The Future of Finance: Digital Transformation

I think we can all agree that 2020 has been anything but typical. Words and phrases like “pivot,” “new normal,” “virtual,” and “Zoom fatigue” ring an all-too-familiar bell. As the world has been forced to quickly shift to a remote environment, organizations have had to redesign their infrastructure and recalibrate processes, all while trying to keep their teams engaged and stay financially afloat.

However, I believe we can look to 2021 with hope and positivity as we close out this year of unanticipated disruption. But while this year posed significant challenges, it also presented and accelerated unprecedented opportunities, including digital transformation.

Digital transformation is more than just shifting to a paperless environment. According to Salesforce, a global customer relationship management (CRM) platform, “digital transformation is the process of using digital technologies to create new – or modify existing – business processes, culture and customer experiences to meet changing business and market requirements.”

The article “Digital Transformation Reimagined” by the American Institute of Certified Public Accountants (AICPA) illustrates nine lessons to be learned from the pandemic disruption, provides a three-stage roadmap to success and identifies the following six reasons to digitally transform:

  1. The cost efficiencies are clear.
  2. Errors, including lost revenue, can be prevented.
  3. Customers will be retained.
  4. Employees can access information quickly.
  5. Knowledge of clients will be enhanced.
  6. Staff retention will be supported.

Organizations of all sizes and industries can successfully embrace digital transformation, and the time to implement is now. At SST, our CPAs serve as trusted advisors, and in addition to providing accounting guidance and compliance, we can help lead the digital transformation process and serve as system and process engineers.

Our experts incorporate best practices to implement cloud-based solutions that increase efficiency and accuracy, strengthen internal controls and provide real-time information for decision-makers. To learn more about how your organization can join the era of digital transformation, contact us today.

Special thanks to SST Partner Emily Cook for providing the content for this post.