Digital Transformation: How to Compete in Uncertain Times
In today’s changing economy digital transformation is vital to the ability to compete. In order to respond quickly to shifting customer needs and increase efficiency, businesses are turning to modern finance systems. As a result of COVID-19, many companies accelerated plans to adopt financial and other new technologies.
Digital transformation helps companies adapt quickly to change
During the pandemic, organizations were forced to pivot quickly, particularly after the shift to remote work. The key to success was using technology to improve productivity and efficiently—even with fewer resources. In the recent Sage report, Return to Growth Outlook, one-third of businesses reported accelerating their digital transformation timeline by three to four years. This was driven by the need to adopt new strategies essential to survival.
Replacing outdated technology with modern solutions
Replacing old processes run on outdated technology is crucial to ensuring future success. Once finance replaces old technology with modern solutions they are able to automate processes, eliminating time-consuming, manual tasks. Vendors providing modern cloud financial management systems help companies not only improve productivity and gain efficiency—but also make more strategic decisions through better insights. These insights became especially critical during the pandemic, as businesses had to make quick decisions and adapt to a changing environment.
Sage Intacct helps companies pivot during uncertain times
Prior to digital transformation, companies relied on spreadsheets, making it difficult to meet reporting requirements. After upgrading to Sage Intacct, finance teams are able to take on more work and respond to the demands connected to the pandemic. Companies improve efficiency through automation, eliminating hours of manual work and producing faster, more accurate reports.
Business intelligence and automation keeps companies agile
Business intelligence is a prime example of the benefits of new technologies like AI. Companies are able to use business intelligence to shift quickly and respond to change. Because AI technology gets smarter with each entry, employees can spend more time on customer needs instead of redundant tasks like entering time.
Automated billing is another example of the power of new technology. Companies using manual processes often bill late, frustrating customers. By automating the billing processes, finance provides on-time, digitized invoices. This not only improves customer satisfaction, but also frees time to spend on strategic planning and other high-value work.
Easy integration with best-in-class applications
As digital transformation gains traction, companies are looking for ways to easily integrate applications that meet their specific goals. Integrating multiple systems allow users to improve visibility and provide a better customer experience. For instance, a built-in integration with a sales application like Salesforce automates the entire sales order process.
Laying a foundation for growth
Clearly the pandemic revealed that digital investments are the key to not only surviving disruption and change but laying a foundation for growth. At MicroAccounting, our goal is to help customers along their digital transformation journey. Rated highest in customer satisfaction, Sage Intacct fits perfectly with our customers’ needs.
Digital transformation gives companies a competitive edge in a rapidly changing economy. By taking advantage of the opportunities new technology creates, finance can deliver insights that position their company for growth even during challenging times. Postponing technology investments can limit the ability to jump on opportunities after the economy rebounds. Companies that adopt new technologies are able to stay lean, while re-investing in their future.
