To develop sustainably in today's volatile, disruptive and unstable environment, businesses need to accelerate the speed of digital transformation. The digitization of financial - accounting activities cannot be out of the game this time. It is a process of redefining the roles of financial leaders and their teams and tapping into their full potential with new technology solutions.
Digital transformation comes with huge opportunities. Join Bizzi to learn 8 steps to help financial leaders successfully digitally transform.
Let's start with a detailed road map for digital transformation
The first step in financial digital transformation is to map out your business processes. That means you need to define where you are and where you want to go. So consider existing processes, procedures, tools, software that need to change. Besides, you should also review the working methods as well as the process of implementing activities for the financial accounting department. You need to have a clear understanding of what your goals are, as well as your issues, pressure points, and develop a clear strategy, and communicate it to everyone specifically.
According to James Miln, ACMA, CGMA, senior vice president of Finance and Investor Relations at Yelp, a detailed road map provides visibility and allows for clarity on initial goals. go out.
He added: “Understand strategy, think about the bigger picture. Where do we want to go, who do we need, what skills do we have? However, think about what can be done to optimize the process. Then consider using tools and solutions that make your work easier.”
Build a solid process
Processes should be streamlined with everyone involved agreeing on where and how technology should work during digital transformation. Processes also need to support strategies efficiently and quickly. For example, when you want to build a human resource management platform, the first step is to standardize the tasks, making sure that you are left with only the tasks you have to do. This helps to avoid digitization waste.
Perform data analysis standards
Data analysis is becoming more and more urgent and plays an important role in the financial accounting of businesses. The financial accounting department must have access to real-time data as it enables better and smarter decision making. Accounting and finance professionals can add value by having data analytics that go beyond the financial books, Mr. Miln said.
“As a finance officer, skills can lead to better data and business insights to drive decision making.”
Learn from others
Financial accountants need to be provided with learning resources and time to improve their expertise. Businesses should train each employee and show them what to do. Simultaneously drawing skills and experiences from a wide network of leaders and employees at all levels.
Continually adopt an innovation mindset to take advantage of the opportunities and technologies present. We can openly learn that from others, and we can also teach others how to transform to drive value for the organization.
Cloud computing tool development
Conventry Building Society rolled out its cloud-based reporting tool by the end of 2021 and estimated that it saved 1,200 hours of effort over about eight weeks. This has helped us reduce the pressure on time and manpower significantly.
With cloud-based tools, businesses quickly reduce system complexity and costs. Exploiting the advantages of cloud computing to establish powerful digital transformation frameworks while supporting easy integration of high-tech solutions using AI, Learning Machine, Big Data, Internet of Things, etc.
In September 2019, after a period of research and development, Bizzi launched a suite of lean cost management solutions for businesses. The solution supports organizations to automatically process input invoices, reduce manual tasks, optimize performance and improve operational quality of the financial accounting team.
Bizzi is a pioneer in Vietnam to provide automated invoice processing and lean cost management solutions for businesses through the application of AI technology and process automation by RPA robots. Thereby, Bizzi helps organizations reduce 80% processing time and 50% invoice processing costs, while increasing transparency and tax compliance for businesses:
With Bizzi, your business has a set of streamlined solutions for digitization and cost management, while supporting the efficiency of the accounting team:
- Increase work productivity with the system to automatically check invoice information
- Minimize tax and financial reporting risks
- Automatic intelligent collation with 99.9% . accuracy
- Real-time cost control and management
- Maximize savings on manpower and paper costs
- Automate the document making and payment request process
- Speed up approval time
Automating the lean cost management process by Bizzi robot helps reduce the load of repetitive operations, the processing process is automated to 90%. Besides, the jobs that need 2-3 people to handle, now just need Bizzi to be able to balance the entire accounting department with 24/7/365 productivity without taking time off. Therefore, it can be said that Bizzi contributes to reducing work pressure for accounting staff if before, businesses often needed 2-3 employees to perform repetitive tasks. Now, it only takes Bizzi and 1 employee to be able to handle jobs with higher efficiency.
Currently, Bizzi has been trusted and used by +1200 large enterprises and corporations such as Tiki, GS25, Circle K, PNJ, P&G, VNG, Grab, Ikea, Sabeco, Pharmacity, etc.
See more articles: Take a look at the 4 challenges that every accountant has to face
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