Digitalization in the office of finance
Digitalization in the office of financeBy Sam Cheo, Managing Director, Sigma Conso Asia
How are you coping with works during this lockdown, Circuit Breaker (CB), or Movement Control Order (MCO) measures? Are you equipped with the right technology? Indeed, the COVID-19 pandemic has accelerated the digitalization in the office of finance. Working from home becomes a new norm and pushes organizations to rethink the concept of digitalizing their office of finance. The inability to connect to the office for work causes inefficiency and delay in financial closing. As the Q2 closing approaches, many organizations are still struggling with Q1 closing due to the constraints during CB or MCO.
Many companies in less developed countries are still behind the curve. They are still depending on manual spreadsheets and offline processes. This has become more challenging amid the COVID-19 pandemic due to the lack of collaboration and constraints in connecting to the office while working from home.
While automation is generally creating processes in standardizing your business processes, digitalization is more than this. Digitalization embraces the ability of technology in data collection, analysis, and reporting to improve decision making.
With the current trend of remote working, organizations start to realize that the fundamental process needs to be standardized and organized. First of all, group processes need to be optimized by standardizing the chart of accounts. Data shall be organized by business segments for reporting purposes. With these processes standardized and organized, finance will be able to produce accurate reports and display the information on the dashboard. Hence the second step, analyzing data become so much easier. Not only finance, but other decision-makers can also easily retrieve information for analysis, comparing data across different business segments in the group, drill in further and plan the strategic direction for their business.
Digitalization is about changing your business model, automating your business processes to enhance efficiency, and add value to your organization.
Digitalization in the office of finance includes utilizing the system with the ability to ease access, which allows finance to access anywhere via mobile phone, tablet, home PC, or laptop. The ease of access to the system allows users to retrieve data at any point in time, empowering decision-makers to gain insights quickly with ready information at their fingertips.
After the lift of CB and MCO measures, the organization which has yet to digitalize their office of finance should start exploring how to optimize their business process.
✅If you are ready to look into digitalization, there are different types of web-based solutions and cloud-based solutions.
How to choose the right type of solutions and deployment for your organization?
➡️Read our full article on full true-web-based solution to help your organization in choosing the right application.
➡️ Watch the video for better understanding on full true web-based solution.