Digitalising finance is a priority for one in five companies. Digitalisation in Finance Get Yooz is using technology to reorganise and reshape the functions of finance and accounting, replacing legacy systems with more efficient processes and operating systems.
It is considered essential for all sizes of enterprise except maybe the sole trader or small partnership, although they too can benefit from software packages designed for SMEs.
Advantages of Digitalisation
For medium and large companies, the benefits of digital transformation of the finance function are:
Accessibility: Reporting can be produced more quickly and accurately and is also very easily shared with whoever needs to know and can be achieved digitally via the internet or the Cloud. Real-time reporting is also facilitated by many software solutions.
Enhanced Searchability: Digital data is much easier to access than paper records and can also be massively manipulated to produce statistics that are meaningful to the company’s goals.
Data and Document Preservation: There is a reduced demand for physical documentation as everything can be stored digitally. Digital archives and backups can be created easily and information can be retrieved quickly.
Data Recovery: Digital records are at a reduced risk of loss and damage than paper and legacy systems (as long as the company institutes a backup process).
Income Generation: Digitalisation can unlock potential new income streams because there is easier access to the right audiences. Powerful tools such as social media can be integrated enabling greater visibility and promoting sales.
Brand Growth: Many companies are learning that there is considerable value attached to their “brand heritage” and underpinning with digital systems adds robustness that legacy systems can’t. digitalisation greatly enables customer interaction.
The biggest benefits however come in the form of cost savings:
Cost savings:
- Greater company-wide efficiency as all departments can communicate across an integrated system in real-time
- Reduced staff costs or greater productivity
- Reduced travel costs
- Paper storage and retrieval savings
- Ability to negotiate better prices because of all of the above reasons
- Less loss due to fewer mistakes
- Reduced stock outages and fewer disruptions to the supply chain
- … the list can continue.
There may also be industry or company-specific savings to be gained.
If you haven’t yet joined the digitalisation revolution, there are many benefits your company is missing out on!
