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Digital transformation has been a buzzphrase for organizations in recent years. In reality, the term has been around since the 2010s with the need for cross-departmental efforts to streamline organizational programs. In the technology sector, adopting artificial intelligence, machine learning, and automated tools is the norm. It’s time to revisit this catchphrase to see if it still sticks.
Now, we’re noticing industry news stating that “digital transformation is dead”. In truth, it’s a moving tide and this article by PPN states that it all starts with WHY. After all, when people don’t recognize the value of change, they are resistant.
This is not where you want your financial team to be! Let’s explore further. In a previous blog, we talked about the various stages of digital transformation and how to be effective. Deploying technology is not the end goal, however. From automating processes to embedding findings, it’s an ongoing cycle of activity.
Plan and invest in a growth model to automate the process. For those running financial teams, automated processes to analyze data helps spot the patterns of fraud and spend risk.
The Reality in Digital Transformation
Thinking in terms of a stopping point is the wrong idea. Just like the tides that change with the moon, your organization's digital transformation will ebb and flow. Understanding this cyclical nature reassures your team and stakeholders that adjustments are an expected and necessary part.
Make sure they know the reasons for adopting new technology. Outline the features and benefits. Emphasize having phases versus concrete steps to navigate this transformation. And manage expectations that these digital technologies, while effective, may take several adjustments.
Celebrate small wins along the way. Take stock of where your technology efforts are now compared to 3, 6 and 9 months ago. Any successes or best practices are reasons to keep motivation high. Share these with vendors and team members because they’ll be a needed asset for the long game.
At the start of last year, we advised measuring success to determine how your organization was doing. These three areas are still relevant and it’s time to check your status now.
Technology: How are your adopted solutions meeting your needs since the implementation? Is artificial intelligence and the adoption of digital technologies working?
Process: Where are you in automating business processes? Are you seeing better results after the switch from manual processes?
People: Are your people on board and effective with the technology and processes? Did the AI solutions actually help your employees work more effectively?
Adopting new methods of technology is inevitable in any industry. In finance, it is imperative to see it all and spot the patterns that manual processes miss.
Our summation is that digital transformation as a process is not dead. Like many catchy buzzwords that float among industries, it may be waning in popularity but is here to stay. We can't wait to see what we're talking about in the world of tech speak one year from now.
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