Outdated tools and silos lead to widespread dissatisfaction with financial technology
You don’t have to work in a finance department to do this kind of math: if you’re spending nearly $600 billion on an initiative that’s providing $200 billion in actual value, it’s time to reconsider your investment strategy.
And yet, according to a study from the Genpact Research Institute, the vast majority of companies’ digital transformation projects fail to deliver on expectations. Not all of these are finance department projects, of course, but in a recent post on FEI Daily, researchers from Genpact suggest that’s where the real need for new approaches to innovation is most dire:
While digital transformation can impact business outcomes significantly, finance teams can find it especially challenging due to their legacy siloed and fragmented operating models, process definitions and technology architecture. For example, in the order-to-cash value cycle, much of the traditional focus goes into the efficiency parameters of cost optimization, cash reconciliation and “brute force” undifferentiated collection strategies.
Continue reading The Waste-Not, Want-Not Priority for Finance Departments in 2016