What is Digital Finance?
The word digital often takes the thought to robotization, huge supercomputers, big data and artificial intelligence. Not so long ago seen as Science Fiction. The digitization of Finance will not change professionally, but the manual repetitive transactional activities and processing, compiling, checking and reporting.
Scanning invoices in a record accounts system, which is automatically processed by recognition, is an example of no longer doing manual work. The scanned invoices can then be quickly checked and digitally forwarded to relevant managers for approval. After approval, the relevant invoices are made payable in a banking system.
A company nowadays has a lot of data available, coming not only from Finance but also from the many systems that are present at a company. Using Analytics Tools in which all data comes together, it is possible to accurately explain today’s situation and predict the future. Identifying trends and the accuracy of the company’s forecast.
With the right data in mind and a good insight into the company data, the use of interactive dashboards is the solution for a visual representation of the various situations within a company. Think of dashboards for the Sales, Logistics department and of course Management. No more manual monthly reports in Excel.
A digital transformation within a company therefore fundamentally changes the operational processes and requires adaptability and vision. Because transactional activities are digitized, other qualified work is created within a Finance department. An employee will have to be open to change. Functionally, the employee will have to be able to understand the organization, make connections, manage systems thinking and data analytics. In addition, further development of personal skills, such as effective communication, team and agile working.
Ad van Dijk
Direct Financial Control | email@example.com, +31(0)6 44412326.