Embracing digital transformation: why businesses shouldn’t fear the change

The age of digital transformation is here. The impact of emerging technologies is touching almost every industry, and the world of finance is no exception. The face of the finance team and role of the CFO are evolving, and naturally, there’s some reluctance to change…

With the general thought being ‘if it isn’t broken, don’t fix it,’ it’s understandable why there’s hesitancy to fully embrace tech in the workplace. But it’s less about putting a band-aid on a problem, and more about freeing up time so finance professionals can, well, do what they do best. (Spoiler: It isn’t tedious data-entry.)

Overcoming the digital transformation barriers 

The hesitancy behind fully adopting digital solutions stems from various factors, ranging from a general fear of change, security and privacy, apprehension surrounding job security and the challenges of adopting new digital tools across the entire company.

To unlock the full potential of what digital transformation can bring to your business, it’s crucial to do some myth-busting (and understand all there is to know about the most common concerns). 

At our Beyond event, Jamie Sargent, Manager, Presales Solution Consulting at Oracle NetSuite told us, “There’s a long list of reasons why people are reluctant. I think we see emotional attachment to systems that people are using. It takes a lot of effort to move systems, to reflect on what processes we have and question if they're as good as they can be.”

“As a finance person, I would say people in the industry can be generally risk averse, so I think the idea of change and the fear of the unknown is something that does need managing,” Jamie added. 

For Ed Walker, the Future of Work Director at Deloitte, he believes there is some myth-busting to be done around automation. “In the UK, you can see headlines like ‘AI and robotics will cut 35% of work in the UK,’ but actually it’s about giving the mundane stuff to the machines and redesigning work and jobs for all corporate services to move up the value chain and do more of the stuff that actually makes us human.” 

We asked our LinkedIn community what they think about digital transformation, and the results are in:

Why is digital transformation so important?

We get it, change is tricky business. But in order to stay in the game (and put your best foot forward), it’s crucial to keep up with technology and evolve at a steady pace in an ever changing digital landscape. 

But what exactly does effective digital transformation (and adoption) mean for your business? 

Improved efficiency across the entire workforce

Your team is talented, no doubt. So isn’t their time better spent on projects that don’t involve mind-numbing admin work? Cloud-based technology and automation mean businesses of all shapes, sizes, and industries can improve efficiency across the board. 

A once manual, repetitive task, like data-entry, can be quickly done and dusted in seconds using automation tools — a task that typically eats into a lot of your teams’ time usually and can fall victim to human error. It also has the power to improve workplace collaboration and support with remote work in real-time, keeping everything in the know at all times. 

It pays to embrace technology 

Whilst there’s no denying that the initial cost of adopting digital tools might be hefty, in the long-run, it can lead to big cost savings, and ultimately, money that can be put towards more valuable purchases. 

Digital tools allow for streamlined processes which overall, reduce the cost of manual labour and put your teams’ time to better use. You know the old saying, ‘time is money.’ 

And the possibilities are endless. With tools that reduce tedious admin work, data becomes easier to manage and you’ll likely find that projects wrap up a whole lot quicker with processes that can be automated.

Is your business looking to grow? You’ll find the journey there a whole lot easier with digital transformation. With automation, you’ll be able to make trusted data-driven decisions, enhance customer experiences, and maintain a competitive edge in the marketplace.

By removing the fear surrounding digital transformation and automation, businesses will be better set-up for the future and won’t have to worry about falling behind competitors. With technology comes endless possibilities to improve how you’re doing business — from growth to innovation and efficiency.