accurate forecasts and help detect business threats. Using apps for fraud prevention measures is another analytics solution encouraging organizations to invest in digital transformation. Such software products may range from scanners detecting false documents to sophisticated digital systems that review and validate financial data. Digital transformation in banking and financial services significantly enhance both staff and customer experience, redesigning ineffective working practices and upgrading to a more dependable and effective tech stack.

Digital Finance Strategy

That having been said, there are best practices for large enterprises in the finance industry for online banking services, customer interaction via phone applications, etc. If you’re dealing with finance, you’ll have to do your best to make your companies’ digital representation seem as professional as possible, as that reflects your company’s legitimacy. With the current business landscape utterly changed by the impact of COVID-19, organizations increasingly need to be able to reimagine how they work in this unchartered environment.

Digital Finance Transformation

No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG helped an agrochemical company accelerate financial decision-making with a people-centric approach. Many financial departments have gone wholly or partially remote in the wake of the pandemic, creating unique challenges. As well as preventing face-to-face collaboration, the new way of working has forced them to re-evaluate the way they handle specific functions within the finance operation and streamline them for remote working. The first stage begins with the implementation of a balance sheet reconciliation tool that is connected to an ERP or source system where GL balances are automatically uploaded, ensuring that every GL account is looked at as required.

What is Digital Transformation in the Finance Industry?

These days, most businesses are prone to making data-driven decisions, and because we live in a world where leveraging data provides a competitive differentiation, you’ll need to work to get as much data as possible. A great way to improve your company’s data collection is by digitally transforming your external operations, website, and social media to captivate as much data as possible from your target demographic. While the process might seem like a high initial investment, the returns gained on it will pay the investment of in no time at all, as long as you play your cards right. Ultimately, the digital transformation process boils down to internal and external changes. There are many tools, software, and hardware that go into a digital transformation, and all of them can get pretty pricey when put together, so make sure that you plan for all costs. EY Digital survey reveals that finance leaders are focussing on transforming their functions and have started their journeys towards Finance 4.0.

Digital Finance Transformation

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