The pandemic has made company executives aware of the importance of carrying out digital transformation. With digital transformation, companies can run their operations more effectively and efficiently, and become more meaningful solutions during a pandemic.
This awareness has reached the Chief Financial Officer (CFO) as the company’s financial proxy. This is inversely proportional to the pre-pandemic period, which noted that CFOs were still reluctant to invest in corporate digital transformation.
In a survey on corporate technology adoption involving more than 200 CFOs and CEOs of global companies, and released on Tuesday (9/2), CFO Research and AppZen found a significant advance regarding awareness for implementing corporate digital transformation.
Most (61%) CFO of companies surveyed remain optimistic about the future and expect to be able to generate growth in 2021. Then, reducing the time-consuming manual work process is a priority for 90% of the company’s CFO this year.
Because of the enormous positive impact that a company’s digital transformation has had, surveyed CFOs expressed regret not investing in advanced analytics, artificial intelligence, blockchain, distributed ledger technology, machine learning and robotic process automation five years ago.
“Last year, we saw a major acceleration of corporate digital transformation in finance, and our research confirms that we will see a deeper transformation in 2021, which CFOs are championing,” said Anant Kale, CEO and co-founder of AppZen, in San. Jose, California, Tuesday (9/2).
With CFO taking an increasingly strategic role in the company’s digital transformation, it is hoped that decision-making across all departments will be faster. Going forward, Kale said, it is hoped that there will be increased automation and AI among modern finance teams.
Technology adoption and corporate digital transformation are no longer an option, but a necessity. As many as 86% of respondents agreed that there was a high need for CFOs to provide real-time, accurate and detailed data.