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The digital transformation of finance is not entirely a technical matter. The process should be driven by the mutual promotion of financial organization, processes, and technical capabilities, coupled with effective digital operation management, in order to transform finance into value creation oriented finance and form a value engine system driven by finance. The planning for financial digital transformation should start with three major elements: organization, process, and technology.
1、 Organization and functions
Financial digital transformation is a process that starts from finance and utilizes intelligent technology to improve the quality of financial data and operational efficiency, reconstruct financial functions, empower businesses, assist operations, and support decision-making. The financial function is no longer limited to accounting and control, but rather to become the value engineer of the enterprise, shifting its role from accounting services in the past to being a leader in strategy and business. Intelligent technology provides financial experts with excellent tools. Through digital technology, process innovation, and data analysis, financial experts can focus more on planning, analysis, and consulting, playing a great role in optimizing customer experience, assisting strategic decision-making, and improving operational efficiency. With the transformation of financial functions, the organizational structure of finance needs to be adjusted accordingly, and personnel capabilities and teams also need to be fully equipped with personnel with digital thinking and skills to provide strong organizational support for financial digital transformation.
2、 Process
The process of financial digital transformation is not only a process of financial organization adjustment and information system construction, but also requires the optimization and reconstruction of financial processes to achieve operational management after transformation. The construction of a financial digitization system not only brings convenience to financial work, but also requires on-demand changes in financial processes to achieve maximum value from the financial digitization system.
Standardization of financial processes: sorting and optimizing various financial processes, improving the effectiveness of financial processes, strengthening financial control and reducing financial operating costs, and improving financial work efficiency;
Financial digital system operation management system: Design reasonable operation management system and performance management system to continuously optimize the operational level of the financial system;
3、 Technology
The rapid development of digital technologies such as cloud computing, big data, the Internet of Things, and artificial intelligence has profoundly changed the needs of customers in various industries, as well as the way enterprises manage and operate. This has put forward increasingly high requirements for the IT capabilities of enterprises in the stage of financial digital transformation. However, the construction of IT capabilities is not achieved in one step, but rather alternates with the development of financial functions. In the dazzling technology and products, there is no such thing as "the best". Only by matching business and strategy, adapting to the development stage of the enterprise, gradually and step by step, is the "best practice".
System architecture planning: Based on the financial business needs of the enterprise, facing the development strategy of the enterprise, benchmarking leading enterprises, drawing a blueprint for enterprise system functions and integration architecture, and issuing an implementation path map for financial digital transformation.
System function construction: Evaluate the current situation of the enterprise's financial application system, combine the needs and business of professional departments, upgrade or select new models, and continuously optimize, laying a solid foundation for the enterprise to move towards smart finance.
Comprehensive system integration: Effectively integrate various financial systems and improve financial operational capabilities. Then, with the financial system group as the core, it extends to various professional business systems. Complete data sharing and break information silos; Automatically transmit transaction data to improve business efficiency. Furthermore, using digital tools to enhance the integration of business and finance in enterprises.
Intelligent digital construction: Actively embrace new technologies such as financial robots, big data, cloud computing, and machine learning, taking into account the pain points and needs of enterprise core business. For example, introducing financial robots to handle repetitive work, using big data modeling to analyze financial business data to improve analytical capabilities, and using visualization tools to support management decisions.
