The role of Chief Financial Officers (CFOs) has undergone a remarkable transformation over the recent years. They’ve evolved from being traditional financial gatekeepers, primarily focused on historical data and compliance, into becoming the driving force behind digital acceleration and innovation within their organizations.
A crucial McKinsey study highlights the urgency of this transformation. Astonishingly, only 11% of companies believe their existing business models will remain economically viable beyond 2023. This concerning figure highlights the urgent requirement for a profound transformation in the way businesses conduct their operations and plan for the future.
The primary culprit behind this dire prediction is the reliance on outdated financial software platforms. These legacy systems, once considered the backbone of financial management, are struggling to keep pace with the dynamic digital environment. Their rigidity and inability to adapt hinder businesses from embracing the agility required to thrive in today’s competitive landscape.
Traditional financial software platforms can’t keep up.
5 steps to innovate your financial existing models
- Become adaptable: Cultivate a culture of innovation and continuous improvement within your finance team.
- Focus on impact: Prioritize initiatives that drive the most change and select key performance indicators to measure impact.
- Embrace digitization and speed: Automate processes to create real-time reporting and faster cycles times, while streamlining repetitive tasks.
- Drive governance and standardization: Unify data and drive standardization across global subsidiaries with secure cloud-managed platforms that eliminate data silos.
- Get insights: Implement advanced data analytics and AI to drive finance-first innovation that underpins faster, more agile decision-making.
Future-proof your business and drive finance-first innovation with Dynamics 365 Finance
Dynamics 365 Finance is a powerful tool designed to revolutionize financial operations for businesses. It streamlines processes, offers valuable insights into financial performance, and equips companies to adapt to digital disruption. By enhancing financial decision-making, automating processes, reducing costs, and mitigating global risks, Dynamics 365 Finance can reshape your financial models and pave the way for innovation.
This highly adaptable ERP platform with robust financial risk management capabilities can function both independently and as an integrated part of your system. For financial leaders seeking to modernize their ERP systems, Dynamics 365 Finance provides the means to undergo digital transformation and attain the IT agility necessary to embrace new business models.