Emerging Technologies: Driving Financial and Operational Efficiency

How market leaders are managing change with cloud-driven innovation

Recommendations:

Five ways to transform finance and operations with emerging technologies

1. Modernize critical systems by migrating to SaaS.

Take advantage of IoT, machine learning, AI, and blockchain capabilities quickly and easily with cloud-based solutions. SaaS lets organizations scale quickly and realize real-time business value at a time when it pays to move fast.

2. Switch to prebuilt solutions with embedded emerging technologies.

Embedding emerging technology capabilities into proprietary apps is a challenging and expensive proposition, mainly because they’re so highly customized. Cloud-based, prebuilt apps, on the other hand, present a perfect opportunity to get a head-start on modernizing critical finance and operations systems.

3. Skip the Proof of Concept phase, run a pilot.

The research shows that emerging technologies can be applied in any number of ways for a variety of business results. As a result, identifying a preliminary project can be a daunting endeavor. We recommend selecting a specific process—ideally something manual and time-intensive—as a pilot project. These types of processes have plenty of room for improvement, which makes it easier to measure success. The payoff also tends to be greater, especially in terms of freed up human capital.

4. Invest now.

Many organizations continue to underestimate the value proposition of AI, IoT, digital assistants, and blockchain. That’s a mistake: Failure to actively invest in these technologies to improve finance and operations increases the risk of falling behind the competition. Start researching solutions today that meet your business and technology requirements.

5. Embrace an agile mindset.

Our research findings indicate a strong need for C-suite support to make real progress on emerging technology initiatives. At organizations where the COO’s understanding of IoT is lacking, only 14% use IoT to improve supply chain management. That compares with 64% of organizations with IoT-savvy COOs. If you are in a finance or operations leadership position, get outside your comfort zone, explore how these emerging technologies can improve your organization’s performance, and provide employees with opportunities for upskilling.