Digital Transformation - A Digital Trend CFOs Care About
March 09, 2020
CFOs are expecting bold moves for growth in 2020. Research from BDO’s 2020 CFO Outlook Survey predicted that digital transformation will grow 54% within the next year. Increasing automation of manual processes, compliance, and continuous financial reporting are ways CFOs are developing digitally. Incorporating real-time data through automation and artificial intelligence has expanded options for service accounting and financial planning.
But it’s not just our research that indicates this trend; In a recent Forbes article, New Study Underscores The Top Digital Trends Changing The CFO Role Today, reported that 91% of respondents believe that the introduction of AI has positive advancements and 93% of respondents are comfortable with automation performing their daily accounting tasks. There are clear benefits to digital transformation, but with so many variables to consider, how do you know where to start? Knowing your resources and asking the right questions is key.
A Practical Approach to Digital Transformation
Digital transformation is the pathway to maximize value with minimal disruption to existing infrastructure. Incorporating digital transformation into daily business tactics is complex, but BDO Digital’s 3+1 Approach has simplified the process into three foundational areas for valuable digital adoption.
Digital Business (Growth) - Guiding clients to find their new and unique value within the digital economy.
Digital Process (Profitability) - Operationalize digital reinvention by creating end-to-end process performance and improving efficiency.
Digital Backbone (Security) - Removing IT complexities, risks, and barrier to innovation to meet the demand of the evolving market.
Digital Adoption is the +1. At BDO Digital, we work with CFOs to develop a tailored digital strategy that aligns with their overall business strategy and focuses on their top priorities.
Key Questions to Ask During the Process:
Are you developing or implementing new technologies to enhance your product/service offerings or streamline your operations?
What digital transformation efforts are you prioritizing?
Have you explored how digital transformation can help with operational improvements and efficiencies to help recession-proof your business?
Digital transformation cannot be implemented overnight, but using BDO’s 3+1 Approach and knowing what questions to ask will help your organization determine and exceed your goals.
To learn more about the issues, opportunities and strategies of middle market CFOs across 7 key industries, read the full report: 2020 BDO Middle Market CFO Outlook Survey.