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From Excel to the Cloud: The Digital Transformation of Financial Departments

As key players in this transformation, CFOs must position themselves as strategic business partners, co-piloting their company’s strategy in an increasingly uncertain economic environment. Transitioning from financial experts to communicators and technology specialists, CFOs face numerous challenges. However, in the digital age, they have several levers for success. Here’s why and how financial departments should embrace digital transformation to optimize their practices.

Welcome to the Era of the Digital CFO

With the rise of new technologies and their increasing integration into financial tools, automation solutions enable financial departments to play a pivotal role in creating value for their companies. It is now easier to optimize financial processes, enhance operational efficiency, and make real-time, data-driven decisions. The trend is clear: half of CFOs believe that digitizing their tools will improve their forecasting and anticipation capabilities.

Several key factors must be considered to ensure successful adoption of digital solutions by financial departments

• A “native-cloud” platform for real-time accessibility.

Automation of accounting and financial processes to reduce manual tasks and potential errors.

Simple configuration to meet the diverse needs of different user profiles.

Flexibility to adapt to the evolving needs of the company.

Seamless integration with other systems to ensure coherent data and process management.

Advanced analytics to identify opportunities and risks and make strategic, data-driven decisions.

Levers to Activate in 2024

Nearly 67% of companies reported that they still lack access to instant payment capabilities, which are essential for effective cash flow management. Additionally, among companies that offer account opening services to their clients, 51% of payment managers lament that onboarding and client identification processes are predominantly manual, paper-based, and inefficient.(1)

To improve current practices, companies must simplify and integrate cutting-edge payment services. To modernize their operations, they should adopt tools that seamlessly connect with their existing platforms and prioritize “all-in-one” services. Among these are Banking-as-a-Service platforms, which offer the advantages of centralizing payments within existing tools, reducing management costs, and eliminating low-value tasks.

Digitalization and automation of activities and processes represent major opportunities for financial teams to save time and focus on higher-value tasks, thereby driving the company’s growth and strategic direction.

(1) White Paper: Optimizing the Finance Function for 2024 – Xpollens, Capgemini

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