The Role of Modern Finance and Accounting in Digital Transformation
April 5, 2019
Published by:
Muntasir Alam
Presented at Oracle Modern Business Experience
We were pleased to have the opportunity to have Nishant Nair, CEO, RecVue deliver a presentation on digital transformation and the impact on finance teams in this journey.
To begin his presentation, he started out clarifying the definition of digitalization, since the term is broadly used in many areas of business.
“Digitalization is the use of digital technologies to change a business model and provide new revenue and value-producing opportunities; it is the process of moving to a digital business.” - Gartner, February 2019
Despite the focus and investment on digital transformation, Gartner has found that many initiatives are not meeting expectations. The recent study, Speed Up your Digital Business Transformation, Gartner, 2019, found that while:
- 87% believe digitalization is a top priority
- 62% have a transformation program underway
Unfortunately:
- 72% say digital efforts are missing revenue expectations
- 67% say these efforts have missed profit growth expectations
While key operational components include the customer, value proposition and capabilities, one core component, the finance organization, is uniquely able to lead the path forward for digital transformation initiatives within the organization. In fact, finance teams are the only function that are well-positioned to bring all the components together to capitalize on the opportunities made possible through digital transformation initiatives. However, finance leaders need to deploy modern technologies and solutions that deliver the flexibility required for continuous experimentation in business models and business processes.
Nishant concluded his talk highlighting how RecVue customers use the Oracle Big Data platform and RecVue solutions to transform the monetization process in their enterprises.
We look forward to next year! If you will be at the Oracle User Group, Collaborate in San Antonio, April 7–11, we will see you there at Booth #818.