Digital Finance Transformation: 5 key rules and tool for 2023

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IIM Lucknow Executive Programme in Digital finance

Digital finance transformation has been the buzzword of the finance world for some time now and with search queries for digital finance courses, fintech courses & digital finance transformation courses on the rise it’s time we answer the questions every finance enthusiast has on their mind.

You don’t need a fintech certification or genius-level IQ to understand that digital finance transformation is quite literally transforming the finance function through the implementation of digital processes. But, what does it look like in practice?

Don’t worry finance folks we’ve come to the rescue! Keep reading to know how it works.

  1. Automate the Digital process

To add some perspective, we live in a digital age where years of research has gone into creating powerful AI that can create incredible images from text inputs, write blogs, solve customer queries and create elaborate marketing strategies. But the closest we’ve come to implementing them is asking Siri what the weather is like.

In this modern era, a shift towards digital processes is essential for the growth and scalability of finance teams, and implementing these processes is vital to achieving true digital finance transformation. Utilizing automation tools such as Zapier to monitor and synchronize data within your financial stack will greatly facilitate the process.

So, all it takes is just using all these tools?

Well, timing is of the essence in this endeavor, as early automation is vital. The coordination of multiple individuals and interdependent tasks may seem daunting, yet utilizing task management tools such as Asana, Notion or Trello will make the transition seamless and manageable.

  1. Adapt. Survive. Overcome

The Bear Grylls reference is apt here because when it comes to digital finance transformation, adapting to change first requires a clear understanding of the right tools for modern finance operations. Looking up answers on google for digital transformation courses, digital transformation certification courses, finance certification courses, and digital in finance will only get you so far until you can answer the most important question.

Why are you doing this? No, we’re not asking you to contemplate your choices in life. Rather, you must first understand that the purpose of implementing these tools is to create synergy within your finance operations. Here’s an example of a Fintech stack used by industry professionals:

  • Stripe for invoicing
  • Carta for cap table management
  • An automated Google Sheet script for billing
  • And finally, the aforementioned, Zapier connects these systems

The key here is to use automation to keep the information flowing between all these systems.

Sound complicated? Well, you are after all reading 1 blog post to get an overall understanding of the digitization of finance. 

Don’t worry, we’ve got you covered. Our Executive Programme in Digital Finance Transformation, offered by IIM Lucknow, is designed to provide you with a comprehensive understanding of this topic. The program has been crafted by leaders and stalwarts in the finance and accounting industry, who have collaborated with industry practitioners to ensure that the content is relevant and up-to-date. This program is perfect for those who, like you, may have been searching for information on digital finance transformation in the past. 

  1. Center of the universe

These headlines are kind of getting spiritual but here’s the idea, you’ve created all these systems integrated through multiple tools implemented but, where’s all the data?

Before moving ahead with robots taking over the world, you need to first set up a centralized data warehouse where all the data that flows through your process gets stored. Having a centralized data warehouse is necessary as all the tools that you will use will be connected to one database that facilitates these connections and stores all your structured and unstructured data. This also helps in creating reports, analyzing data, and allowing data to flow from one place that allows finance teams to facilitate digital transformation throughout their organization.

  1. Terminator 12: Rise against the coffee machine

The introduction of a financial bot will come in handy when scaling financial teams without hiring more staff, We know this sound like robots are taking over the world but don’t worry they’re not… at least not yet.

Change is the only constant and it’s always better to stay ahead of new advancements in technologies rather than being afraid of them. Setting up a financial bot that can learn and support digital finance transformation in any company will only lead to massive benefits which will eventually allow you to scale your finance function as a whole.

We understand that this concept seems foreign and must sound daunting. This is where finance and accounting professionals who are excited about the changes in the finance industry should learn more about IIM Lucknow’s Executive Programme in Digital Finance Transformation in collaboration with us (Miles Education) which will not only kick-start your journey in digitization but will also help you in learning about all the things necessary to implement transformation in the finance function

  1. Recruit the right talent & Learn the right skills

While approaching the topic of digital finance transformation you will come across a lot of overlaps with software engineering. This is given as we are moving into a tech-savvy world. Data-driven processes will help companies gain valuable insights that could change the way we look at solving problems and optimizing processes.

The time to develop the right skills is now, as the world is drastically changing every day and hiring the right talent will no doubt go a long way in changing and scaling the finance function.

Congratulations you’ve reached the end of this article! We understand that you may still have questions about digital finance transformation and why wouldn’t you there’s just so much to take in. Finance teams are often the last to benefit from emerging technologies but this time we can get ahead of the curb!

Make digitalization your top priority in 2023 as the waves in technology are only going to get stronger!

Still, itching to have all your questions answered? 

Join the IIM Lucknow Executive Programme in Digital finance Transformation and level up your career now! 

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