While big data has created vast opportunities for data-driven finance organizations, it has also introduced new challenges — making operations complex, slow, and inefficient across a variety of organizations both old and new.
Traditionally, CFOs have attempted to address these challenges with ERP tools, shared services, and business process outsourcing. However, complexities such as order-to-cash, treasury, working capital, audit, compliance, and much more have always created a burden on finance.
Going ‘beyond digital’ to data-driven finance
Finance transformation is actively embracing digital transactions and going paperless with digital invoices, digital payments, and electronic documents. The proliferation of advanced digital technologies — big data, machine learning, artificial intelligence, robotics process automation, chatbots, digital assistants, mobile payments, blockchain, IoT, and many more — presents unprecedented opportunity to disrupt the costly, administrative, and bean-counter mindset of the back-office to give way to a modern data-driven finance organization: a connected, cognitive, cost-effective, and customer-centric finance organization.
It is this new decision making and automation mindset that is making a paradigm shift in the finance industry. For instance, reimagine your customer-to-cash operations driving precise digital collections treatment to each customer, based on their payment behavior and maximizing cash flow for your company. Or your digital treasury making precise working capital decisions based on cash inflows and cash outflows patterns from customers and vendors. In addition, data-driven finance empowers marketing in daily customer acquisition campaigns to focus on high-propensity-to-buy customer segments, or helping sales with predictive insights to identify low risk and high value customers for faster close and onboarding.
Data-driven Finance: Empowering CFOs with business insights for agile decision making
Solix has put together a joint white paper featuring research from Forrester, outlining how CFOs can lead finance digital transformation with the help of top big data technologies such as Machine Learning and AI.
Solix Data-driven Finance based on the Solix Common Data Platform (CDP) and Emagia Finance Analytics provides a next-generation data management platform that not only meets the analytic demands of the data-driven organization but also addresses the cost, compliance, and governance challenges that come along.
CFOs and other executives in a strategic decision-making role are looking at providing a competitive edge to business to deliver business agility through advanced analytics and artificial intelligence. Cognitive assistants can assist in compliance activities by detecting and reporting on anomalies; improve operational efficiency in the finance function, and offer advice on improving cash flows to maximize financial performance. Emagia’s recently launched Gia, a CFO’s virtual assistant, does exactly that.
To access the free whitepaper and learn how to employ data-driven finance best practices, click here.