Finance teams are set to undergo major digital transformation and growth over the next five years, with business leaders having identified the area as being the next business function set to be revolutionised by technology.
According to a new survey into the thoughts and expectations of business leaders across the country, carried out by cloud-based accounting specialist bluQube, almost half (44%) of businesses believe that finance departments are set to benefit the most from technological innovations over the next five years.
Encouragingly, this follows reports of a similar number of businesses (47%) having already seen their finance teams positively impacted by technology – the most affected area over other departments such as sales and marketing (40%), operations (36%), and customer service (28%).
This digital transformation can already be seen in the adoption of cloud-based technologies, which are currently used for company accounting in nearly a third (30%) of finance teams. However, a further 27% still rely upon more basic software packages, such as Microsoft Excel, to manage their accounting, indicating that more could still be done to drive digitally-enabled efficiencies in finance departments.
When asked how digital transformation will impact their business, almost two-thirds (65.3%) of respondents cited improved efficiency as being the most prominent benefit felt. Notably when it comes to accounting, nearly half (44%) of businesses identified cost savings as a major benefit of implementing new technologies, such as cloud, mobile technologies and interoperable systems.
The research is compiled in the bluQube: Digital Transformation & Next-Gen Business Technologies report, which lifts the lid on business leaders’ attitudes toward digital transformation and technologies in a unique, cross-sector way.
Simon Kearsley, CEO of bluQube, commented: “While the enforced shift to our working patterns over the past couple of years has created a number of significant challenges for many, there has also been a renewed focus on how technology can better support day-to-day working. Subsequently, we are seeing many departments placing a greater focus on digital transformation, to the benefit of all.
“Our research shows that many businesses have already seen significant benefits from implementing new systems that enable them to work more efficiently, including more transparency and a better level of customer service, all enjoyed at a lower cost than previously.
“Finance departments have already been transformed by innovative technologies and, encouragingly, it appears that the best may be yet to come. For those that have not begun their digital transformation journey in earnest, we would urge looking at where technology can deliver results quickly. Specifically, businesses can use technology to automate more menial, repetitive tasks and free up their teams to devote more time and energy to the more involved, strategic tasks that will have a real long-term impact on the company bottom-line.”